How to…

Need a hand with using Coincover? You’re on the right page! Here are some step-by-step guides to help you through.

Create an account

Once you’ve created your Coincover wallet, follow these steps to set up your Coincover account. You need to do this and put funds in your wallet to take advantage of the benefits Coincover provides.

What you’ll need

  • The Google Authenticator app on your phone or tablet

  • Access to your email account

  • A copy of a photo ID – passport, driving licence or national identity card

  • A webcam or mobile phone camera

  • Your login credentials for your BitGo account – if you don’t have any yet then please visit BitGo to sign up and create a Coincover wallet

Step 1 – Login credentials

  • Enter your email, a password, confirm your password, and select your country.

    • Passwords must be at least 8 characters long and

    • include at least 3 of the following:

      • a lowercase letter

      • an uppercase letter

      • a number

      • a special character (such as !@#$%^&*)

  • Click ‘Create’

Step 2 – Multi-factor authentication

  • When presented with the QR code, open the Google Authenticator app and tap the plus (+) symbol in the bottom corner.

  • Point your camera at the screen and the QR code will automatically register

  • Enter the 6-digit code in the box and tap ‘Continue’

You can complete the next 3 steps in any order you choose.

Step 3 – Email verification

You’ll find a verification email in your inbox.  If you don’t see this email, it might be in your spam or junk folder. If you can’t find it, click ‘Verify my email address’ on our site and then resend another email.

  • Open your verification email, and press the big green button to verify your account

  • Once verified, a new page will open that says you’ve been successful

  • Click on ‘Verify my email address’

  • Press  the ‘Verified’ button

Step 4 – Link your BitGo account

  • Choose ‘Link my BitGo account’

  • Enter your BitGo email and account password

  • Enter your BitGo multi-factor authentication code

  • Press ‘Continue and grant access’

Step 5 – Register your identity

If we ever need to recover your wallet or act on your warranty, we’ll need to make sure you’re the person who originally signed up for your account.  

  • Choose ‘Register my identity’

  • Enter your title, first name, last name and press ‘Next’

  • Enter your address and press ‘Done’

  • Chose the document you wish to upload (passport, identity card or driving licence)

  • Upload your document and press ‘Confirm’

  • Take a selfie and press ‘Confirm’

If you don’t have a webcam or camera on your device, you can enter your phone number instead.

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Change your password

If you’ve forgotten your password:

  • Go to Coincover login page

  • Click ‘Forgot password?’

  • Enter your Coincover account email address

  • Click ‘Reset password’

  • Go to your email inbox

  • Open the ‘Reset your password’ email

  • Press the big green button

  • A new page will open

  • Enter your new password twice

    • Passwords must be at least 8 characters long and

    • include at least 3 of the following:

      • a lowercase letter

      • an uppercase letter

      • a number

      • a special character (such as !@#$%^&*)

    • The new password cannot be one you’ve used for the past 6 password changes

  • Press the blue button with the arrow to continue

  • You’ll see a message that your password has been reset successfully

  • Go back to your Coincover account and log in with your new password

If you’ve not received an email, check your spam or junk folder. If you still can’t find it, repeat the above.  Please make sure the email you’ve entered is the email that you used to create your Coincover account. If you’re still experiencing problems, please email us at support@coincover.com.

If you’d like to change your password:

  • Log into your Coincover account

  • Choose ‘Settings’ from the menu in the top-right corner once you’ve logged in

  • Enter your new password twice

    • Passwords must be at least 8 characters long and

    • include at least 3 of the following:

      • a lowercase letter

      • an uppercase letter

      • a number

      • a special character (such as !@#$%^&*)

    • The new password cannot be one you’ve used for the past 6 password changes

  • Click ‘Reset password’

  • You’ll see a message that you’ve successfully reset your password

  • The next time you log into your account, you’ll need to use your new password

Resetting your multi-factor authentication

If you need help resetting your multi-factor authentication, contact us at support@coincover.com and we’ll talk you through it.

