Buy Crypto for Fiat Money with Freewallet
The crypto industry is becoming more and more user-friendly each day, but still, one of the most common questions among crypto beginners is how to buy Bitcoin or other cryptocurrencies. The Freewallet team has released an outstanding feature, which allows you to purchase crypto as fast and easy as ABC. Now our customers can buy coins seamlessly in their wallet, without having to visit other services or exchanges.
The way you used to buy cryptocurrency
The most popular way of purchasing cryptocurrency is through trading platforms which connect buyers and sellers automatically, such as Kraken or HitBTC.
Also, you might be interested in peer-to-peer (P2P) exchanges, where you can trade your national currency for crypto by negotiating a price directly with an anonymous individual. One of them is LocalBitcoins, for instance.
You should keep in mind that some services may not be available in your country, so always make sure to take your country’s regulations into consideration.
In most cases, buying cryptocurrency is as easy as pie: all you need to do is to connect your credit card and tap the ‘Buy’ button.
The way you can buy cryptocurrency now
At Freewallet our team keeps improving the product-line in order to maintain our status as the most suitable and convenient solution for our customers on the market. Starting today, Freewallet’s users can buy BTC and ETH with their bank cards directly in their wallet. This feature is available only on the web version of the Multi-currency Wallet for now.
Press the “Buy” button on the dashboard, choose the currency and amount you want to purchase. After that you will be redirected to the page for bank card data entry.
As soon as you make a transaction, it will have a “pending” status and then the payment will be completed or cancelled. The service needs up to 24 hours to process the transaction. Sometimes, it may take up to 48 hours due to delays in identity verification or high demands on cryptocurrency. All coin purchases are displayed in your history as “Pay In” transactions with the description “Via credit card”, so you can easily track them.
What you should keep in mind when buying crypto
Before buying a desirable coin on Freewallet you should follow these rules:
1. Check whether this feature is available in your country. The full list of unsupported countries and US states is here.
2. Prepare a scan of your passport or ID, as it will be required for the first purchase. The document should be valid and the scan should have clearly visible data (name, expiration date, number, etc.).
3. Please note that each transaction includes a 7% fee (minimum USD 10) and there are several limits (fees included) for purchases:
- The minimal purchase is USD 50 and EUR 50
- The maximum purchase for one transaction is USD 20000 and EUR 18000
- The maximum amount of purchases for one account over a 30 day period from the first transaction is USD 50000 and EUR 45000
What you should expect in the future
The Freewallet team will be keeping an eye on the service and improving it. When it’s ready, we will release it for mobile apps. If you have any problems with the service or need some help please contact our support team. If you have any questions about this feature, write to firstname.lastname@example.org.
This service has come to fruition thanks to our integration with Simplex. Simplex provides a secure processing service for online crypto-payments. The company works with exchanges, brokers, wallets, merchants and marketplaces and protects them from fraud, via advanced machine-learning algorithms.