Hex Trust Handbook

The Hex Trust Handbook provides an overview of the operational procedures around our products and services. It is essential to have a clear understanding of the processes described below in order to perform all the necessary steps as a Hex Trust client. 

Custody Product:

Wallet Types
User Roles
Transaction Flow
Blockchain fees on digital asset withdrawals
Account credentials
Fiat Deposits & Withdrawals 

Trading Services:

OTC Client Trading Instructions

The Hex Trust Handbook provides an overview of the operational procedures around our products and services. It is essential to have a clear understanding of the processes described below and make the most out of your experience with Hex Trust.

Wallet Types

Our institutional-grade custody platform, Hex Safe, is built on compliance frameworks and state-of-the-art security features for the safekeeping of digital assets. Through Hex Safe you have access to custody services purpose-built for banks, delivered in partnership with leading technology providers such as IBM. Hex Safe offers two types of digital asset storage solutions:  Cold and ZeroKey Wallets. To learn more about each wallet type please visit our Knowledge Base. 

User Roles

Hex Safe users can have different permissions based on  four important roles, each with their own responsibilities and restrictions. To learn more about each user role please visit our Knowledge Base. 

User roles have the following access levels:

Transaction Flow 

Transactions take place in three stages: Initiation, Approval and Release (Signing). 

1. Initiation. 

Users with the Initiator role log into Hex Safe (web browser version or the desktop application) and initiate transactions via the Deposit or Withdrawal tabs.

Deposit: To deposit assets select the desired asset and copy its deposit address. For detailed instructions about depositing digital assets to your Hex Safe wallet please have a look at this article. 

Deposits are confirmed only after sufficient block confirmations are detected from the network. The number of block confirmations required vary depending on the blockchain. Hex Trust monitors these networks continuously and once sufficient confirmations are received, the deposit will be marked completed and the status will get updated on the History page of your Hex Safe account.

Withdrawal: The precise instructions of how to initiate withdrawals from the Cold or ZeroKey Wallets are described in this article. 

Blockchain fees on digital asset withdrawals:

The blockchain fee, also commonly called ‘gas’, is a digital asset transaction fee that is charged when performing a transaction. The blockchain fee is not a Hex Trust fee, it is paid to the network for processing transactions.

The blockchain fee is typically paid with the native asset on the network. Take Bitcoin (BTC) as an example; assuming you have a withdrawal of 1 BTC with 0.0001 BTC Blockchain fee, your balance will be deducted by a total of 1.0001 BTC after processing the transaction.

For networks supporting token standards (e.g. ERC-20/ERC-721/ERC-115 on Ethereum, ASA on Algorand, HTS on Hedera, etc.) the blockchain fee of the token is still paid via the native currency on the network.

See the ERC-20 Tokens example below:

ERC-20 Tokens are digital assets/tokens that are on the Ethereum blockchain. The blockchain fee of any ERC-20 Token transactions is always paid in Ether (ETH).

2. Approval.

All withdrawals need to be approved by users with the Approver role following a custom approval scheme (or m out of n scheme). As an Approver, you will receive a notification through the Authy application on their mobile phone. To learn more about Authy please visit this article.

3. Release (Signing).

Once the transaction has been approved, ZeroKey wallet users with the Operator role can release it by using the Hex Safe desktop application and a hardware device provided by Hex Trust called Yubikey.

Cold Wallet users do not release transactions themselves and rely on the Hex Trust team to do so.

Important information:

• Request Cut-off Time for Cold Wallet withdrawals: 5pm HKT on working days and public holidays.  
• Request verification (Verification Call): 9am-7pm on a working day.
• Withdrawal Processing:
  • Request made before cut-off: Within 4 hours after request is made (t+0).
  • Request made after cut-off: The next working day, within 4 hours after verification call is completed.

Account credentials 

Account Password 

Several security layers are in place to ensure assets are protected. Hex Trust reserves the right to verify account credentials and/or identities at any point during any interactions or at random times as required or deemed appropriate by Hex Trust.

During account setup, you will receive a First Time Login welcome email. By clicking into the link and following the instructions, you will be able to set up your account password and Google 2FA authentication code.

