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~
Is it just the one way? Fiat to crypto... Or can it work also the other way, crypto to fiat?
Right now, sales can only be done with Netcoins with the OTC option.
Thanks for this awesome tutorial!
Thanks for this! Waiting on my verification email.
How cool! Let me know what you think of the app and the process. I'm so jealous about the credit cards~ Canadian banks are crazy about them.
The set up process was easy enough. I will be referring back to your video if I have problems navigating the site once I'm actually in. Thanks for taking the time to put that all together, it was very informative and helpful
Oh, that's neat! Gotta check if that can be combined with Bitwala ....
I've had requests to ask about potential future Paypal options also, so first I'll find out what that is, and then I'll add it to the list!
Bitwala is basically a bank (under the German banking system) that has an integrated bitcoin wallet and lets you trade. Very new, went live this year, I'm one of the first to get an account!
okay, that is seriously cool! I will definitely include it in my notes.
Howdy crimsonclad! Thanks for the great information and video, this is such good news for those of us looking for new ways to buy Steem with fiat, well done!
Cheers! I'm looking forward to watching this service and other offerings develop. The Netcoins team were very cool to put up with my questions, and are really laying the groundwork for some useful stuff~ hopefully we see more and more!
howdy again crimsonclad! well that is very encouraging indeed. What city are they located, are they in the U.S.?
You do a great job on the videos bytheway, very relaxed and natural but full of great information! lol.
We're actually located on the west coast of Canada in Vancouver~ thank you for the compliment! I'm not really much for video content creation for myself, though I do editing and production for others. I actually think I've fallen in love with doing this sort of thing partially just because I love educating about Steem and partially from hosting live weekly shows on MSPWaves for the past few years 😊 lots and lots of talking! LOL
Oh no wonder it was so natural for you! What is MSPWaves? I've heard of you bytheway, only good things lol. That you are one of the dynamic leaders who are in the Movers and Shakers class! Good for you, it's an honor to meet you.
Also, I love Canada but have never been there.
Thanks for awesome tutorial and providing more insight as to the capabilities that Netcoins has and is developing. I will give it a try in my next purchase of Steem next month!
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No problem! I love stuff like this coming into our ecosystem, and I prefer to actually test things out versus just talk about it. ☺️ I hope it's a great addition to your crypto toolkit~
Do you have any links to that exchange? And it only works with KYC right? I don't know if there are so many Steemians who want to expose their accounts to the agencies, its kind of risky?
It's not an exchange in that they never actually hold your currency for you as a middle man, and they don't facilitate on-site p2p trading; it's more like they work with exchanges and other liquidity partners to source crypto to fill your buy orders instantly. I definitely do agree that many Steemians don't want to go through full KYC, and that's fair! Some services are going to be able to provide that, usually at a higher cost. I found this to be much less exhaustive than standard exchange KYC, so I was okay with it. You're absolutely right that each Steemian will have to weigh what they value and what works best for them~
I am waiting for the verification mail!!
Thank you!
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awesome! let me know if you have any trouble or feedback.
I have not received any answer yet...
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In order to sell coins to fiat the min is $2K. That is what i got out of the FAQ.
Netcoins is good when trading and bringing fiat into the system but the $2K to bring / change coin to fiat could be a problem @ $2K if I understanded this right (FAQ)
Correct! as I mentioned to someone else somewhere above, right now, sales can only be done with Netcoins with the OTC option, and it's reserved for larger amounts. I totally agree with you, this is a good way to bring fiat into the system and empowering you to use your money in regards to purchasing crypto the way you want. Depending on each person's needs, it may not be a great fit~
The more exchanges get into crypto the more options we have and the competition creates a better product/exchange for us. I am all for this and it is looking good for the future.
When this all goes mainstream it will be a whole different world.
I need them to expand to the UK!!
Right! 😬 I just realized that obviously you're not going to be covered off by the currencies listed here ... I will ask them if they know about or can speak to anything else upcoming.
so... no Murph in this video? where is Murph? why are you keep him from us????
It is work with indian INR?
I'm sorry, right now it doesn't :( However, there are definitely some options for you~ there's http://mysteemx.com, as well as @Swapsteem are up and coming for India. Hopefully one of these will work for you!
I forgot about Netcoins! Thanks for the reminder, and while this isn't necessarily a good thing (I'm not sure what's already in store for me this tax season), for me, I'll probably be stupid and buy some steem anyway.
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hahah! Well, it's always good to have another option for when the urge to stack strikes 😊
It seems like they have very high minimums in order to cash out, though. Isn't it $2,000? That's what I read.
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Very perfect
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Uptooted!
PS. OBS is a nice program, btw. :p I like your version though!
you're the worst, but I still like you~
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Thats really cool adding more pairs and fiat with Steem will grow STEEM like a rocket.
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We want that / Queremos eso
Really, this is surprisingly awesome. It's Hugh time, I dusted my net coins account. It's really going to be useful now...
Thanks, @crimsonclad
This post is sponsored and featured by @Appreciator in collaboration with @c-squared. Just keep up the good work.
And there is more, Steem now has a USD-pair on the Lykke exchange (a Swiss company I know and have been using over a year) https://partiko.app/@felander/steem-usd-trading-pair-on-lykke
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Damn ceiling fan.
#crimsonclad@ you are good creator
Crimsonclad you are amazing creator on dtube.
I am new user on dtube. Please support me
Hi! Making it easier to user crypto like fiat for people is amazing! Snax wants Steem to grow, and to become larger than ever before and we want to help Steem. People can earn more money on their posts, with Snax and without leaving Steem or other socials:
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