Moving Past High Transaction Fees – Cryptopay Taking on Competition
What differentiates venues are attributes such as service, limits on purchasing, and transaction fees.
Despite the widespread availability of cryptocurrency purchasing across a growing number of exchanges, a number of issues still remain. This includes the issuance of high transaction fees, which varies extensively from one platform to another. To date, the industry has not seen a race-to-the-bottom for these fees, instead leaving the door open for venues to undercut competition.
Whether it is Bitcoin, Ethereum, or other altcoins, the demand for cryptocurrencies remains historically high in 2018. Helping this cause is the rise of these instruments into mainstream investing, fuelling the need for the transfer or purchase of these coins. Unfortunately, many investors and users of cryptos are still on the outside looking in, due in large part to transaction fees that make purchases impractical.
Indeed, many venues have made inroads in cutting these fees, and individuals need only look to less than twelve months ago to see how far the industry has come. Cryptopay has remained at the forefront of this trend, consistently looking to improve its crypto purchasing optionality and versatility.
Streamlined purchasing for users
Many exchanges and groups have opted to introduce cryptocurrencies to their services suite. What differentiates these venues however are other attributes such as service, limits on purchasing, and transaction fees. Moreover, users are also somewhat limited into what cryptos they can purchase or exchange, given not all venues boast the same optionality.
Recently, Cryptopay added XRP to its arsenal when it added it to its wallet which already supported BTC and LTC. Users are able to easily exchange between the supported cryptocurrencies as well with the British Pound, Euro and the US dollar.
This is very important for users, given the ability to utilize major fiat currencies. Oftentimes this is not the case or individuals are forced to incur other inconveniences. With Cryptopay, users can avoid days of lengthy wait times via third-party payment gateways and questionable transactions, which loom as some of the most common occurrences.
Cryptopay is one of the newer group of venues that has embraced streamlined crypto purchasing in a varied field. Despite this fact however, the group has quickly tailored its offering to meet a growing range of clients.
Consequently, Cryptopay has differentiated its offering from its peers via its competitive pricing structure, enabling some of the lowest fees and transaction costs of any group in regard to Bitcoin, Litecoin, or XRP purchasing. Users of Paypal or other services are extremely sensitive to these fees, a notion Cryptopay has been acutely aware of since its inception.
Cryptopay’s Founder, George Basiladze reiterated this trend in a recent interview, while also explaining the group’s pragmatic approach towards cryptocurrency purchasing: “We don’t hide anything from our clients, we don’t sneak in fees like some of our competitors do — we want our clients and our users to understand everything they are interacting with while using our platform.”
Cryptopay compatible with major cardholders
In addition to fees, many other users constantly are troubled with linking their respective accounts to cards. However, a key attribute of Cryptopay is the ability to link normal credit and debit cards. Linking to major debit and credit cards is a huge draw for a rapidly expanding user base. This feature streamlines the aforementioned and allows users to buy BTC, LTC, and XRP with ease.
It’s also worth pointing out that Cryptopay charges a competitive fee of just 4 percent for both Bitcoin and Litecoin. This figure is comparable to even traditional payments options such as PayPal. As one of the world’s most utilized payments networks, orienting competitive pricing that is on par with the likes of PayPal and others was a key stroke in reaching a new audience. In doing so, Cryptopay has quickly set a new standard for crypto transactions.
This compares with fees from other venues vary widely across the board. For example, many other competitors such as Bitsamp, Coinhouse, Cex.io, or others, charge at least 5-10 percent fees for debit or credit cards. It is worth noting how difficult it often is to pinpoint the exact fees for crypto purchasing on many exchanges.
To this point, many users are particularly perturbed by the abundance of fine print and hidden fees. All individuals invariably have a brush with this sort of practice, prompting Cryptopay to fully disclose all fees for users. A major benefit for users is that there is never any risk or shortcoming of transparency.
Growing competition has led many companies rely on fine-print or misleading advertising, which unfortunately is all too prevalent in the industry today. By comparison, Cryptopay has fostered a transparent approach to crypto purchasing, making its fee structure visible for all. This is one way which Cryptopay differs from other competitors, engaging in more ethical business practices overall.
In terms of limits for Bitcoin, Litecoin, or XRP purchasing, Cryptopay also takes the lead relative to its peers. Larger limits make purchases with these cryptos easier than ever – historically users have been encumbered by small daily limits causing many to miss out on getting in on fast-moving crypto markets.
Scalable limits at Cryptopay
At Cryptopay, limits are scalable, which means catering to a wider and expanding range of clients. This allows both newer and more established users to partake in crypto purchasing. The limits start at €1,000 daily, and €5,000 monthly for all leading coins in Cryptopay’s suite. This framework is quite versatile, helping support larger purchases as well, which differs from other rigid parameters imposed by other venues.
By comparison, other online exchanges offer a much more defined structure. Most other exchanges average less than €700 per month starting out, with other regional restrictions as well. This has led to a lack of supply for cryptos that cannot reach the level of demand, frustrating users.
Cryptopay offers its service on a global basis, available for verified users, with limits slated to increase over time, potentially increasing to €50,0000 monthly. By offering scalable limits, Cryptopay can better manage a diverse user base, which includes individuals just getting into cryptos as well as veterans.
Moving forward, it will be interesting to see if venues will continue to mitigate transaction fees or if these figures will stubbornly remain high. As these services continue to become more commonplace, this issue should slowly be overcome – for now individuals have no shortage of options.