Damex Retail App - FAQs

Damex was founded to establish a custodial service that not only offered unparalleled security but also facilitated seamless transactions between digital assets and traditional fiat currencies such as the euro, sterling, and dollar. This vision was ambitious, aiming to bridge the gap between the burgeoning world of cryptocurrencies and the established realm of traditional finance.

Our goal is to become the most respected digital payment services firm in the world, committed to serving businesses and individuals. Over the past six years, we have grown from an OTC desk to a global blockchain ecosystem with multiple business lines. We have achieved this growth by adapting and innovating in response to the ever-changing market and the diverse needs of our users while remaining true to our crypto-led goals and our foundational mission to provide regulated, secure, and comprehensive digital asset services.

Our direction and objectives are shaped by the early experiences and regulatory advancements in Gibraltar, where the idea for Damex originated and still guides our everyday decisions. We are actively working on establishing new partnerships that not only share our strategic vision but also enhance the value we bring to all our stakeholders.


We strive to enable individuals in the EEA, UK, and LatAm to have equal access to financial services that are inclusive through technology by facilitating a simple, fast, and secure interchange between the worlds of cryptocurrency and traditional money.

The Step-to-Earn feature in the application rewards users with Damex Token for completing step challenges adding a gamification layer and an incentive for users to join the community.
Following the increasing legal and regulatory scrutiny for crypto in the UK, our partner Modulr FS Limited will end services for Damex App clients and as a result Damex Visa cards. Sadly, this will impact some UK retail clients using GBP account services. All other services will continue to operate as usual.

At Damex, the goal is to become the most respected digital payment services firm in the world, committed to serving businesses and individuals. Over the past six years, we have grown from an OTC desk to a blockchain ecosystem with multiple business lines. We have achieved this growth by adapting and innovating in response to the ever-changing market while remaining true to our crypto DNA.

Our foundational mission remains the same today and continues to guide our everyday decisions: to provide regulated, secure, and comprehensive digital asset services. Our direction and objectives are shaped by the early experiences and regulatory advancements in Gibraltar, where the idea for Damex originated. We’ll continue to actively work on establishing partnerships that share our strategic vision and enhance the value we bring to our stakeholders.
Yes, we take great care to ensure that your funds are always safeguarded and available to you.

As a company regulated under laws and regulations outside of the UK mainland, we remain fully committed to providing our customers with a high caliber of care, and apply those parts of the UK Financial Conduct Authority’s Consumer Duty requirements and Payment Systems Regulations (PSRs) that apply to us and assist us in doing so.
The loyalty rewards are paid at the beginning of the new month. Our reward program will continue and we will soon introduce Damex Earn as a new reward feature, replacing the cashback perk.
Locked Tokens cannot be sold or exchanged. However, given the circumstances, we will allow our VIP & Premium clients to have their tokens unlocked before the unlock date.

Following the announcement of the end of the Damex Visa Card service, users will have a 3-month period to request to downgrade their membership and return their Damex tokens. Please write to [email protected] for more information.
The Pound Token (ticker: GBPT) is a crypto stablecoin pegged to the British Pound Sterling. For every GBPT token minted the organization behind this coin holds a pound with the Bank of England as a safeguarding mechanism.

It aims to provide a reliable and regulated method for digital transactions in GBP. The Sterling-backed stablecoin is designed to offer the advantages of cryptocurrency transactions, such as speed and cost-efficiency while maintaining the stability of a fiat currency.

As a result, it is an attractive option for those seeking a stable digital currency that bridges traditional finance and the rapidly growing world of cryptocurrencies.
Yes, you can continue to see your account balance on the app screen until the date specified in the notice. Beyond that date, we will continue to offer support services either via [email protected] or via our partner Modulr FS Limited.
If you have only just ordered your card we will accommodate the cost. Simply write to [email protected] with your request and we will refund you the fee paid as soon as possible.
You can deposit in crypto using the wallet addresses as shown in the App under: Accounts -> currency -> deposit.

