KuCoin, the digital currency exchange based in Singapore, has now enabled purchasing capabilities through the option of a credit card. That means users can now buy the leading digital assets such as Ethereum, Litecoin, Bitcoin and XRP easily through their credit and debit cards. It has become the first ever effort by the KuCoin exchange to offer an on-ramp fiat of the sort.
The official announcement made by KuCoin has revealed that the company will be implementing this move in alliance with Simplex. For those who come in late, Simplex is one of the most well-known companies that offer a seamless platform for payment processing services with proven track records.
— KuCoin Updates (@KuCoinUpdates) February 8, 2019
It’s important to note that another leading crypto exchange called Binance had also issued a statement declaring a similar endeavor in the recent past where it confirmed having enabled traders to make purchases through their debit and credit cards. The primary objective behind these platforms incorporating the development is possibly the ease and flexibility it will offer traders in carrying out their crypto transactions.
Users would be charged a minimum transaction fee imposed by Simplex while utilizing their credit or debit cards to buy cryptocurrencies. The charge will be 5% on the user’s total transaction which would not exceed a minimum fee amount of $10 per order. As far as the extra transaction processing fee is concerned, KuCoin won’t impose any.
Users can get started with the latest functionality after the successful set up which hardly takes about 5-30 minutes of their time. Once done, their debit or credit card will become a medium to get them their favorite digital currency in a completely hassle-free way. However, KuCoin does not yet facilitate direct purchases of altcoins, such as BitTorrent or Grin, through credit and debit cards.
KuCoin originated in September in 2017, has crossed a registered user base of 5 million. Although KuCoin is not currently in the list of top crypto exchange platforms, the trading volume on the platform reaches about hundreds of millions of dollars every month, as per the available records.