Withdrawal of cryptocurrency in Ukraine. Top 5 cryptocurrency cards in 2024
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As of 2023, almost 5 million people use cryptocurrencies in Ukraine alone. The number of active users of digital assets is expected to grow in the coming year.
This trend is facilitated by the emergence and spread of cryptocurrency cards – analogues of ordinary bank cards, which help to use crypto to pay for services and goods. Therefore, 2024 will be the best time to buy, accumulate and use bitcoins and altcoins.
Current ways of withdrawing cryptocurrency
Previously, withdrawing USDT, BTC or ETH involved using a special exchange or making a p2p transfer. With the advent of cryptocurrency cards, digital coins can be automatically exchanged for fiat currencies (euro, dollars, and even hryvnias).
Next, we present five cryptocurrency cards that you can use to make payments with your digital assets.
Trustee Plus
Ukrainian cryptocurrency card issued by MasterCard. It is virtual and debit. There are no fees for top-up or card maintenance.
Like a regular bank card, this payment tool can be connected to Apple Pay or Google Pay for quick contactless payments from a smartphone.
Features of the Ukrainian crypto card:
- The geography of work is Ukraine and the European Economic Area, however, the project team also claims that this card can be used to make purchases in stores around the world.
- The commission for converting digital currencies into fiat money or exchanging crypts among themselves is 0.5%. Euros are automatically exchanged for local currency when making a payment.
- The card supports VTS, ETN, USDT.
- Later, the project team can add cashback for active users. However, the referral program is already active.
- The basic cost of issuing a card is 10 euros.
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To activate the card, Ukrainian users can go through a quick verification through “Dia”. The term of this payment instrument is 5 years. Safety and reliability guaranteed by MasterCard.
Binance Card
A popular payment tool released by the famous crypto exchange Binance. It can be virtual or physical, works like a debit card.
This payment tool has a larger list of supported altcoins and additionally cashback in the form of the BNB exchange’s own token. However, this crypto-card also has significant disadvantages:
- Discontinuation of support for this payment instrument in the European Economic Area (EEA) from December 20 of this year.
- Binding to the user’s Binance exchange account.
- Higher commission than in the previous option (up to 0.9%).
The popularity of this crypto-card is due to its reliable issuer. However, its fate after the termination of support in the EEA is unknown.
Coinbase Card
Payment instrument of the American centralized exchange Coinbase. It is a debit plastic card in which you can open a credit limit. It involves exchanging digital coins for dollars to make payments.
It also has serious disadvantages:
- limited geography of work – the card is used only in the USA;
- after exchanging crypto for fiat to make payments, these funds must be entered in the tax declaration and taxes must be paid to the state;
- the exchange rate on the stock exchange and during the exchange may differ among themselves.
The crypto card supports all cryptocurrencies presented on the exchange. However, the listed disadvantages prevent the free use of this payment instrument.
Crypto.com Visa Card
A card issued by the crypto exchange Crypto.com, which is not tied to the user’s balance. It is a debit payment method that requires manual replenishment. It can be virtual or physical. In addition to the EEA, it operates in Singapore, Brazil, the USA and Australia.
Nexo Card
The only cryptocurrency credit card from our list. This payment tool is released by Nexo. The cardholder can top up the balance in crypto to then use the digital assets as collateral for a loan in euros.
The card works in Great Britain and the EEA. Among the advantages of such a crypto-card, the NEXO company itself mentions tax savings. That is, the client does not leave the crypt, so he does not pay taxes.
To issue a virtual card, you need to have $50 worth of crypto on your balance. There is no commission for conversion, but interest on the loan can reach 13.9% per annum.
How to choose a crypto card in 2024?
We have presented an overview of five popular cryptocurrency cards that can be used as means of payment in 2024. When choosing your option, consider the following criteria:
- card usage conditions (what is the conversion fee, automatic exchange or manual);
- geography of work (most of the presented options work in the European Economic Area);
- the issuer of the card (how good its reputation is, have there been any cases of hacker attacks).
Only you choose which card to use in everyday life. Check the terms, open a crypto card and use digital coins as easily as fiat money.
TOP 10 tips for those who buy crypto for the first time
We turned to Trustee Plus CEO Vadym Hrusha to get top tips for newbies who are thinking about buying cryptocurrency for the first time in 2024.
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| Vadim Hrusha, CEO of Trustee Plus |
If you are new to buying cryptocurrencies, here are some tips that may be helpful:
- Research. First of all, you need to thoroughly research the cryptocurrency you plan to buy. Learn about its technology, development team, history and current trends.
- Use reliable sources to purchase cryptocurrencies. Choose reliable exchangers, crypto wallets, intermediaries that have a good reputation and provide safe conditions for exchange.
- Storage. It is important to ensure safe storage of your cryptocurrencies. Consider using cold wallets or hardware wallets to store assets.
- Planning. Determine your investment goals and develop a plan. Don’t invest more than you are willing to lose and stick to your plan.
- Understanding the risks. Understand that cryptocurrencies are extremely volatile. Prepare for possible losses and never invest all your finances in one cryptocurrency.
- Two-factor authentication. Enable two-factor authentication for your wallet and exchange to increase your security.
- Market observation. Keep an eye on the market and news to keep up to date with changes and developments in the world of cryptocurrencies.
- Don’t panic. React to market fluctuations wisely and don’t panic. According to your plan and strategy.
- Teaching. Constantly learn and improve your knowledge about cryptocurrencies and blockchain technology.
- Ask for advice. But not by financial recommendation. Reach out to experienced investors or industry experts for advice and fill in knowledge gaps.
Remember that investing in cryptocurrencies is a risky activity and it is important to be a careful and responsible investor.
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