True crypto wallet with full access to web3 features such as deposit, exchange, withdrawal, and hold.

We will also soon introduce the Damex Earn Program. An optional feature for users to earn up to 21%* on locked-up Damex Tokens.
(*) depending on the user’s membership and accomplished Step-to-earn level.

In addition, you will be one of the first to benefit once we re-establish fiat functionalities.

 

Standard

Premium 

VIP

Start 

2.00%

10.00%

15.00%

Challenge

Marathon

(60,000 steps)

3.00%

11.00%

16.20%

Mountain Climber

(80,000 steps)

4.00%

12.00%

17.40%

Pro Mountain Climber

(170,000 steps)

5.00%

13.00%

18.60%

Iron Man

(300,000 steps)

6.00%

14.00%

19.80%

Steel Legs

(525,000 steps)

7.00%

15.00%

21.00%

The availability of fiat currency accounts is dependent on the country of your residential address. For now, we do not have a provider to support our users in the UK + territories.

Your Damex Tokens will remain available being one of the crypto assets supported. You can hold, deposit, withdraw, or exchange your Damex tokens like any other supported crypto asset. 

Yes, you can continue to upgrade your membership to Premium or VIP by locking in a certain number of Damex tokens. Depending on your membership and achievements in #steps there are a number of benefits & perks which you may found under the REWARD section on our website or within the Damex App.

Yes, all functionality related to crypto assets will continue to operate be available to users, thus including the ability to send/receive crypto assets from a friend

Yes, your crypto assets are safe with Damex. We uphold the highest standards and have been regulated as VASP (Virtual Asset Service Provider) in various jurisdiction for several years.

Yes, your crypto assets are safe with Damex. We uphold the highest standards and have been regulated as VASP (Virtual Asset Service Provider) in various jurisdiction for several years.

We will be contacting you at various points during the notice period to help return any GBP balance left in your account back to you. Beyond this period Modulr FS Limited will continue to hold any balance remaining on your behalf.

You have two months from the moment you receive this mail to either move your funds or convert your GBP balance into crypto.

The payment will be automatically returned to the sender with a reference that the  account is no longer available.

Yes you can transfer or convert your GBP balance during the notice period. Regular fees do apply.

Yes the reward program will continue although several of the benefits & perks, such as cash back on card spending, are no longer applicable.

Ongoing transactions within the two months notice period will operate as normal, after this period will be rejected and returned. As we don’t support Direct Debit nor recurring payment there are no subscription linked to the account.

No, all crypto functionality will remain in tact where we will continue to work on improvements and new features for you to benefit.

We truly regret having to close down our fiat services and are exploring opportunities to resume these services. However at this stage we can not commit or make promises on the how and when.

At Damex, the goal is to become the most respected digital payment services firm in the world, committed to serving businesses and individuals. Over the past six years, we have grown from an OTC desk to a blockchain ecosystem with multiple business lines. We have achieved this growth by adapting and innovating in response to the ever-changing market while remaining true to our crypto DNA. 

Our foundational mission remains the same today and continues to guide our everyday decisions: to provide regulated, secure, and comprehensive digital asset services. Our direction and objectives are shaped by the early experiences and regulatory advancements in Gibraltar, where the idea for Damex originated. We’ll continue to actively work on establishing partnerships that share our strategic vision and enhance the value we bring to our stakeholders.

To manage this transition smoothly, we kindly ask you to remove any remaining GBP or EUR balance in your Damex account by:

  • exchanging your fiat balance into one of the supported cryptocurrencies, 

or

  • via external bank transfer.

Within the App you will find a selection of different cryptocurrencies supported, you can exchange into one or more currencies from within thr App.

On our website you may find more information on the Damex App, also hosting a Frequently Asked Questions section to find more detailed information.

If you have questions not covered on the FAQs feel free to reach out to our Support team by mail [email protected].

