CRYPTOCURRENCY TRADING WITH BANKS' DEBIT CARDS (ATM) USING CRYPTO.COM PLATFORM

INTRODUCTION

Greeting my fellow steemians.
You will agree with me that there are many ways to benefit from the cryptocurrency business. Many of these have been taught in our cryptoacademy classes. Today, I want to expose us to a new and easy method of making cool cash with your banks' debit cards popularly called ATM card using the crypto.com. Join me as I show you this easy way to make some cool cash.

THE CRYPTO.COM PLATFORM

Crypto.com

Crypto.com is an exchange platform just like Binance, Huobi, Bittrex, KuCoin and the rest. It can be used for exchange, trading coins and tokens. It can also be used for staking CRO which is the native coin of the platform.

Things you need to do before you can use the Crypto.com platform.

• Resgister using the site or application
  You can do this just with the use of an email and a password.

• Verify your account.
  Verification here is just like it is done on all other verified exchange platforms. You need a valid means of identification. This may be your national identity card, driver's license, international passport, or voter's card. The front and back of any of the ID you choose to use must be snapped for identity verification. Also, facial verification has to be done by making a video camera of one's face that shows all parts. The picture in the ID should not be different from the face used for the verification.

• Google Authentication
  This is a way of securing your account with the platform that involves linking your account with a security application called Google or Authy Authentication App that issues a six digit code for approval to make operations that have to do with withdrawal the funds in an account. Without this, no one, even the owner can make a withdrawal from the account.

Once all these have been done, the Crypto.com platform is set to be used for ATM trading.

THE IDEA BEHIND THE ATM TRADING USING CRYPTO.COM

The idea behind this form of trading is based on the difference in exchange rates of USD in banks and our crypto exchange exchange platforms. This is in relation to our fiat or local. For example, in my country Nigeria, the difference for 1USD is close to #100.

We should understand that most of the banks leaves a spending limit of up to $100 on each ATM for online (international) transactions. For my country for example, $1 cost #480 in zenith bank. This $1 is equal to #580 or more on exchanges like Huobi and Binance. If for example the difference is #100, for each of my zenith master card, I can make nothing less than #7,000 after all charged for the transaction has been removed.

So in summary, you have to buy any cryptocurrency of your choice with the monthly dollar spend of your bank. Once this is successful, you transfer out the coin to another exchange, e.g binance, trade it for dollar and exchange it to your fiat currency through P2P exchange and there you have your gain.

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ADDITION OF ATM CARD TO CRYPTO.COM PLATFORM

The first thing you need to do before you can spend the monthly dollar limit of your card is to first of all add the card to the Crypto.com platform. I am going to take us through the steps to do this.

• Launch the Crypto.comapp on your phone.

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• Click on Trade, and choose buy below.

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• Select the cryptocurrency of your choice. In my case, I selected Ripple.

• Click on "add credit or debit card". Fill the details and click add.

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• Enter the OTP sent from your bank and click submit.

It is going to process the transaction and once it is successful, the card will be seen to appear in this manner. These are cards that I have added to my account.

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HOW TO BUY WITH YOUR CARD

After the card must have been added, one can now buy the crypto of one's choice with the dollar limit of of one's bank. The money equivalent to the amount of dollar in one's fiat currency must have been deposited into the account before moving on to do the transaction. To make this transaction, the following steps can be followed.

1. Launch the Crypto.com application

2. Click on trade, and choose buy.

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• Select the cryptocurrency of your choice. I selected Ripple for this transaction.

• Enter the amount of the crypto that is equivalent to the spend limit of your bank in USD and click buy below the page.

• If you have more than one ATM added to the platform as in my case, select the ATM to use and click buy below.

• Confirm your entries on the next page and click continue.

• Enter the OTP sent by your bank, and click submit.

Crypto.com will process your transaction. Once it is successful, you can click anywhere on the page to finish the process. It can be withdrawn to other exchanges from which you can trade the coin to USDT, and exchange it to your fiat through any available means. Like in Binance and Huobi, Nigerians use P2P for exchange from USDT or other cryptocurrencies to Naira.

CONCLUSION

This trade transaction can only be done with Master or Visa Debit cards for fiat currencies. There are charges for the addition 9f the card. It's just a little amount of $0.1. The crypto.com platform charges for the transaction depending on the number of USD involved in the transaction. So in making the transaction, it is advisable not to exhaust full the limits on your debit card. For example, for $100, you can buy coins worth of $96 or $97 and so on.

This lesson is going to be a series. Therefore, in my next post, I am going to show us how to make withdrawal into another exchange as I wouldn't want this to be too cumbersome for the comprehension of anyone who wishes to make use of it.