To receive cryptocurrencies on your Lama account, follow these simple steps:

1. On the homepage, tap over the “Receive” icon located below your general account balance.
2. Select the cryptocurrency you would like to receive. 
3. Either present your unique wallet’s QR code for the sender to scan it or share your unique wallet address to the sender.

The minimum withdrawal amount for cryptocurrencies is displayed on the withdrawal screen at the time you type in the amount, this amount, in average, rounds about 15 EUR and it is variable according to the selected cryptocurrency market price. You cannot withdraw less than these amounts.

To send cryptos from Lama app, follow these easy steps: 

1. On the homepage, tap over the “Send” icon located below your general account balance.
2. Choose the cryptocurrency you would like to send. 
3. Choose the Recipient of this transaction: Lama Friend or External Wallet. Please make sure the wallet address entered for an external wallet and network is correct, otherwise the transaction will get lost, and we cannot retrieve it in any way.
4. Enter the amount you would like to send. Please note the minimum amount required. The amount entered is the amount the recipient will receive.
5. Confirm your transaction.

The total amount available to send shown in the app, is your total balance minus the fees. Therefore, the maximum amount you can send is the amount shown in the app with the fees deducted from your total balance. 

Please also keep in mind that your available balance needs to meet the required minimum withdraw amount.

For a transaction to be completed as received on Lama, it might take between 15 minutes to 2 hours, depending on how saturated the cryptocurrency’s network is at the time your transaction is broadcasted to its blockchain. This is independent of Lama and we are not in a position to influence the speed of the process.

When sending cryptocurrency, a fee is taken from your transaction. This fee ensures that your transaction is confirmed and processed by the miners. This is called the blockchain fee. Lama automatically adds this fee to your transaction, so the amount sent is the same as the amount received. Lama automatically adds this to the total fees of your transaction.

The fees for crypto withdrawals to external wallets are variable and will mainly depend on your Lama account plan, applicable fees for your transaction will be displayed on your screen before you submit the transaction.

For your transaction to be completed, whether it’s sent or received, it might take between 15 minutes to 2 hours, depending on how saturated the cryptocurrency’s network is at the time your transaction is broadcasted to its blockchain. This is independent of Lama, and we are not able to influence the speed of the process.

You can easily locate your most recent transactions in the App, whether they are sent or received:

1. Open your Lama app. 
2. Tap over the menu located in the upper right corner of the screen. 
3. Locate the transaction you would like to confirm the status of. 
4. There you’ll see a couple different status that your transaction might be under:
   • If sending:

   
   Pending: The transaction is in a queue waiting to be broadcasted to the blockchain. Lama has debited your cryptocurrency wallet. Usually, this step takes between 15 minutes and 2 hours. Until the transaction has been broadcasted to the blockchain, you can still cancel your transaction. You will be notified once the transaction has been broadcasted to the blockchain.

   
   Sending: The transaction has been broadcasted to the blockchain. The money has now left your Lama crypto wallet and therefore the transaction cannot be cancelled anymore.

   
   Sent: The blockchain has confirmed your cryptocurrency transaction. There are enough confirmations for your transaction to be considered as sent.

   
   Completed: All necessary confirmations have been made successfully, so the transaction has been completed successfully.

   
   Cancelled: You have cancelled the transaction. The money is back in your cryptocurrency wallet.

   
   Failed: There is a problem on the blockchain and therefore the transaction could not be completed. Please contact support for more information.

   
   

   • If receiving:

   
   Receiving: A transaction is coming to your Lama wallet and is identified on the blockchain. The blockchain has not confirmed the transaction yet, therefore the money is not available. It usually takes in between 5 minutes to 1 hour for Ethereum and Tether transactions to be confirmed on the ERC20 blockchain. It usually takes in between 10 minutes to 2 hours for Bitcoin transactions to be confirmed on the Bitcoin blockchain.

   
   Received: The transaction has enough confirmations on the blockchain (6 for Bitcoin; 12 for ERC20); the money is credited into your Lama account. The transaction has enough confirmations on the blockchain (6 for Bitcoin, 12 for ERC20); the money is credited into your Lama account.

   
   Failed: There is a problem on the blockchain and therefore the transaction could not be completed. Please contact support for more information.

When a cryptocurrency transaction is requested, it will be sent to its blockchain to be reviewed and verified so the transaction can be executed. 

The confirmation of a transaction indicates that it has been included into a block and therefore added to the blockchain. This means that it has been officially recorded and verified and the payment can now be completed. Once it’s confirmed, the transaction cannot be reversed. For Bitcoin transactions, 6 blocks are requested and for ERC20 transactions, 12 blocks are requested for the transaction to be considered as approved and completed.

Currently on Lama you can buy and/or sell all the following currencies:

• ETH
• BNB 
• FLOW
• SHIBA
• USDC

To buy or sell cryptocurrencies or exchange, follow these steps:

1. On the homepage, tap over the “Exchange” icon located below your general account balance.
2. Choose the currency you want to sell and the one you would like to buy.
3. Enter the amount you would like to buy or sell. Please note the minimum required amount and any fees applied.
4. Confirm your transaction.

When you are exchanging currencies using our in-app exchange feature, you can only exchange your available balance. This balance is different from your Total balance. The available balance subtracts the applicable fees from your total balance. In other words, the maximum amount you can exchange is the amount shown in the app with the fees already deducted from your total balance. 

Please also keep in mind that your available balance needs to meet the required minimum exchange amount.

Exchanging currencies within the Lama app will have an applicable Lama fee based on your selected account plan + a trade fee (or pair price difference). The trade fee is used to cover the rapid market volatility, maintaining a more stable price conversion despite the currency market fluctuation.

Note that there is no set spread, even if the same two assets are being exchanged. The spread changes based on liquidity and market conditions all the time. All fees are indicated for you to see and confirm before you approve the exchange.

The required minimum exchange amounts are, in average, about 15 EUR and they are variable according to the selected cryptocurrencies market prices. These amounts will be displayed and visible through your Lama app.