Digital Assets are high risk assets

Purchasing and investing in Digital Assets is a high-risk activity which incurs risks which are not inherent in managing traditional financial instruments and other assets. The value of digital assets, other digital assets or fiat currencies is not indicative of future performance.
‍
Digital Asset Management Limited is a Company registered in Gibraltar with registration number 116618, with registered business names and trading as ‘Damex’ and ‘Damex.io’. Damex is authorised by the Gibraltar Financial Services Commission (Licence Number 24738) as a Distributed Ledger Provider to provide custody solutions and broker/dealer services under the Financial Services Act. These services are separate and unrelated to the account and payment services you receive from Modulr FS Ltd. Digital Asset Management Limited is a registered EMD agent of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Your card is issued by Modulr FS Limited pursuant to a license by Visa Europe. Visa and the Visa brand mark are registered trademarks of Visa Europe.

Damex.io UAB is a joint stock company registered in the Republic of Lithuania (under company number 306148560), with registered address at Žygimanto Liauksmino str. 3, Vilnius, Lithuania and is registered by the State Enterprise Centre of Registers of the Republic of Lithuania as a provider of virtual currency exchange and virtual currency wallet provider. These services are separate and unrelated to the account and payment services you receive from Modulr Finance B.V . Damex.io UAB is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your card is issued by Modulr Finance B.V. pursuant to a license by Visa Europe. Visa and the Visa brand mark are registered trademarks of Visa Europe.

Your account and related payment services are provided by Modulr FS Limited, if you are registered in the UK, and by Modulr Finance B.V., if you are registered in the EU. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 (in the UK) and the Dutch Financial Supervision Act (Wet op het Financieel Toezicht, Wft) (in the EU). Click here to find out more.

The Damex application is presently undergoing testing and regulatory registrations in various jurisdictions. As a result, full public release and features of the application in your jurisdiction is subject to Damex’s permissions and authorisations. ‍ Please also see our Risk Notice for further information.

Company

App

DamexApp on AppStore

Damex HQ

Damex
Suite 2.4 & 2.5, Waterport Place
Gibraltar
 
+350 200 73337
 
09:00 – 18:00

Discover Damex App

Mobile Payments

Your Instant, Easy, and Safe Mobile Payment App

Exchange of fiat and digital assets

Simplify Your Asset Exchange Experience

Accounts

We’ve got the right solution to keep your funds safe

Step gamification

Turn Your Finances into a Rewarding Adventure!!

Damex Co-branded Visa Card

Swipe, Shop, and Celebrate: Financial Freedom with Damex Visa Cards!

Cashback

Unlock the True Potential of Your Finances

Discover Damex Business

Trading

Helping medium and high-risk clients improve the efficiency and profitability of their global payments processes

IBANs

Accessing corporate bank accounts has become more and more difficult over recent years, particularly for companies deemed to be medium or high risk.

Custody Solutions

Damex offers three alternative custody solutions.

About us

Find out more about Damex.

Career

Join the DAMFAM.

Culture

We are dynamic, we are progressive, we are united.

Team

We are dedicated to make ownership and management of Digital Assets simplified.

Damex Token

Damex
Ziglu Migration

December 2024

Frequently Asked Questions

As you may have read, Damex’s retail arm has been acquired by Ziglu, one of the world’s leading licensed cryptocurrency platforms. We’re ready to officially join forces, so you can benefit from Ziglu’s platform.

If you are a UK or Gibraltar retail customer, we invite you to transfer your account and services with Ziglu. 

If you are an EEA customer migration to Ziglu will be available in phase two, expected in Q1 2025.

The transfer process of your Damex account to Ziglu is simple and secure.

Simply follow the link in your email to create your Ziglu account, where you will be guided through the necessary steps to confirm your account details and agree to Ziglu’s Terms of Service. 

Suppose you are already a Ziglu customer then, good news! In that case, simply email us at [email protected] requesting a balance transfer to your Ziglu account. Once we’ve done all the necessary verification we will connect your Ziglu account and you will see your Damex funds reflected there within 5 business days, at no cost to you.  

