Trading was something that caught people’s attention for years, especially because it is a challenging activity. You need powerful skills to succeed, such as mathematical and analytical ability, forecast proficiency, and mental discipline.
Being able to increase your income just by taking advantage of the constant value changes of currencies around the world is definitely captivating.
All the more now that cryptocurrencies came into play. The volatile market can lead to great earnings if you pay attention – no wonder why it is the favorite way of people to spend their coins.
Before joining crypto trading however, you should have an overview about the payment options worldwide. It’s called “know your market” – one of the best instruments for success.
Favorite payment options around the world for crypto
The most used payment options differ depending on culture and legislation, but we were able to find the most common ones.
According to Coin Telegraph, the largest numbers of crypto users are found in The United Kingdom, United States, Hong Kong and Singapore. Those four countries visibly influence the market – their favorite options being found almost everywhere.
1. SEPA Bank
SEPA is short for Single Euro Payments Area, being an initiative of European Union to simplify bank transfers. It is preferred especially because the Credit Transfers are quick, the recipient accounts being credited by the next day.
It’s best for transfers with large amounts of money, EUR deposits and withdrawing.
PayPal was developed specifically for online money transfers. It doesn’t cost you anything to sign up for a PayPal account. Moreover, in the US you are not even charged for money transfers. Its money transfer process usually takes less than 10 seconds.
3. Credit Card
It would have been weird if the credit card would be missing – there are 2,8 billion credit cards in use worldwide. Besides speed and security, most credit cards offer rewards to their users that make them a great pair for crypto.
4. ADV Cash
ADV Cash is a platform developed exclusively for crypto trading, followed by ADV Cards. It has the advantage of speed, usability and no fees for Transfers.
5. Cash (in person)
Yes, you can trade your cryptos face to face with your partner. People tend to feel more secured if they make the payment themselves. The main reason is the lack of trust in technology or in the trading partner.
Not all the crypto trading platforms give you that option, but it sure is something people take advantage of. At the end of the day, disputes over transfer take time and not all the payment providers succeed in deciding who is right.
Are there any payment particularities in different parts of the world?
It is worth noting that in the UK and US, people also prefer Local Bank wires to perform the transfers. People in the United States even resorted to cash deposits, so that they could invest their earnings later.
Asian people also add a payment option to the list of favorites – Zelle. That’s because most of their transfer activities (including trading) are made with people from the United States. Besides being easy to use, it doesn’t charge you fees – a great competitor for Venmo.
If you want a much deeper research, you can follow P2P Trading Platforms like Vertex Market, where you can analyze the top payment options for each one of the 196 countries listed.
Whether you use the P2P Crypto Trading Platforms to get revenue or simply just to exchange cryptos, having an overview of those payment options will sure come in handy. With qualitative research, you can easily come out with the most attractive offers that will match you with a trading partner in no time.