Poloniex now provides card and bank account connectivity for crypto trading
Poloniex customers can now fuel their crypto trading by depositing and withdrawing funds using cards and bank accounts.
With these updates, there are two new ways to move value on and off Poloniex. The first lets customers directly transfer money to and from their bank accounts. The other allows customers to use their debit or credit cards to buy bitcoin.
By connecting bank accounts, customers in over 80 countries can now deposit money into Poloniex and have it automatically tokenized into USD Coin (USDC) for trading. Similarly, customers can withdraw USDC directly into their bank accounts. The starting weekly limits are $50,000 for deposits and $25,000 for withdrawals, but these can be increased for specific customer needs. To get started, customers should read “Adding and verifying a bank account for wire deposits and withdrawals.” (We currently don’t support ACH transfers for US bank accounts.)
Additionally, Poloniex has partnered with payment-processor Simplex, so customers from 60+ countries can use their debit or credit cards to buy bitcoin on Poloniex. Simplex charges a 3.5% fee (or $10, whichever is greater), and customers can purchase as little as $50 worth of bitcoin.
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. If you don’t want to incur more than 3.5% in fees, buying more than $300 of bitcoin will ensure this.
To get started, customers should read our Simplex How-to / FAQ article.
Customers who connect their bank accounts and deposit funds will get their fiat money automatically tokenized to USD Coin (USDC), meaning they’ll get all the benefits of the US Dollar at the speed of crypto and be able to move value at a moment’s notice. That gives every Poloniex trader an edge, especially for traders who use multiple exchanges for arbitrage opportunities. Similarly, customers who need to settle the proceeds of their trades can now redeem USDC seamlessly into their bank accounts.