When credentials are used:

Logging into Hex Safe account

Two-factor authentication (2FA)

When you log into your Hex Safe account for the first time, a 2FA setup page will be prompted. You are required to follow the instructions and set up 2FA accordingly. To learn more about 2FA please visit our Knowledge Base. 

If you are a ZeroKey wallet user and you choose to utilize security keys (instead of Google Authenticator) as your 2FA method, be aware that you will need to use your own key and not the ones provided from Hex Trust to operate your ZeroKey wallet.  

When credentials are used:

Login, after entering account credentials Initiating a withdrawal Whitelisting a withdrawal address

One-time PIN

Hex Trust will send a 6-digit one-time PIN to the client via email whenever a Verification Call is required. The One-time PIN format is # # # # # #.

When credentials are used:

Client Identification (See below)

Client Identification

Prior to performing any critical account operations, Hex Trust will verify the client’s identity and details of the intended operation.

When credentials are used:

Verifying a cold withdrawal request

When client identification is required, the following process will be followed:

1. EMAIL: Hex Trust sends an email containing a 6-digit one-time PIN to you.
2. VERIFICATION CALL: Hex Trust arranges a video call with you. 
3. CONFIRMATION: During this video call, you will complete the verification by providing the one-time identification pin in the correct format, your company and account name, the name and amount of assets being withdrawn.

A Verification Call for withdrawals is an optional security feature that introduces a higher level of security to your Hex Safe account. During this procedure, you will receive a Google calendar invite with a Google Meets link. Join the virtual meeting when the time comes and verify your company identity and transaction details. This call has to be recorded by the Hex Trust team as part of our operational procedures.

Such a feature is by default disabled and can be enabled by reaching out to Hex Trust Customer Support.

To maintain a high security standard, Hex Trust recommends enabling verification calls. Please reach out to support@hextrust.com for more information.

Fiat Deposits & Withdrawals

Besides digital assets, Hex Trust offers the possibility to safekeep USD for clients as well. A broader range of currencies will be added soon to USD.

Fiat Deposits

To deposit fiat please reach to support@hextrust.com for the bank account details. 

• Hex Trust will only receive fiat deposits from bank accounts in the same name of our client.  
• Hex Trust reserves the right at their sole discretion to request additional information in relation to a transfer and to reject such transfer upon review of such information.

Fiat Withdrawals

Important information:

• Request Cut-off Time: 5pm HKT on a working day.
• Request processing: variable depending on beneficiary bank and nature of request.

Procedures to initiate a Fiat Withdrawal:

• Initiation: Contact support@hextrust.com providing the necessary information listed below.

 

Information required:

• • Amount
  • Currency
  • Beneficiary name
  • Beneficiary address
  • Beneficiary bank name
  • Beneficiary bank address
  • Beneficiary bank account number
  • Swift
• Release: Hex Trust releases the funds from the account. 

OTC Client Trading Instructions

You can sell and purchase Digital Assets using USD or cryptocurrency via your dedicated communication channel with HT Markets, Hex Trust’s OTC service. 

Upon signing up for the service, our onboarding team will put your designated Authorized Traders in direct contact with our Trading team.

• Trading Opening Hours: 24/7.
• Minimum Trading Value: an equivalent of US$50,000.
• Settlement Time: for digital assets T+1, for fiat T+2 business days HKT.

The trading process is described below:

• Step 1

Fund your USD account with Hex Trust by sending a bank wire to our bank account. Alternatively, you could deposit digital assets to your Hex Safe wallet and start trading with that. Kindly let us know when your fiat wire or crypto deposit is on its way.

• Step 2

Request a trade quote through your dedicated chat with the HT Markets Trading team or via email at trade@hextrust.com. Quotes will be available upon request and valid for 10 seconds, unless the sales trader writes “off”. Please accept with "ok done" or reject  with "not done" as soon as possible.

If no deadline has been requested, the Trading team will execute your trades on a best effort basis within the next 24 hours after your request, barring adverse market conditions.

• Step 3

Once the trade is agreed upon, it is irreversible. An email will be sent recapping the trade, please 'reply all' to confirm once again. 

• Step 4

Crypto will be settled directly to your dedicated wallet. Fiat will be settled according to the settlement instructions you provide. 

Important: we will only process fiat settlement instructions to a bank account in your or your entity name. HT Markets does not process third-party payments.