World's first fiat deposit via EasyDEX is complete

in easydex •  4 months ago

History was made today for the brand new EasyDEX gateway



A few days ago, EasyDEX announced the launch of their USD and EUR fiat on/off-ramps which was sorely needed for the BitShares community. We've been waiting for over half a year to regain access to a fiat gateway for the DEX.

I decided to give it a try to ensure that everything worked just fine and I'm happy to say that it did. I conducted this test with only $100 USD. At first I tried to use Bank of America to execute the wire transfer, but they wanted to charge me $35 for an international wire transfer. Paying 35% in fees is not something I could accept.

Then I remembered about the transfer services provided by TransferWise. I started the process and discovered that they only charge $1.74 to transfer $100 USD to the EasyDEX bank in Greece. I submitted the transfer request at around 2:30 am CET on May 17th and the funds arrived at 11:44 pm the same day. Needless to say, that's pretty damn fast for an international wire transfer. If you're interested in trying out TransferWise then feel free to sign up for an account via my referral link. https://transferwise.com/u/kevinm105

Since this gateway is so new, the market on the DEX was completely barren, but Jacob Walrus (core team member for EasyDEX) assured me that they will provide liquidity once deposits start flowing in. I can happily say that Jacob is a man of his word and I was able to successfully trade my EASYDEX.US for BTS at an astounding rate.

Before the trade:
Screen Shot 2018-05-18 at 8.23.21 AM.png

After the trade:
Screen Shot 2018-05-18 at 8.41.30 AM.png

You will notice that I received $83.54 easydex.us for my $100 USD, but that's not a result of some hidden fees charged by EasyDEX. The reason for this is because I made a silly mistake when transferring the funds to their bank account. For some reason TransferWise required me to convert USD into EUR, but at a very good exchange rate. They gave me 83.17 EUR for my $100 USD. The mistake I made was sending EUR to the USD account for EasyDEX. Therefore, their bank charged me a 10 EUR conversion fee. Moral of this story is to not send funds internationally while half asleep.

I will try this all over again with another $100 USD, but this time I will send the funds to the correct bank account. I will keep you all posted.

Overall, I'm thrilled at the speed of this process and the outstanding customer support I received. If you're looking to get some fiat into the DEX then have no fear and give the new fiat gateway a try.

If you happen to use this gateway, please share your experience in the comments below.

Thank you in advance for the upvotes and resteems.

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Pretty cool Bro !!!

Lol

Moral of this story is to not send funds internationally while half asleep.

Can https://transferwise.com/u/Kevin 1050 work from any part of the world?

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OK thanks

Awesome!

@kimchi-king this is a good development that all will benefit from and also the future users of smoke.io will also benefit from it. Thanks for sharing...

This is VERY EXCITING news for us all! Thanks a lot for the heads-up.

Time to share & resteem!

Namaste :)

cool cool cool that this works!

also curious when the time is there how withdrawing will go, but this is a major step!

wow, kewl! i hope they also manage to find fiat gateway for South Korea, too.

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Do you know of a South Korean bank that is crypto friendly?

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Shinhan Bank & NH Bank should be the most crypto friendly banks, especially Shinhan bank because they’ve also considering a crypto vault service.

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South Korea is definitely one of the biggest ones we want to add support for. We're working on finding a service (maybe transferwise) that will allow us to use a large variety of currencies but haven't gotten it all worked out yet. Do you know if foreign companies can start bank accounts in South Korea?

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This one, I honestly don’t know. The only thing I know is that banks issue a virtual account to each individual under account holder’s name which then to be used only for that specific crypto exchange, but, it’s pegged to the real bank account the each individual provides to connect to exchanges. This is how the fiat gateway works for major exchanges like upbit, bithmb, korbit, coinone, etc.
But there is this new exchange “Gopax” which doesn’t seem to work this way. This is the only exchange that you can approve/allow withdrawal requests directly from your actual bank account to the exchange so that the exchange can withdraw money out of your bank account to then make deposit to the exchange of your account. And vice versa. Just how paypal works for many other countries. (once you set to allow paypal to make withdrawals paypal will withdraw money from your account when it needs to settle)

I recommend trying out this way for fiat gateway for South Korea.
If you can pull this off, this would be an ultra major break through!!

To listen to the audio version of this article click on the play image.

Brought to you by @tts. If you find it useful please consider upvote this reply.

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This is pretty damn cool. Thanks for sharing.

The more the merrier. Still waiting for Open Ledger to reopen and lykke which I know very little about.

Congratulation kimchi-king! Your post has appeared on the hot page after 23min with 15 votes.

Now, waiting for your next post about withdrawing to fiat

It would be great if someone can compare these two options.
Depositing bitshares with easy dex and depositing bitshares with coinbase/cex.io
Which one will result in more bitshares?

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That's easy.

Coinbase charges you $14.50 to buy BTC with your fiat.

BitShares charges you a fraction of a penny.

It is so great news!
I wish only that there is not withdrawal for unverified account (at least small amount <500USD equivalent or so ). I hope they find out how to give a possibility to withdraw without KYC soon!

This is awesome!
Thank you for the heads up.
I’m still using Coinbase as a gateway for my fiat. Takes at least 2 or 3 days each time.
This makes much more sense since I’m only using Bitshares.
Great news! 👍

So great ! Bitshares is increasingly popular

That really sounds like great news, that should give the Dex a nice boost as well again!

Great write up thank you.

Thank you for information.

I don't get it, is EASYDEX.US on par with bitUSD? I have an euro account.. but I think liquidity for bitEUR is really low. I've also used TransferWise so this info is gold!

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EASYDEX.US is actually a User Issued Asset that EasyDEX created. Each EASYDEX.US coin is pegged to the value of $1 USD. It's basically the same as Open.USD which is the UIA from Openledger.

It's not like bitUSD because that's a trustless smartcoin.

If you transfer EUR into the EasyDEX then you will receive EASYDEX.EU. They will provide the needed liquidity for the EASYDEX.EU/BTS market so you can do something with your deposit.

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EASYDEX.US is actually a User Issued Asset that EasyDEX created. Each EASYDEX.US coin is pegged to the value of $1 USD. It's basically the same as Open.USD which is the UIA from Openledger.

Right so it follows bitUSD which is a smartcoin but it isn't a smartcoin, so why do I have to trust a coin?

Brilliant sharing, not too long and easy to read. Try off ramping or withdrawal soon.

My post life/@zampa/this-is-a-goat-2018-05-19-05-24-23

a good news for bitshares

Thanks for doing this and keeping us updated. This should have 10x the votes. Break-through, for sure.

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