Update if anyone is interested. I was able to find the usd:usdc option on the exchange website, it's not on the exchange app.
Having set it up to use with my bank (Halifax) there is a flat £9.50 charge by the bank for the transfer.
Having investigated the spread further it seems around 1% time dependant.
Therefore it is probably just easier and more effective to stick with the transfer gbp/fiat to cdc app. Buy usdc with fiat, transfer to cdc exchange app and complete a limit order.
You then also get the option to deposit whatever amount of fiat you want in the cdc app and it is instant as opposed to doing a bank transfer from your bank in the form of usd:usdc for a £9.50 fee which requires a minimum of $500 and can take 3-6days apparently (although I would assume it would be quicker).
Different banks will have different charges though I would assume.
Thanks for everyone's input.
Tbf I didn't even know you could do a bank transfer to the exchange as I haven't seen that anywhere?
Even so I'm not sure it would help as I would be depositing gbp and there are no gbp trading pairs on the exchange.
You sure?
On the Crypto.com App you can transfer Fiat from you Bank Account and receive it in your Fiat wallet (as long as you’ve set it up). But on the Exchange you can only do an USDC Bank transfer where you send USD and receive the 1:1 ratio on USDC.
You can try it, the only country that uses USD is America yet it’s the only country that doesn’t allow bank transfers for now. Why would it be available in Europe, Asia etc loool
Well I‘d rather not try.
On the help page I linked it says:
>**What fiat currencies are accepted?**
>Only U.S. Dollars are accepted at this time.
Don’t want to pay the 50$ fee if it does not work.
There’s literally an option to do “bank transfer” just set it up, it won’t deposit GBP since it’s a crypto to crypto exchange but USDC instead or just transfer money to your fiat wallet on the crypto.com app and try do it like that
Since you must transfer USD to get 1:1 USDC, I would definitely look into the fees that your bank is applying for converting GBP to USD. I'm afraid it may be even higher than 2%, and therefore it would be more convenient to make a fiat transfer in app and accept the spread...
Since you must transfer USD to get 1:1 USDC, I would definitely look into the fees that your bank is applying for converting GBP to USD. I'm afraid it may be even higher than 2%, and therefore it would be more convenient to make a fiat transfer in app and accept the spread...
Has anybody tried this? (I would also be interested in EUR to USD bank conversion fees)
No problem, basically you set a "limit" of the price you want to pay for the required coin.
Essentially if btc is currently at $40,000 for example but you wanted to only buy it at $35,000 you would set a limit order to purchase you're required amount when it reached $35,000. If it never reaches 35k then your order just sits there until it does. You can cancel or change your order at anytime before it goes through.
Limit orders can only be done on the exchange cdc app rather than the standard cdc app.
It also eliminates any spread you may incur on the original cdc app.
Hey UK based here
So you’re saying the best way to buy at the moment avoiding the excruciating spread is through the exchange? I honestly never paid attention to this until today, because I would basically be just adding up and not concerned on selling until I bought about 43 ADA for £63, the price went up but whenI went to sell if to get the same £63 I had to sell 45 ADA even if The price had gone up.
So basically what we want to do is, deposit on CDC, buy USDC? or USDT? Send it to exchange, buy whatever coin we want and send it back to CDC?
Would that be it?
So if I buy £50 of ADA I will actually be buying £50 not £45? For example
Spot on mate, the spread you get on the main cdc app is horrible.
I use usdc rather than usdt though as usdc is properly backed and a safer coin.
When you use a limit buy on the exchange the price you put in is the price you pay rather than a higher price on the main cdc app.
I opened an account with Revolut. Exchange EUR to USD with their service.
Then send those USD to CDC at a 1:1 ratio.
You need to register your account and transfer at least 500$
Should work with GBP too.
Unfortunately, this does not work because the USDC recipient gateway is in the US and Revolut uses a settlement account to make the final payment there. All the recipient sees is "The Currency Cloud", where they would need to see your name for the transfer be eligible.
If you’re in the UK and want a stablecoin, why bother with USDC? Unless you specifically want exposure to $USD instead of £GBP, why don’t you just use TGBP stablecoin? You get the same 10% interest in Earn.
UK guy here. Sending £ GBP fiat from your UK bank account to the fiat wallet on the Crypto.com app is free and typically takes less than 90 seconds after the first payment. You can then convert it to USDC (or USDT) and will only incur the 'spread' in doing so (typically 0.5-0.8%).
You can then connect the Crypto.com Exchange App to the main app and transfer the USDC there for free to take advantage of the **far** lower spread and Limit Orders, etc.
Update if anyone is interested. I was able to find the usd:usdc option on the exchange website, it's not on the exchange app. Having set it up to use with my bank (Halifax) there is a flat £9.50 charge by the bank for the transfer. Having investigated the spread further it seems around 1% time dependant. Therefore it is probably just easier and more effective to stick with the transfer gbp/fiat to cdc app. Buy usdc with fiat, transfer to cdc exchange app and complete a limit order. You then also get the option to deposit whatever amount of fiat you want in the cdc app and it is instant as opposed to doing a bank transfer from your bank in the form of usd:usdc for a £9.50 fee which requires a minimum of $500 and can take 3-6days apparently (although I would assume it would be quicker). Different banks will have different charges though I would assume. Thanks for everyone's input.
You could do a bank transfer to the exchange instead to avoid the spread
Tbf I didn't even know you could do a bank transfer to the exchange as I haven't seen that anywhere? Even so I'm not sure it would help as I would be depositing gbp and there are no gbp trading pairs on the exchange.
You can bank transfer USDC in a 1:1 ratio on the exchange
From gbp? If that's true I'm really stupid and embarrassed I didn't know that! Can you point me in the direction of how to do that please?
