Along with the growing popularity of cryptographic currencies, questions of its implementation appear.. And one of the main questions is how to store the truly earned coins and how to spend them comfortably?
Now we will talk about the main cards for digital currency and their features using the example of cards for bitcoin..
How the world of plastic Bitcoin cards works
so, you enter any Bitcoin plastic card service and order a card for yourself. It will be released by the service itself, if he has a banking license, or partner bank, if there is no license. The card is linked to the payment system (VISA, MasterCard, Unitpay, etc.), may have accounts in one or more fiat currencies (dollars, euros, yuan, etc.) and cryptocurrencies (bitcoin, lightcoin). If the card accounts are only in fiat currency, means to replenish it, you need to change bitcoins into the currency of the card and transfer to the account. For cards with accounts in crypt, this exchange happens automatically at the internal rate of the service (or exchanges, to which he is attached) at the time of the transaction.
In August, the Gibraltar financial company WaveCrest Holdings Limited, which seventy-five percent of payment blockchain startups work with, announced the end of the issue of prepaid plastic and payment bitcoin cards for everyone, not counting the people of the states of the European Union. Besides, with 15 October 2017 the service of working cards has ended, issued for non-residents of the European Union.
Now about payments, commissions and conversions. What can you write off funds for?:
- Card issuance and delivery: usually, within the boundaries $0-50 per card excluding delivery; some services give a free release;
- Withdrawing funds to the card (replenishment of the card account in the service);
- Map service: monthly or yearly payments, from time to time one year free of charge;
- Cash withdrawal at ATM;
- Account status inquiry;
- Card reissue;
- Pin code change;
- Operation and payments;
- Conversion (from bitcoin to fiat, from one fiat currency to another);
Worth noticing, that the plastic card is not directly linked to the bitcoin address, but tied to a bitcoin account (Wallet) in service, issued the card. This allows transactions to be carried out almost instantly., after all, as we all know, blockchain does not provide such an opportunity. The risks of the method are obvious: your bitcoins, in fact, are at the disposal of a third party and, if this third party for some reason closes or is robbed, funds will disappear.
Overview of the main players in the market of plastic cards for cryptocurrency
1. Wirex
This company was formerly called E-coin and then rebranded to Wirex last year.. Wirex provides VISA or MasterCard debit cards, which are accepted everywhere, where VISA and MasterCard are accepted, respectively. The card is linked directly to the Wirex app on the smartphone. Also you can bind third-party applications, like PayPal and Skrillex. And although the card provides for storing only bitcoin, it is integrated with ShapeShift exchange, which allows you to send all major cryptocurrencies to your account.
What you have to pay for:
- Shipping = $17 or $50 with trekking in the USA
- Purchase = Free
- Foreign transactions = 3%
- Withdrawal from ATMs in your country = € 2.25 / £1.75 / $2.50.
- International ATM withdrawals = € 2.75 / £2.25 / $3.50.
- SMS notifications = £ 1 / € 1 / $ 1 per month
- Freeze = Free
- PIN change = £ 1 / € 1 / $ 1 per month
Wirex advantages:
- there is a mobile application
- possible for use in Russia
- a large number of available currencies (US Dollar, euros, quid)
- no limits for online purchases
- site support on 13 Languages, including Russian
disadvantages:
- monthly SMS notification fee (1 dollars, euro or pound)
- expensive production of a plastic card - 17 Dollars (the virtual card is issued free of charge)
- shipping cost via DHL 50$
- limits for cash withdrawal without identification
- ATM withdrawal limit for unverified users is 1000$, there are no such limits for verified. Maximum amount on the card - 2000$. After providing identification data, restrictions are lifted. Cash withdrawal fee - 2,5 dollar.
Wirex works in partnership with Visa and Mastercard, therefore, it is not necessary to look for "Bitcoin Accepted".
Website: https://wirexapp.com/
2. CoinsBank
Coinsbank debit cards give users access to their funds in CoinsBank accounts. The cards can be used to withdraw money from almost any ATM around the world. CoinsBank cards also offer bonus points to cover expenses, made with the map.
Benefits:
- opportunity to release before 5 kart, the issue of a plastic card is free
- allows you to buy BTC (bitcoin) and LTC (lightcoin) for four popular currencies - GBP (Quid), USD (US Dollar), RUB (Russian Ruble) or EUR (Euro)
- money can be deposited using Perfect Money (commission 3%,) Qiwi (commission 5%), ОKPay (commission 0%, but the restriction on input 500 EUR/USD), credit or debit card (commission 2,95%), by SEPA money order (commission 0%) and commission-free bank transfer
- available quotes of currencies on different exchanges
- cash withdrawals can be made at almost any ATM in the world or in the currency of the card, either in the currency of the place of stay
disadvantages:
- unnamed cards are temporarily unavailable
- prohibited for non-EU residents
- cash withdrawal commission 4,95 dollar for unverified users and 3,95 for those who provided personal data
- commission for issuing a virtual card from 2,95 to 100 dollars for prepaid card
The map is mainly focused on Europe. You can shoot at a time no more $200 twice a month. Only works with Bitcoin.
3. Xapo
Xapo is one of the first companies, which began to provide customers with debit cards for bitcoin. You can say, that they are not the first year in business. You can use their product like a regular plastic VISA card, make online payments or withdraw money from an ATM. As in most cases, of currencies supported by Euro, pounds and dollars.
