For most users, buying crypto with fiat is the very first item on their to-do list upon joining the space. Still, buying crypto can be challenging for many beginners, and plenty of ordinary users are kept out of the crypto world by the complicated screening and deposit procedures of crypto exchanges.
As governments practice strict regulations on fiat-crypto deposits and withdrawals, fiat service providers and project teams must be licensed to make remittances across countries. In reality, however, most fiat service providers operate on a small scale, with limited legal and technical resources. So, they often focus on just one country or region and a small number of fiat currencies and cryptos. As such, it is hard for crypto beginners to identify fiat service providers that are secure and compliant.
In today’s market, centralized exchanges (CEXs) are the most popular platforms for fiat deposit and withdrawal among crypto beginners. To start with, CEXs often support a large number of fiat currencies and cryptocurrencies, as they can work with third-party fiat service providers and charge negligible fees; secondly, with CEXs, users from different countries and regions can choose the ideal fiat service provider that best suits their needs. More importantly, CEXs also provide users with more options for trading cryptos. Without the trouble of going through lengthy procedures, users can buy cryptos directly, even via credit cards.
Generally speaking, CEXs serve as an easy gateway for more people to crypto. Further, fiat deposits and withdrawals are crucial services for such centralized platforms to gain a foothold in the crypto market.
In March 2020, as it launched the Global Ambassador Program, CoinEx also partnered up with Simplex, the first third-party fiat service provider on the exchange. CoinEx users now can buy cryptos with fiat directly through Simplex using VISA and Master Card (credit or debit). CoinEx’s partnership with Simplex marks not only a key step forward in building a global presence but also a major milestone in its fiat trading services. Since then, the exchange has worked with more reliable, secure, and compliant third-party fiat service providers to expand the channels of crypto deposits/withdrawals for users.
In April 2022, CoinEx rebranded and redefined its slogan to “Making Crypto Trading Easier”. While developing easy-to-use crypto products and convenient trading procedures, the exchange also focuses on perfecting its fiat services. As we know, the crypto journey of many beginners starts with buying cryptos using fiat currencies, and CoinEx is keenly aware that only by facilitating convenient crypto deposit services for the general public can it become an easy gateway for global users to the crypto world.
Therefore, CoinEx has kept expanding the channels for making fiat deposits and withdrawals so that users can buy/sell cryptos more effortlessly. At the same time, following CoinEx’s fiat trading tutorial, newbies could orient themselves to buying/selling cryptos with greater ease. Right now, CoinEx supports over 10 third-party fiat service providers that cover nearly 100 fiat currencies in most countries and regions around the world.
CoinEx has always aimed to provide more fiat-to-crypto channels and will prioritize the improvement of fiat trading in the coming months. Meanwhile, as it teams up with more third-party fiat service providers, the exchange will introduce the general public to crypto via fiat, making itself a gateway for global users to the crypto world.
