It used to be that the only method to buy cryptocurrency was by establishing a connection with a trader through IRC or Bitcoin forums. However, with the rise of the cryptocurrency boom, purchasing coins is as simple as making any online purchase. As a result, new options are coming into play, allowing you to buy cryptocurrencies with debit or credit cards.
However, Finding a cryptocurrency exchange, platform, or app that charges appropriately for transactions made with a credit or debit card is difficult. This is because most platforms charge outrageous fees of up to 7%.
With the market for cryptocurrencies falling in recent weeks, JPEX, a centralized crypto exchange platform, announced the launch of the JPEX card, which was developed in collaboration with Simplex by Nuvei over the past year. The question is, what was the need for this, and how is it different? We will try to answer all these questions in this article.
Cryptocurrency Payment Systems: Problems
It might be costly to purchase cryptocurrency with a credit or debit card. In addition, credit card companies often interpret cryptocurrency purchases as cash advances, so you may expect to be charged a higher interest rate and see interest start to collect right away on platforms that take credit card payments.
Furthermore, different fees (cash advance fees or lower credit limits) can also be a hindrance for users who want to buy cryptocurrencies with credit cards. In the case of purchasing crypto from a foreign seller, it is considered a foreign transaction for which the user has to pay a fee.
There is still more to come, as using credit cards presents a high risk of fraud and investment risks. In addition, there is a risk of giving away valuable information to vendors who are not adequately vetted.
So what’s the solution? Should one stop using credit and debit cards to purchase crypto and switch to other methods? Not at all. You only need a ramp up solution that allows users to use these cards without any of these risks and streamline the transactions.
Enters JPEX Card
First of all, let’s review what JPEX is before getting into the details of the JPEX card. As a well-known global crypto asset service provider, JPEX offers exceptional trading depth and a wide range of spot assets and creates innovative hedging products. These include the first NFT asset-based index contracts launched with RedHare, and expanding the types of NFT assets available.
Early this year, JPEX partnered with Simplex by Nuvei, a leading fiat-to-crypto payment gateway, to develop a crypto portal solution that would enable customers to purchase cryptocurrencies using debit and credit cards. With this move, conventional investors will be able to access cryptocurrencies at an even lower cost.
With the assistance of Simplex by Nuvei, JPEX creates a cross-gateway between fiat currencies and cryptocurrency through credit and debit cards. By doing so, it is anticipated that more traditional financial users and funds will be able to gain access to the cryptocurrency market and that the widespread adoption of cryptocurrency will be further promoted in a number of sectors.
Features of the JPEX Card:
Along with solving the current payment system challenges, the JPEX card will provide the following features.
- Sell and spend crypto anytime
- Enjoy instore and online purchases
- Withdraw from any ATM
- Spend crypto anywhere in the world
While more details about the card are still being revealed, the platform has already started the preorder process for the JPEX Visa card, which is expected to be delivered to registered users in the EEA and the UK by the fourth quarter of 2022.
Here’s a link for pre-ordering the JPEX card: https://jp-ex.io/en/jpex-card-pre-order
More About Simplex
Simplex by Nuvei is the fiat/crypto infrastructure for the entire world. An EU-licensed financial institution, Simplex by Nuvei aims to change the status quo of the current crypto markets by providing simple, seamless, and secure channels to convert over 100+ fiat currencies to 170+ cryptocurrencies. Simplex has been actively supporting existing and new protocols in the industry, nurturing and expanding its portfolio of supported cryptocurrencies.
JPEX Future Plans
The platform intends to extend the JPEX platform to all regions of the globe in the not-too-distant future, at which point it plans to provide improved virtual currency platform transaction services as well as banking services.