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Add or reduce your cover

You can change the amount of cover when you create your account, or from your wallet dashboard once you have a Coincover account.

When creating an account:

  • After you’ve completed signing up, choose ‘Add cover’.

  • You’ll be able to see the total value in all your Coincover wallets.

  • Type in the amount that you’d like to cover up in multiples of £1,000. Coincover costs £2 per month per £1,000 of cover. The maximum amount of cover is £100,000 (although you can contact us if you need more).

  • Press ‘Update cover’.

After your account has been created:

  • Choose ‘Update cover’ on your wallet dashboard.

  • Type in the amount that you’d like to cover up in multiples of £1,000. Coincover costs £2 per month per £1,000 of cover. The maximum amount of cover is £100,000 (although you can contact us if you need more).

  • Press ‘Update cover’.

Cancelling cover

If you need to cancel your cover, contact us at support@coincover.com.

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Make a claim

If you need to make a claim, please contact us as soon as possible at claims@coincover.com.

When we contact you we’ll ask for:

  • Your Coincover account email

  • Information and documents that we’ll use to identify you

  • Information relating to the wallet or wallets that were compromised

  • Details of what’s happened

  • Important: A crime reference number. You can create one here: https://www.actionfraud.police.uk/

  • Your BitGo account username

Once we have all the information we need, we’ll begin our investigation.

We may need you to provide more information, or conduct a video conference interview, so we can complete the investigation as quickly as possible.

We aim to conclude all claims investigations within 25 days from when you provide us with all the relevant information. However, sometimes it can take longer if the issue is complex. Whatever happens, we’ll keep you informed regularly.

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Freeze your wallet

If you freeze your wallet, BitGo will prevent any transactions from going ahead for the set amount of time.  You cannot unfreeze your wallet once this has been done. Your wallet will unfreeze after the allotted amount of time automatically.

  • Log in to your BitGo account

  • Choose the wallet that you’d like to freeze

  • Select the ‘Settings’ tab under the wallet name

  • Navigate to the ‘Freeze wallet’ section

  • Enter the number of hours/days that you’d like it frozen

  • Press ‘Freeze wallet’

  • Confirm that you’re sure you want to do this.

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Set wallet policies

Setting wallet policies will increase the security of your wallet. If you need assistance with your wallet policies, please contact BitGo support.

  • Log into your BitGo account

  • Choose the wallet that you’d like to set policies on

  • Select the ‘Policy’ tab under the wallet name

Approve all outgoing transactions

You can require admin approval on all outgoing transactions. To enable this feature, you must have a minimum of two (2) admins on the wallet. By checking the box below, all outgoing transactions will require admin approval regardless of any spending limit or whitelist you define. You can define the number of admin approvals required in the ‘Admin approval’ box below.

  • Tick the box next to ‘Require admin approval on all outgoing transactions (must have a minimum of two (2) admins on the wallet).’

Admin approval

You can require multiple admin approvals for changes to your wallet and for approving transactions. You must have a minimum of three (3) admins to enable this feature, otherwise any transaction exceeding a policy limitation will be blocked.

  • Click ‘Add another admin’ and follow the onscreen instructions.

Spending limits

You can manage hourly, daily, and/or transaction spending limits for this wallet. Transactions over a specified limit require admin approval. To change these limits, once they’ve been set for the first time, please contact BitGo support.

  • Enter the spending limit per transaction

  • Enter the spending limit per hour

  • Enter the spending limit per day

  • Press ‘Save’

Whitelist

You can manage the list of approved recipient addresses for this wallet. Only these addresses will be able to receive funds from your selected wallet.

  • Enter the recipient addresses or wallet ID and click ‘Add recipient’

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Open a BitGo account and creating your first Coincover-backed wallet

In order to use our Coincover services, you’ll first need a BitGo account and a Coincover-backed wallet.

Step 1: Visit www.bitgo.com

  • Press the ‘Sign up’ button on the upper right-hand corner of the website.