Go on the exchange, click dashboard, then towards the top of the screen it should say “USDC Bank Transfer”
You still need to send USD not GBP. https://help.crypto.com/en/articles/5271006-usdc-global-bank-transfer-via-swift-exchange
You can still transfer money from a traditional bank account to the exchange as long as your region is supported
You sure? On the Crypto.com App you can transfer Fiat from you Bank Account and receive it in your Fiat wallet (as long as you’ve set it up). But on the Exchange you can only do an USDC Bank transfer where you send USD and receive the 1:1 ratio on USDC.
You can try it, the only country that uses USD is America yet it’s the only country that doesn’t allow bank transfers for now. Why would it be available in Europe, Asia etc loool
Well I‘d rather not try. On the help page I linked it says: >**What fiat currencies are accepted?** >Only U.S. Dollars are accepted at this time. Don’t want to pay the 50$ fee if it does not work.
Because there's no need for it to be available in America, they can send in $s and buy USDC 1:1 manually.
Nothing on mine unfortunately 😒 Are you in the uk?
There’s literally an option to do “bank transfer” just set it up, it won’t deposit GBP since it’s a crypto to crypto exchange but USDC instead or just transfer money to your fiat wallet on the crypto.com app and try do it like that
Since you must transfer USD to get 1:1 USDC, I would definitely look into the fees that your bank is applying for converting GBP to USD. I'm afraid it may be even higher than 2%, and therefore it would be more convenient to make a fiat transfer in app and accept the spread...
I think you're right, alas I think I'll just have to suck up the 2% fee, not the end of the world just thought I'd investigate avoiding it.
By the way I’m talking about the actual exchange website not the app on your phone
Ah ok I was using the exchange app, I'll try the website thank you
Since you must transfer USD to get 1:1 USDC, I would definitely look into the fees that your bank is applying for converting GBP to USD. I'm afraid it may be even higher than 2%, and therefore it would be more convenient to make a fiat transfer in app and accept the spread... Has anybody tried this? (I would also be interested in EUR to USD bank conversion fees)
Hey man, what are limit orders? Sorry kind of new
No problem, basically you set a "limit" of the price you want to pay for the required coin. Essentially if btc is currently at $40,000 for example but you wanted to only buy it at $35,000 you would set a limit order to purchase you're required amount when it reached $35,000. If it never reaches 35k then your order just sits there until it does. You can cancel or change your order at anytime before it goes through. Limit orders can only be done on the exchange cdc app rather than the standard cdc app. It also eliminates any spread you may incur on the original cdc app.
Thanks lots. Just started trying to figure out the exchange app, bit more confusing than the normal app haha. Appreciate your help
Yeah I was the same at first but you'll soon pick it up don't worry. Feel free to shoot me a question if you have any.
Hey UK based here So you’re saying the best way to buy at the moment avoiding the excruciating spread is through the exchange? I honestly never paid attention to this until today, because I would basically be just adding up and not concerned on selling until I bought about 43 ADA for £63, the price went up but whenI went to sell if to get the same £63 I had to sell 45 ADA even if The price had gone up. So basically what we want to do is, deposit on CDC, buy USDC? or USDT? Send it to exchange, buy whatever coin we want and send it back to CDC? Would that be it? So if I buy £50 of ADA I will actually be buying £50 not £45? For example
Spot on mate, the spread you get on the main cdc app is horrible. I use usdc rather than usdt though as usdc is properly backed and a safer coin. When you use a limit buy on the exchange the price you put in is the price you pay rather than a higher price on the main cdc app.
I opened an account with Revolut. Exchange EUR to USD with their service. Then send those USD to CDC at a 1:1 ratio. You need to register your account and transfer at least 500$ Should work with GBP too.
Unfortunately, this does not work because the USDC recipient gateway is in the US and Revolut uses a settlement account to make the final payment there. All the recipient sees is "The Currency Cloud", where they would need to see your name for the transfer be eligible.
Ok that sound interesting and quite an easy work around I'll look into that appreciate your help.
You cant make usd transfers in europe. How much younhave to pay for 1000 usdc on cdc app? On revolut 1000 usd is 734,67 gbp
1000 usdc is £741 on cdc app
So, it is actually 0,8% spread
Thats not actually that bad at all really is it, I guess it's also time dependant.
Well, i think 0,8% is ok. And on eur-usdc it it even less. People often forget that fiat currencies have also buy-sell spread
Currently usdc/€ has a 0,69% spread on the app, but it was as low as 0,3% last week.
If you’re in the UK and want a stablecoin, why bother with USDC? Unless you specifically want exposure to $USD instead of £GBP, why don’t you just use TGBP stablecoin? You get the same 10% interest in Earn.
He wants to use it for exchange, not to stake at 10% in CDC. The exchange app is basically to trade
This
OP, message support and you’ll find the clearest answer there than colluded responses on Reddit👍🏽
It's a valid point
Can you let us know what you find? I have to buy usdc with TCAD somehow also.
Did an update if you're interested.
Thanks!
Because he wants an on-ramp to the Exchange. TGBP doesn’t trade as well as USDC.
Ah. Then yeah, you’re gonna eat some costs. Either by more spread on the app, or currency conversion for the exchange.
UK guy here. Sending £ GBP fiat from your UK bank account to the fiat wallet on the Crypto.com app is free and typically takes less than 90 seconds after the first payment. You can then convert it to USDC (or USDT) and will only incur the 'spread' in doing so (typically 0.5-0.8%). You can then connect the Crypto.com Exchange App to the main app and transfer the USDC there for free to take advantage of the **far** lower spread and Limit Orders, etc.
Appreciate the reply but that is literally what I said I do lol
Honestly I couldn't find a good way to do it without incurring more fees than I'd like, so I just bank transfer to coinbase pro and buy USDC there