What you have to pay for:
- Card issue = € 18 / £13 / $20
- Annual Usage Fee = $0
- Purchase = Free
- International Transactions = 3%
- Withdrawal from ATMs in your country = € 2.25 / £1.75 / $2.50 fee.
- International ATM withdrawals = € 2.75 / £2.25 / $3.50 fee.
- Card replacement = € 10 / £7 / $1
Benefits:
- own bitcoin wallet and cold storage, which ensures the safety of the balance (the company is fully responsible for the safety of deposits)
- the ability to customize cards for different currencies, including Russian rubles
- uninterrupted operation of the wallet
- the ability to withdraw funds from almost any ATM on the territory of the Russian Federation
disadvantages:
- the site is supported only in three languages - English, Spanish, potrugal
- only for residents of the countries of the European Union
- high cost of a plastic card in 20 Dollars
- delivery times worldwide takes 20-35 days, depends on the location of the recipient
- commission for the first year of service - 12 Dollars
- restriction on cash withdrawal from an ATM - 200 dollars a day
- Required 100% verification with the provision of official documents with the address of residence.
Excursion to the secret storage of XAPO cryptocurrency in Switzerland
4. BitPay
BitPay is one of the youngest debit cards.
Benefits:
- the highest limits without checking in 10 000 Dollars
- cash withdrawal in the amount 3000 dollars a day, out of which 750 dollars at a time. These are the highest rates in this review..
- maximum balance - 25 000 Dollars
- the cost of issuing a card is 9.95 Dollars
disadvantages:
- preferences for card users in the USA, higher commissions for non-US residents
- using only one fiat currency - US dollar
- for many, this card may be just that, what they have been looking for in bitcoin debit cards for so long. Transfer to dollars can be done in less than 60 seconds. Online account is easy to use, technical support works at a high level, no confirmation for high limits.
6. SpectroCoin
SpectroCoin - One-stop solution for Bitcoin, Bitcoin wallet offering, exchanger, debit cards and transfers.
Benefits:
- Russified site and the ability to use the map in Russia
- debit cards are accepted everywhere, where Visa or MasterCard are accepted
- there is an option to deposit additional alternative cryptocurrencies Monero, Ethereum, Zcashб Dash, other altcoins
- low cost of the card: 9 Dollars
- zero commission for account replenishment
- free shipping
- no obvious flaws were found in this card.
What you have to pay for:
- Shipping = $75
- Card issue = € 8 / £6 / $9
- Annual usage fee = € 12 / £12 / $12
- Purchase = Free
- International Transactions = 3%
- Withdrawal from ATMs in your country = € 2.25 / £1.75 / $2.50 fee.
- International ATM withdrawals = € 2.75 / £2.25 / $3.50 fee.
7. TenX
TenX offers a multi-currency wallet based on multiple currencies, in particular, Ethereum and altcoins based on it (Really, while all operations with altcoins are still in closed beta testing).
Initially, TenX supported only Bitcoin and worked through NFC using PayPass technology from MasterCard, but TenX wants to greatly expand the list of cryptocurrencies. The list already includes Ethereum and Dash, but later other popular currencies like Zcash and Litecoin will be added to them.
Main advantages:
- The app is already running
- Cashback 0,01% - means, what do you get TenX Token for every purchase
- They want to eventually bring all cryptocurrencies into the application.
- All commissions = $0
What you have to pay for:
- Delivery and Card Issue = $15
- Virtual Card Issue = US $ 1.5
- Annual fee for using a plastic card = $0 ($10, if less than $1,000)
- Annual fee for using a virtual card = $0 ($10, if less than $1,000)
- International Transactions = 0%
- International ATM withdrawals = € 2.75 / £2.25 / $3.50 fee.
This card does not serve Russian citizens
TenX history here
8. Monaco
Monaco is focused on the mission to create simple and honest financial products to improve living standards.
Benefits:
- Monaco takes no commission for anything. No monthly payments, no annual, neither for sending or issuing a card. While you are in monthly usage limits, you don't pay for anything.
- To 2% cashback in cryptocurrency for all purchases
- Different types of cards for different limits
- Promoted as a premium crypto card.
The opportunity to serve Russian citizens will be provided
9. Center
Doubtful project. When we tried to find out the conditions, the page was not available.
10. TokenCard
One of the first projects to create a debit cryptocurrency card.
- Debit card for Ethereum and projects based on it.
- ~ 1% commission for use
- In partnership with Melon Port, Digix, Bancor and other projects
- Allows customers to buy cryptocurrency directly in the app using fiat money
- Not represented for Russia
Resume
Perhaps, the most compelling reason to use plastic cards, tied to the crypt - this is the ability to have simple and constant access to your funds and quickly use them if necessary. For example, if you are traveling and your regular bank card has been blocked or stolen, but you urgently need to pay for something and there is no time or opportunity to change cryptocurrency in other ways, you can safely take a coin card out of your pocket and make a payment.
When it comes to everyday use of maps, tied to a bitcoin wallet and we are talking about a card, account which can be replenished only with bitcoins, then the benefit of this option is very doubtful. You will have to change bitcoin at the rate at the time of the transaction, and this may not be the most profitable rate on the market (for example, internal service course). The usual jumps in the bitcoin rate can make the transaction completely unprofitable. Much easier to wait for a good rate, calmly exchange bitcoins on the exchange and withdraw them to one of the payment systems or to a bank account. Besides, services of cryptocurrency plastic cards use additional commissions to conduct transactions of their clients.