Step 2: Creating an account

  • After filling in your account details, you’ll receive a verification email

  • Go to the same email address you used when signing up. Click on the ‘Verify’ link from the BitGo email that has been sent.

Step 3: Choose your multi-factor authentication device

  • Pick a multi-factor authentication device to use to sign into your BitGo account.

  • Press ‘Next’, then scan the QR code and complete the verification process.

  • Accept the terms of use

Step 4: Create a Coincover-backed wallet

  • Click ‘Create wallet’

  • Select coin type

  • Choose setup requirements and press ‘Next’

  • Enter your wallet name and press ‘Next’

  • Encrypt your user key with a wallet password and press ‘Next’

  • Select Coincover as your key recovery service

  • Your keycard will download to your computer automatically

  • Enter the 6-digit activation code found on your keycard

  • Print your keycard and store it in a safe location. Tick the corresponding box

  • Delete your keycard from your computer. Tick the corresponding box

  • Press ‘Activate your wallet’

  • You’ll receive an email about your backup key with a link to set up your Coincover account

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Recover your funds on losing your key

If you lose your private key, this is how to recover your funds:

  • Contact us at recovery@coincover.com as soon as you realise your private key is lost.

  • We’ll then be in contact with you to re-confirm your identity.

  • We may need to have a video conference with you to confirm your ID.

  • We can transfer your funds from the compromised wallet into any of your Coincover wallets with the same coin type.

  • If you don’t have another Coincover wallet, you can create one.

  • When we’re satisfied that you’re the owner of the wallet, we’ll sign a transaction with BitGo to move your funds into the Coincover wallet you selected.

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FAQs

If you need a bit of help, here are our most frequently asked questions. If you can’t find what you’re looking for, please get in touch - we’re very happy to talk!

General

How do I reset my password?

Go to the dashboard login page here and select the 'Forgot password?' link at the bottom of the login box. You can also reset your password at any time on the settings page in the dashboard.

Is credit or debit card the only way to pay?

Yes - for now it's only possible to pay for Coincover with a recurring card payment. We’re looking to introduce additional ways to pay in the future.

Is Coincover regulated?

Coincover is managed by Digital Asset Services and regulated by the Financial Conduct Authority in the United Kingdom. We can sell warranties, insurance and undertake regulated activities using our licence. We're an Appointed Representative of Hambro Perks InsurTech Gateway and have a registration number of 829262.

I want to speak to someone. How do I do this?

You can email us at info@coincover.com. You can also get in touch via our contact us page.

I’ve lost my multi-factor authentication device and can’t log in. What do I do?

If you contact us at support@coincover.com, our team will get back in touch with you and take you through the reset process.

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Theft protection (coming soon)

What does digital currency theft protection cover?

If your digital wallets are protected by Coincover, you're covered for proven theft of specified digital currencies up to the specified value held.

What's the maximum amount of digital currency I can protect?

Currently the maximum amount of digital currency you can protect is equivalent to £100,000. Higher levels are available upon request.

Is there an excess to pay with digital currency theft protection?

No. There's no excess to pay when making a claim.

Can I buy digital currency theft protection internationally?

Yes, digital currency theft protection is available worldwide.

I’ve got a wallet on an exchange. Can I protect that?

We're afraid not. Not yet, anyway. We only cover approved wallets. At the moment these are provided by BitGo, but we hope to add others in the future - once we've undertaken full audits and due diligence checks on other providers.

How do I get a BitGo wallet?

Getting a BitGo Wallet is easy. Visit BitGo and open an account. Once open, you can create a wallet, and select Coincover as the key recovery service provider while doing so.

Once you’ve created your wallet, you'll receive an automated email from us with a link to create your account. You’ll only have to do this once. Every new BitGo wallet you create will then be automatically added to your Coincover Vault - provided you select Coincover as your key recovery service provider.

I accidentally sent my digital currency to the wrong address. Does my theft protection cover me for this?

