Traditional Banking And Crypto: Poloniex Supports Crypto Deals Via Bank Accounts, Debit And Credit Cards
Moves are being made in the crypto space which link the traditional financial system/banks with the crypto space. This gives people an easier way to deal with crypto, and it also builds more trust.
Such achievements are definitely bringing the mass adoption of digital assets closer.
Poloniex, the US-based crypto exchange had previously allowed its users to perform margin trading and did not deal with fiat.
Poloniex enable fiat to crypto trading on their platform
Now, in a recent development, the exchange said that they are enabling fiat to crypto trading on the platform.
From now on, users will be able to transfer funds straight from their bank accounts and use their credit and debit cards to buy BTC.
“Poloniex customers can now fuel their crypto trading by depositing and withdrawing funds using cards and bank accounts,” said the official announcement.
Poloniex enabled direct deposit of funds from the customers’ bank accounts in more than 80 countries.
The official announcement also revealed that customers would have the ability to withdraw USDC straight from their bank accounts.
Poloniex teams up with Simplex
They also teamed up with Simplex, who is a partner to Binance.
This will allow customers from more than 60 countries to use their debit and credit cards to buy BTC on Poloniex platform.
In a statement that has been released in May 2017 during Poloniex’s days of massive development, the exchange said the following:
“Since January, we’ve seen an increase of more than 600% active traders online and regularly process 640% more transactions than we did merely four months ago.”
According to the official announcement, “Simplex charges a 3.5% fee (or $10, whichever is greater), and customers can purchase as little as $50 worth of bitcoin.”
They also explained that “Because Simplex charges the greater of $10 or 3.5%, buying any amount of bitcoin under $300 will result in you paying more than 3.5% in fees. ”
The conclusion is that it’s best to buy BTC worth more than $300.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.