Your guide: How to Buy Crypto with Wise?
In the fast-paced and always-changing world of cryptos, people are always looking for easy and safe ways to get digital. Wise, which used to be called TransferWise and is a well-known foreign money transfer service, has become very popular among crypto users as a payment gateway.
So, if you’ve ever wondered, “How to Buy Crypto with Wise?” you’ve come to the right place. Keep reading to find out more.
Also read: BRICS Advances ‘Multicurrency System’ To Break US Dollar Dominance
Understanding Wise: A Safe Way to Send Money Around the World
Wise, which used to be called TransferWise, is a well-known payment tool that makes it easy to send money between local bank accounts all over the world. Wise is different from other currency exchange services because it uses a special matching system to connect people who are sending and getting money in opposite directions. This could mean that the fees are lower than with other methods.
The fact that Wise is approved by the Financial Conduct Authority (FCA) shows how serious the company is about security and following the rules. Because of this level of trustworthiness and control, Wise is a popular choice among crypto fans who want to buy digital assets but don’t want to use cryptocurrencies.
How to Use the CEX.IO Platform: Instant Buy and Spot Trading?
As a top cryptocurrency exchange, CEX.IO caters to a wide range of people by providing several ways to pay for digital assets. Spot Trading and Instant Buy are two of the most popular ways to buy crypto, and they can both be used with Wise to make purchases.
Spot trading: Using bank transfers to buy cryptocurrency
Qualified users can use their established Wise accounts to buy cryptocurrencies on CEX.IO’s Spot Trading feature. Participants must first make a CEX.IO profile. Then go through the appropriate KYC/AML checks, and then link their Wise account.
Here are the steps you need to take to buy crypto with Wise using Spot Trading:
- Go to CEX.IO’s Wallet page and click “Add funds” next to the currency you want to add.
- Enter the amount you want to pay and choose “bank transfer” as the way of payment.
- You will get the bank transfer information from CEX.IO. You can then use it to start the transfer from your Wise account.
- As soon as the money is in your CEX.IO account, you can go to the Spot Trading area and buy the cryptocurrency you want.
- Keep in mind that bank transfers might not be an option as a payment method on CEX.IO based on the user’s home country, since rules and regulations can be different there.
Instant Buy: Wise Debit Cards Make It Easy to Buy Cryptocurrencies
In addition to Spot Trading, CEX.IO also has Instant Buy, which lets qualified users connect their Wise debit cards directly to the free wallet on the platform. This integration makes it easy to buy cryptocurrency right away and without any problems, making it a handy alternative to traditional bank transfers.
Here are the steps you need to take to use a Wise bank card to buy crypto through Instant Buy:
- When you’re into your CEX.IO account, go to the Instant Buy part.
- Choose the fiat currency you want to use (EUR, USD, or GBP) and the coin you want to buy.
- You can choose from deals that have already been chosen or tell it how much fiat you want to spend.
- Pick “credit/debit card” as your method of payment and pick “Wise card” as the method of payment.
- To finish the purchase, follow the steps shown on the screen.
- For added convenience, the Instant Buy tool also works with other payment methods, like Apple Pay and Google Pay. These can be used with Wise to connect the digital wallet to CEX.IO’s platform.
Setting up a Wise account: requirements and confirmation
The steps for making an account on Wise are a lot like the steps used for proof on CEX.IO. When people first sign up for either site, they have to give personal information like their name, date of birth, address, and country of origin.
After the initial registration, players must prove who they are by presenting a government-issued ID (like a passport or driver’s license) and proof of address (like a utility bill or bank statement). This step makes sure that KYC (Know Your Customer) and AML (Anti-Money Laundering) rules are followed.
After creating a Wise account, users can connect their local bank accounts to make foreign transfers easier. This makes it easy for them to pay for crypto purchases on CEX.IO.
Also read: North American Countries Start Applying For BRICS Membership
Does Wise let you buy cryptocurrency straight?
No, Wise does not offer a direct way to buy cryptocurrency. The site is best at sending money between countries and offering accounts in more than one currency. Users can buy cryptocurrencies on sites like CEX.IO that accept Wise. By using their accounts or services that work with them, like debit cards.
Can I use CEX.IO to trade crypto?
Through the Spot Trading feature on CEX.IO, qualified customers can trade their cryptocurrency holdings for other digital assets. Furthermore, CEX.IO provides a specialized crypto swap platform called CEDEX that lets users quickly change their crypto holdings with no gas fees.
What other things does CEX.IO do?
Users from the European Economic Area who are qualified can ask for a Crypto Debit Card on CEX.IO in addition to buying, selling, and trading cryptocurrencies. This card works like a regular Visa or Mastercard debit card.
Conclusion
Wise’s ability to send money around the world make for a great option for investors and crypto fans who want to buy digital assets through a safe and easy payment gateway. Wise’s trusted platform lets users easily fund their CEX.IO crypto purchases, whether they’re made through Spot Trading or the Instant Buy feature. This opens up a world of investment possibilities in the constantly changing world of digital assets. Happy trading!