Once you’ve been verified as a Ziglu customer, Damex will receive a prompt and any remaining balance on your Damex App will be automatically transferred to your Ziglu account within 5 business days, at no cost to you.

Accounts & Payments

  • GBP Safeguarded Account
  • FPS Deposits & Withdrawals
  • Confirmation of Payee
  • Open Banking – Inbound Payments
  • Peer to Peer payments (transfer instantly to other Ziglu customers)
  • Standing Orders (outbound)

Exchange & Trading Features

  • FX – EUR and USD Exchange
  • Crypto – 15+ curated cryptocurrencies
  • Crypto Price Alerts – daily price notification and volatility notifications
  • Trading types: instant market order / recurring orders / target price orders – exchange when market hits a target price set by the user
  • Crypto – Financial Promotions Assessment (customer required to complete prior to accessing Crypto features)

Crypto Yield Accounts

  • Ziglu Boost accounts with up to 6% yield on 6 currencies
  • Yield paid weekly with instant deposit & withdrawals to the account

Cards [UK only, GIB feature access from 2025]

  • Physical Card
  • Virtual Card
  • Mobile Wallet – Apple Pay & Google Pay

Settings & Other

  • marketing preferences – SMS/ Email/ Push Notification
  • contact customer support – email only

There is no charge to a customer when ordering either a Virtual or Physical card.

Ziglu does not currently support direct debits for the account.  It’s recommended that customers change any required direct debits to a supported account.

  • Ziglu customers can deposit and withdraw GBP onto the platform using their safeguarded account.
  • Customers can also instantly transfer Fiat and Crypto to other Ziglu customers using peer-to-peer transfers
  • Customers are also able to use their GBP, EUR, and USD balances to pay and make purchases at vendors using their Ziglu Mastercard Debit Card

Transactions will be charged to the currency the card has been issued in. Any transactions that take place outside of the issued currency will incur the Mastercard FX rate fee.  When traveling there is the option to temporarily convert currency into either USD or EUR with a favourable FX rate, transactions will then be linked to that currency.  

  • Damex customers have to download the latest version of the Ziglu app from their device app store
  • Customers are then to complete the sign up process to become a Ziglu customer
  • If you’re already a Ziglu customer then X

More information on asset support and services offered by Ziglu for Damex clients can be found here. 

Not all assets provided by Damex are offered by Ziglu. If you own one of the following assets, you must exchange or withdraw it from the Damex App before signing up with Ziglu:

  • Damex Token 
  • USDT 
  • USDC 
 
If you currently hold Damex tokens and wish to continue trading it after the specified transition date, please note that Ziglu does not offer support for this asset. However, you can still trade (buy, sell & hold) your Damex Token by creating an account with BitMart or AscendEX (BitMax).
 
Here’s what you will need to do:
 
  1. Create a BitMart or AscendEX (BitMax) account: Please use the below links to sign up – BitMart or AscendEX (BitMax)
  2. Transfer Your Tokens: Ensure you transfer your Damex Token to Coinstore before the transition date to avoid any disruptions in trading.
 
Remember, transferring to an ERC-20 address is crucial for compatibility with the above providers platform.
 
If you encounter any issues or need further guidance, please reach out to customer support for assistance.
 
Please act promptly to avoid disruption of your trading activities with Damex Token.

If you do not wish to transfer your Damex account to Ziglu, you can withdraw your assets and close your account.

  • Max number of ATM withdrawals allowed (per day): 10
  • Max number of ATM withdrawals allowed (per 4 days): 30
  • Max value of ATM withdrawals allowed (per day): £500
  • Max number of POS transactions allowed (per day): 50
  • Max value of POS transactions allowed (per day): £10,000
  • Max value of POS transactions allowed (per 4 days): £40,000
  • Max number of Virtual Cards allowed in a 28 day period: 5
  • Max number of Virtual Cards allowed: 20

Apple Pay is currently not present in Gibraltar