Fiat to Steem! Netcoins App Demo and Discussing Recently Added Credit Card and Fiat Options
You may not realize that Netcoins has a new app that allows for more fiat options to Steem and other crypto currencies, so I'm here to fix that with a slightly ridiculous video! 🎉
So, you may remember the last video that I did that demonstrated how easy it is to buy Steem from a Netcoins Virtual ATM with cash. The spread of these virtual ATMs is still lacking in the USA and overseas when compared to Canada, so it's about time we had some good news for everyone outside Canuckistan~ I'm officially bringing it today.
The Netcoins app allows for fiat to Steem purchases via wire transfer, in native CAD, USD and EUR currencies. There is also the option to purchase using your credit cards if you live in the US or Europe. Kind of a big deal!
This video is decently long and gets into detail, so here is a handy TL;DW (too long, didn't watch. I'm still getting my vlogging legs under me, so this is an easy way to skip watching me hand talk wildly for fifteen minutes but still get the gist.)
- KYC is simple (ID + Proof Of Address) and is actively being improved on
- Crypto is transferred directly to your wallet, so it is not held on a middle man site
- Fees are low at 3%
- You pay in native currency, so no dings on conversion fees
- You can fund in large amounts, but can spend in smaller chunks as you see fit, directly into whatever alt you prefer, which means no unnecessary waiting/movement through 'main' coins
So, what do you think about the process? Is it easy?
It is really, really simple. There are short waits for KYC and funding, the interface is clean and clear, and the communication is fast and straightforward. The Netcoins team are very good sports; because since they are located in the same province I am, I actually went to their office for a sit down chat. We talked a lot about how engaged the Steem community is and how we can benefit from these expanding services. They actually made some changes to the app processes based on my feedback, which I also find really valuable...The fact that they're looking for our feedback is a great way to provide great service, and therefore be successful — win win for all of us. If you have feedback, questions, or comments, please do leave them here! I plan to discuss more with them after this video makes the rounds, and getting your opinion is key.
So, would you use this again? Do you think it's worth it?
I definitely will. For me as a Canadian, I have a few extra options including adding the company as a payee to online banking and funding via Interac etransfer, which are added bonuses. However, there are many exchanges who won't deal with US clientele, or who don't allow credit purchases, so the Netcoins app is a real boon for you as well. Because Netcoins isn't a traditional exchange, they can find the best prices from liquidity partners and meet orders quickly. While the service might not be the right fit for everyone, it's another huge step in bringing Steem and other cryptos to more people in more diverse ways, and that's kickin' rad. The more options the have to choose from, the more empowered we become in our ability to use crypto currencies the way we want. Be smart, have fun, Steem on 🖤
Thanks for watching another poorly focused rant fest! If you have any questions for me that the video doesn't cover off, let me know in the comments below.
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Positively surprised by the fairly low fees! Thanks for making the post, worth sharing outside of steemit too :)
thanks! Yes, while the Virtual ATMs fill a need on their own, the fees are higher when you consider that both the bricks and mortar retailer and Netcoins add fees and have to handle some of the concerns with dealing with actual cash- in this case, the funding methods and webportal make it so that the fees can stay nice and low, especially compared to the BTCATM at my local corner store.
Real Time Transactions
Industry Leading Rates
Multiple Funding Options
Over 20+ Cryptocurrencies
Can i ACTUALLy use this toi get Cash for my steem/BTC ? After I give them my ID of course?
And is theer any options in San Diego, CA? or did you say its noyt really popular in USA in the other post?
With Bitpay ATM withdraws down its REALLy hard to get CASH from crypto
Hey Ackza, I totally missed this. In general, this is more meant to facilitate funding for people who want to buy crypto and are having a hell of a time with exchanges or who want a quick and reliable way to put fiat into crypto with lower fees and a bit more safety than random ATMs (especially in the case of Steem and alts, since you don't have to trade through BTC/ETH/LTC to get them.)
There are sell options but they tend to be for much larger amounts via OTC. The USA is still a tricky market for regulation and services for Canada and International have been nailed down a bit more quickly. That being said, Netcoins has been working on getting their US services in place and has got some big plans coming down the pipe. If you're looking solely for a way to get quick, small amounts of cash, that's less so what this service is about, but I definitely recommend heading over to https://www.gonetcoins.com/ and reading a little more about it~
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Nice job on the video, I like the energy/enthusiasm, not ridiculous at all! I have been using Coinbase and have to buy Litecoin first, I really value a way to buy Steem directly. Would you ask them if Visa gift cards would be accepted (or Discover gift cards etc.)? Thanks!
