At CoolWallet we want to make your crypto experience as seamless, safe and easy as possible, without you even knowing you’re using a hardware wallet as sophisticated as our S and Pro models. Therefore, in addition to our crypto-to-crypto exchange support thanks to our partnerships with ChangeHero, Simplex and Changelly, it’s now possible to purchase crypto with your credit card or bank transfer. This is all thanks to our recent partnership with BANXA. Customers with a CoolWallet S can now purchase crypto directly from the CoolBitX app with a credit card!
What is BANXA?
Since 2014, BANXA has been an Australian-based cryptocurrency exchange operator. Its mission is to make cryptocurrency accessible to people around the world. People around the world enjoy using BANXA’s service to conveniently and most importantly of all, securely purchase and trade crypto.
Now that BANXA is built right into the CoolWallet’s ecosystem, customers can now purchase crypto directly through BANXA and transfer it directly into cold storage. Convenience and security have never been so accessible for crypto owners. To read more about how to use BANXA with your CoolWallet S, you can click here.
Step-by-Step Guide for Crypto Purchase via Banxa
Start your crypto purchase journey now! In this guide, we’ll show you step by step how to purchase crypto using the integrated Banxa fiat deposit in the CoolWallet App.
Fees & limits of the crypto-purchase service from Banxa
- Apple Pay / Visa / Mastercard gateway fee is 1.99%.
- The minimum transaction amount is 30 USD and the maximum transaction amount is 15,000 USD per trade.
- The monthly limit is 60,000 USD.
If there are any discrepancies between the description on Banxa website and CoolWallet website, the description on Banxa website shall prevail.
If you have already purchased crypto via Banxa and completed the KYC (Know Your Customer) process for the wallet address you are going to use, feel free to skip step 1, 6, 7, and 8.
KYC refers to the verification of a customer’s identity, typically by a financial institution. Customers are required to provide personal information. The information is used to ensure that the customers are not involved in financial crimes such as corruption, bribery, money laundering, and terrorism financing. If you do not complete the KYC process, you may not be able to access some features on a cryptocurrency exchange.
Step 1. Have your identity document ready. Depending on the country that issued your document, you might have different kinds of choices. For example, if you can choose your ID card, passport, or driving license. Please make sure that your document meets the following requirements:
- Your document is not expired.
- All 4 corners are visible.
- Your face is on the document.
- All information is readable in English.
Step 2. Open your CoolBitX App and click the “Marketplace” icon in the bottom bar. Scroll down and click the “Crypto Purchase” block.
Step 3. Select the fiat type and the crypto you want to pay and get. Then type in the amount you want to purchase.
Note: There is a transaction limit per order. For example, if you pay in US dollars, an order must be between USD 30 and USD 15,000.
Step 4. Choose the offer that Banxa provides. Click the “Exchange” button.
After entering the Payment page, click the down arrows to choose the crypto addresses you are going to receive the cryptocurrencies.
Step 5. After choosing the addresses, click the “Check Out” button to proceed. Then you will be led to a web page. On the top of the page, you can find a bar with the Banxa and CoolWallet logos. Click the “Create Order” button after checking the fiat type and the amount you are going to pay.
Step 6. Fill in your personal email and phone number, and don’t forget to click the small box to agree to the terms and conditions. Select the country that issued your identity document and the identity document you prefer to provide.
Here are examples of needed files if you choose your ID card, passport, or driving license:
Step 7. Take using an ID card as an example, you need to upload a photo of the front side and a photo of the back side of your ID card. Then take a selfie photo of yourself holding your ID card and upload your selfie.
Step 8. The last step to complete the KYC process: select an answer for the transaction purpose. Finally, you can skip the KYC process next time when you are buying cryptos via Banxa!
Step 9. Fill in the credit card information and pay for the cryptos.
Step 10. There might be a cardholder authentication that will ask for your verification code.
Congratulations! You have successfully purchased your crypto!