WOW! Brand New Fiat On/Off-Ramp for BitShares DEX is Live!!!
ATTENTION PLEASE
For those of you who have been around BitShares for a while you will know that the main fiat on/off-ramp for the DEX hasn't been operational for quite some time. Eventually, Openledger will reopen their gateway, but finally you don't have to wait any longer.
If you're tired of paying high fees to Coinbase or other fiat on-ramps then look no further than the brand new EasyDEX.
Right now, you can deposit USD and EUR for no fee at all, up to $5000 USD per month for unverified users. (Wire transfer fees charged by your bank are compulsory) To withdraw fiat, you only have to pay a 2% fee which is wicked low.
If you need to deposit more per month then they offer a simple KYC process that apparently takes 2-3 days to be approved. Once approved you will be able to deposit and withdraw in increments of up to $10,000 USD. If you were to go over $10,000 the bank would require additional paperwork and who likes the burden of additional paperwork? Not this guy.
You will need the following info to process a wire transfer.
EASYDEX, LTD
Dvadeset E Chetvarta 25
Meninkyovo, 4482, Bulgaria
For more details you can read this article.
Or join their Telegram channel here: https://t.me/easydex
And Discord group here: https://discord.gg/6KDzQJb
Additional bonus:
EasyDEX is the first gateway to provide a legit account recovery system for BitShares. So if you forget your password you won't lose access to your account. This is major news as well so pass it along.
Could there be more?
BitShares just set another transaction volume record with 1,598,882 transactions processed in a 24 hour period. All of that without breaking a sweat.
Source: Blocktivity.info
Things are really coming together for BitShares. I hope you don't miss the train.
Update:
I just sent $100 USD via TransferWise and they only charged me $1.74 in fees. They are converting my USD into EUR so 83.17 EUR will arrive in my BitShares account later today, May 17th, 2018. (That's same day delivery)
When using TransferWise please enter the BTS address you want the funds to arrive at in the "Reference" field.
If you want to use TransferWise yourself then please use this link. https://transferwise.com/u/kevinm105
2% withdrawal fee sounds a bit steep. You’ll be better off transferring to a traditional exchange that doesn’t charge a withdrawal fee for any kind of volume.
What fiat currencies do they support?
Intrigued! Who offers no fee?! I end up using localbitcoins and you definitely pay >2% with the BTC rate you get on cashing out.
They support USD and EUR deposits and withdrawals.
Which exchanges charge less than 2%?
I don’t know if a decent exchange that charges for withdrawals. Bitstamp charges 0.25 basic fee on trades (dropping depending on volume) and a withdrawal fee of 0.9 Euro if using SEPA. I think a flat 2% is pretty high.
https://www.bitstamp.net/fee_schedule/
2% is way too much. I agree. wack -1
Then use the gateway to deposit for free and another cheaper exchange to withdraw. It's entirely up to you.
Thanks for the feedback.
Good advice. I will watch EasyDex progress id guess :)
I'm in love with bitshares :-).....it has so much potential!
You are absolutely right, dont miss the train!
You are right, I lay great hopes on BitShares too
The password recovery has to happen for mass adoption and easydex is the first to do this...
I would like to know how they are implementing that account recovery thing. I hope they are not compromising security with that feature...
Security was our biggest concern with creating it with privacy being our other big concern. The only thing that we had to add is to get an email address to use for account recovery and security isn't compromised at all. The way it works is that we store a copy of your password that is encrypted based on your answer to a security question. When you need to recover your password we send a link to your email address to continue the process. When the user clicks the link they are brought to a page where they answer their test question and the password is decrypted. The password never leaves the browser in unencrypted form and we have no access to it nor the answer to your test question. Since to decrypt the password you need access to the email address and to know the test answer we feel it is secure.
How about sending pieces of the password to different accounts in a decentralized way? You could do this for sections of the private key too and just remember the beginning part and end part of those sections. You'd just give those sections to anonymous participant anonymously so that nobody knows who they are and thus cannot blackmail them, they should have a certain amount of stake and then we all can guard private keys.
As a side note, bockproducers or witnesses could offer this but it might be a risk in making them a target because now they'd have something in custody.
So if you lost your key but knew the summary you could send a request for each holders' section to give you that whole section by providing them the beginning and end of each section.
I've requested that one of the core team members provide you with an explanation of how exactly it works.
For now, here's a video that shows how it works.
https://steemit.com/bitshares/@ash/bitshares-easydex-wallet-registration-and-recovery-process
I'm really enjoying all the new developments on Bitshares. ZEPH, Quintric, EasyDEX... so much value being added into Bitshares. Thanks for the post @kimchi-king, I wasn't aware of EasyDEX before this.
Great news. Always good to have more options for fiat on/off ramps. Resteemed.
Many thanks for the info!
You are fantastic person.
Thanks for let us know about this I hope fantastic project!
When will this be avilable on bitshares DEX?
I would imagine they will be added after they finish with the beta version. I can't say for sure when that will be, but the team is actively working to add new features.
Of note, high on their priority list is the integration of TradingView into their wallet. That will make this gateway one of the best available.
This Dexchange looks really nice where i can see the global Volume traded in 24h of easydex.net ?
This new exchange hasn't been added to coinmarketcap.com yet so for now you could find the trading volume for each coin they support on their wallet or use a BitShares blockexplorer like this one http://open-explorer.io/#/search.
You can do an asset search for EASYDEX and it will display the different coins they support right now.
So in theory you can make lots of accounts and send up to $5000 / month to them hint