Unfortunately not. Coincover doesn't cover you if you send digital currency to the wrong recipient. If this is something you'd like to see us cover, be sure to let us know.

Are there any exclusions on digital currency theft protection?

We wanted to keep Coincover terms short, simple and easy to understand - so we only have three exclusions in the guarantee. These are:

  1. Willful sending of digital currency.

  2. Failure of a digital currency blockchain.

  3. Physical loss of a hardware device.

While Coincover covers the digital currency in your protected wallets, it doesn't cover the device (eg your phone or laptop) that you use to access it.

How do you calculate the loss?

We analyse the relevant digital currency blockchain(s) to determine exactly when any theft occurred, as well as how much was stolen. This is used as the basis of the loss. The value of the digital currency is calculated at the point of theft based on the valuation provided by Coingecko.com.

How do you determine the claim payment?

Once we've confirmed the theft and calculated the loss, we’ll pay the claim in your preferred currency up to your cover limit. If you have a cover limit equal to or greater than the amount stolen, we’ll pay you in full. If the amount stolen exceeds your cover limit, we'll pay up to that limit. Here are a couple of examples:

Example A:
You have a cover limit of £10,000
You suffer a theft and lose £8,000
We pay you back £8,000 into your nominated authorised banking account

Example B:
You have a cover limit of £10,000
You have £15,000 in your wallet all £15,000 is stolen
We pay you back £10,000 - ie the cover limit

OK, I think I get it. Is there anything else you offer?

All paid Coincover subscriptions also include secure key recovery service (Coincover Vault) free of charge. This means that you'll never have to worry about losing your private keys or getting locked out of your digital currency wallet again. Coincover wallets are also covered by wallet monitoring. This monitors all transactions on your wallets, and we'll contact you if we identify suspicious activity. Find out more about wallet monitoring here.

Which digital currencies do you support?

Coincover protects the following currencies :

  • Bitcoin

  • Bitcoin Cash

  • Bitcoin SV

  • XRP (Ripple)

  • Stellar

  • Dash

  • ZCash

  • Litecoin

We also currently support 122 ERC20 standard tokens.

What if I don’t want theft protection?

We also offer a key recovery service (Coincover Vault) which covers you against the loss of your private key. Find out more about private key recovery here.

What happens if the value of the digital currency fluctuates and I suffer a theft when the value of my digital currency is over my cover limit?

Our digital currency theft protection (Coincover Shield) has a capped limit, so your cover level doesn't fluctuate with the value of your digital currency. If at any time you feel that you're underprotected or overprotected due to a change in digital currency value, you can adjust your cover online. Please note, Coincover cannot advise you on whether the limit you've chosen is adequate for your needs.

What is my renewal schedule?

Our theft protection (Coincover Shield) renews automatically every month. It runs monthly and starts on the day you requested cover. This means if you signed up on 4 June 2019, your cover will run until 4 July 2019 and renew at midnight on 5 July. Your cover will automatically continue with the cover level you've selected unless you decide to adjust the cover amount. We’ll email you each month to let you know what that is.

Can I pay annually rather than monthly?

We believe that monthly payments provide the best flexibility for our customers. But we'll explore the option for annual payments if the demand is there. If this is something you'd like to see, please let us know.

How many wallets can I protect together?

You can protect as many wallets as you like. We cover you as the account holder, which means you can have multiple wallets, provided they were all created with Coincover selected as the key recovery service (KRS) provider while you were signing up. The amount of cover you've selected will apply across all your wallets.

For example: If you have £20,000 of monthly Coincover digital currency theft protection - and have two wallets, each containing digital currency with a value of £12,000 - the £20,000 of cover is shared across both wallets. So if one of your wallets suffers a theft then we would pay out the £12,000 for that claim. But if both wallets were attacked at once, the payout is capped at £20,000. When your cover renews the following month, you would again be covered for up to £20,000.

What if I want to cancel?