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hmm! that's a really good question. I can't imagine prepaid cards would work any differently than true credit cards, but I also have never given deep thought to the regulations behind it. Great suggestion, I will ask about it~
I am signing up in the USA, the credit card fees are quite high, $10 plus 2.5% for amounts under $200. And above $200 is a flat 7.5% That is more than coinbase. I don't think many people will be using this option, I will check into the wire transfer option once my identity is verified. Thanks!
Yeah, that is indeed very high! With a lot of these options, the fees tend to go up with the amount of convenience they provide. I, for example, am banned from Coinbase, so I'd have to look for an alternative (so when Canadian banks still allowed it, I was using CEX.IO) I look forward to the services being improved as historical transaction data is built alongside increased usage, definitely.
True, forgot you don't have access to Coinbase. Good point.
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OK, just got verified, but there is a $500 minimum to fund my account with wire transfer? Ouch! Can you ask them about this?
Hi, I emailed customer support, this is what they said:
Thank you for your feedback! Our platform is still in beta, and we are constantly trying to improve the user experience. I will relay your message back to our team for consideration for the next update. I've taken a look at your account and noticed that you are currently residing in the United States. Unfortunately for U.S. customers, the funding option is not yet available and the only option to purchase cryptocurrency through us will be through credit card.
So in summary U.S. users can only pay the 7.5% fees. Maybe they will expand and lower the bank transfer fees. I really liked the interface though. :-P
Interesting! That's not even what the press releases said, or what was communicated so it sounds like getting a follow up finalization on all this stuff would be much better. That's kind of a big change and would necessitate a big ol' video edit.
Fantastic! I’ll let my non crypto savvy friends that I’m dragging in here to possibly use this!!!
The only thing to keep in mind on this front is that you need a wallet address to send to... This is not an exchange, so there is no holding in 'your' account. (I happen to think this is actually a good thing to get people into the habit of, but it does require a bit of prep to that end)
Gotcha! Correct. Not keeping on the exchange is something I need to remedy myself.
and i am sure they don't deal with serbia 😞 need to try it
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the fiat currencies accepted right now are CAD, USD, and EUR. Since you guys don't use any of those, it's pretty likely the benefits of using this service to buy in your native currency are not really there yet, unfortunately
Can't wait to watch this vid when I leave the office. Referral link?
Would you believe I didn't actually ask for one?! 🤓 I'm just happy for people to find all sorts of different ways and services to get their hands on cryptocurrency that's right for them. Every time we get a new option, it's a win for everyone!
I understand and applaud that, but I'm going to sign up anyway so..... allow for your good gesture to be rewarded. :)
well, I appreciate you! but I didn't think to do it, so I'll keep it in mind if I find more companies who allow me to grill them about their products :D
That's really cool
Maybe will take some time to get here
But to see it happening somewhere , anywhere.. is exciting :)
I agree. There are so many situations that people are in with regards to crypto, that what might not fit for one might be the perfect option for another. Once everyone has a way to get into crypto, adoption will go a whole lot faster!
aswesome video @crimsonclad, although I did watch it on fast play( dont be offended I do that all the time)
I am sharing on twitter and resteeming for extra visibility
hahah, I am in no way shape or form offended, and thank you for helping to spread the word! I talk so much that I knew it would be crucial to add the summary so people could skim the post instead. 😬 I definitely think this is an excellent option for some people depending on what their current crypto buying experience is. If that's not what you're looking for, this video would be dry as a desert 😂
You make a great video, nothing dry about it at all
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Thanks for the reminder and update @crimsonclad! I remember being part of the very hectic voting campaign to get Steem listed with NetCoins, so it's nice to see this follow-up.
I just went through the various steps to finish setting up an account — I'm in the US — and completing various verification steps. It's very cool that you talked to them in person... that there are actual humans paying attention to feedback, and such!
I agree! It's the best way to create a great product and happy customers, so I'm really rooting for them, because we really do both win. Even in the time between ducking it out for that listing til now, there have been some pretty big developments~ it's pretty rad that they are open to the community.
Many thanks for spreading the good news within the community. I recently opened a Netcoins account myself and look forward buying some extra Steem. Have a super day!
Great! I hope that it gives you more options to buy the crypto that you want on your terms, without having trouble with exchanges or paying super high fees to get into bitcoin/eth first and then transfer it around to pick up any alts you might want~