We are delighted to announce that Euro is now available on Tokenomica! The new feature allows users to trade crypto-to-Euro and vice versa, deposit and withdraw Euro via a wire transfer. All fiat operations are fully compliant with EU regulations.
Right now, the fiat integration is launched for EU residents only and supports the Single Euro Payments Area (SEPA) system. In the next 6 months, we plan to allow fiat operations for non-EU residents using SWIFT payment systems.
Outside of providing a completely legal opportunity to exchange your crypto for fiat, we have managed to provide the lowest transaction fees for fiat payments possible:
Deposit fee — 0%;
Withdrawal fee — 0,35%;
Minimum deposit amount — 10 Euro.
Along with that, we are working on the new feature that will provide users with an opportunity to generate client reports on their trading operations. The new feature will allow users to obtain reports on their trading activities which can serve for tax, compliance, or other regulatory requirements.
Let’s take a closer look at the process.
How it Works: Deposit and Withdrawal
The fiat gateway on Tokenomica was built with the same principles in mind as our BTC and ETH gateways. Learn more about how our gateways work
First and foremost, in order to deposit and withdraw funds, users will need to pass the KYC verification via Sum&Substance, if you have previously completed the verification using Blockpass, you will need to complete additional verification using Sum&Sub.
After pressing the “Deposit” button, you will receive bank details of Tokenomica’s gateway bank account, used for deposit purposes. Next, you will need to complete a wire transfer from your bank account to Tokenomica’s bank account.
Please note that you need to indicate your reference number in the “reason” field as well, otherwise your deposit will not be processed.
The time of the deposit completion depends on the processing of the operation by your bank. Usually, it takes from 3 hours to 1 business day to complete the deposit operation. Please note that EU banks won’t process transactions on non-working days.
Withdrawals work using the same principles. After pressing the “Withdrawal” button, you will need to indicate your bank account details. Once you input your details, data can be saved as a template and used for future withdrawals. Please note that Euros can be withdrawn to your bank account only.
The withdrawal transaction usually takes up to 2 business days to complete.