Cancelling is very straightforward. You can email us at support@coincover.com, and we’ll make the necessary cancellation on your account. Although we’d hate to see you leave, we don’t charge any mid-term cancellation fees - so cancelling your account is as painless as possible.

Please note that we don't refund a monthly subscription, so if you cancel mid-month, you'll continue to be covered for a month from your last payment.

What happens to my lost key cover if I cancel digital currency theft protection (Coincover Shield)?

When you cancel your Coincover Shield, you'll still be able to use our key recovery service (Coincover Vault) for the wallets you have with us. However, you will be charged each time you make a private key recovery.

How much does digital currency theft protection cost?

Cover costs £2 per month per £1,000 protected up to £100,000. Quotes for higher cover amounts are available on request.

How do I adjust my cover levels?

You can adjust your cover levels in the 'Update cover' section of the Coincover dashboard. Changes to cover levels will be reflected immediately for both increases and decreases - except where the cover level is reduced to zero, as this will be considered a cancellation. Please see 'What if I want to cancel?'

You'll only pay for what you use, so any changes in subscription charge will be calculated for the remainder of the current month. These changes will continue into subsequent months. In the case where cover level increases, payment will be taken immediately. Decreases will be deducted from charges for subsequent months.

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Lost key cover

What do I do if I’ve lost my private key?

Don’t panic! This is what we're here for. Contact us immediately so we can help you recover your funds. When you contact us, we'll explain the steps to recovering your funds, and begin the recovery.

How does Coincover secure the backup keys it holds?

For security, we don’t give out the details of how we hold backup keys. They’re held extremely securely and never connected to a network. The Coincover team has experience of securing keys for the armed forces, police and governments, and we've used this experience to help define our own security procedures.

How long will I have to wait to recover my funds?

We recover funds around once a month, but we vary the dates and times of these recoveries to maintain strong security. You shouldn’t have to wait any more than 30 calendar days. And in most cases, it'll be between 10 and 20 days, provided we've been able to fully verify your details.

What will you need from me to complete the recovery of my funds?

We'll need information from you to help us re-confirm your identity. This'll be the same type of information that we needed when you opened your account. We may also need to speak with you via video conference or in person. All of these checks are to ensure your funds are protected.

Which currencies are supported by your lost key cover?

We support the following currencies with our lost key cover (Coincover Vault) right now:

  • Bitcoin

  • Bitcoin Cash

  • Bitcoin SV

  • Ethereum

  • EuropeCoin (ERC)

  • XRP (Ripple)

  • Stellar

  • Dash

  • ZCash

  • Litecoin

We also currently support 122 ERC20 standard tokens.

When you create your wallets, be sure to select Coincover as the key recovery service (KRS) provider to make sure you're covered.

What happens to my old wallet once the funds are recovered?

The old wallet is now empty. It's important that you notify anyone who makes regular payments to you of your new wallet address - and not to use the old one.

Are there plans to expand your wallet monitoring capabilities?

Yes, wallet monitoring is still in the early stages of development. We anticipate adding a great many features to it over time. If there's a feature you'd like to see, please let us know.

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Claims

How do I make a claim?

To make a claim, please email us on claims@coincover.com and we will respond as soon as we can.

Can you pay my claim in cryptocurrency?

Unfortunately not at the moment. If this is something you'd like to see, please let us know.

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Complaints

I’m not happy with the product or service. How do I complain?

We work hard to ensure we deliver the highest levels of service. But sometimes things go wrong. If you believe that we've not met the standard that you'd expect, please tell us as soon as possible. In the first instance please contact us at:

complaints@coincover.com

We'll carry out an investigation of your complaint and will provide a written response. If we cannot resolve your complaint within three business days, we'll refer your complaint to our principal firm - HPIG Insurance Services Limited - to complete and communicate the outcome of the investigation to you. HPIG Insurance Services is at:

HPIG Insurance Services Limited
8 Greencoat Place
London
SW1P 1PL.

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