The war between exchanges to serve as many Bitcoin users is in full effect. Trying to out-compete one another through convenient payment and withdrawal methods is one avenue worth pursuing. SimpleFX, a prominent trading platform and Bitcoin exchange, has added credit card support to their payment methods. This should allow for instant purchases of cryptocurrency moving forward.
SimpleFX Makes Buying Bitcoin More Convenient
It is always positive to see exchange platforms add more payment options to their offerings. While credit and debit cards may be inherently insecure, they are also commonly used. From a business point of view, it makes perfect sense for Bitcoin companies to accept this form of payment, despite the risk of fraud and chargebacks.
SimpleFX is an established name in the trading business, as the platform has been around for quite some time now. Not too long ago, the company started offering Bitcoin exchange services to its customers as well. Adding credit and debit card support to the list of available options will allow for instant transactions when buying cryptocurrency.
But there is more, as SimpleFX also mentioned they would accept FasaPay, to attract more customers from Indonesia. FasaPay is an online payment gateway that can be seen as the PayPal of Indonesia, and it gained major traction in the past few months. SimpleFX wants to expand their presence all over the world, so this seems to be another strategic move to achieve that goal.
One thing to keep in mind when buying Bitcoin with a credit or debit cards how users will pay a slightly higher price. For now, SimpleFX will not charge any fees on these new payment methods, albeit it is not known how long the promotion will last. Moreover, it will be interesting to see how the company deals with fraudulent payments, as those will occur sooner or later.
Considering the fact Coinbase announced a new fee structure that will see customers being charged 3.99% for credit and debit card transactions, the promotion by SimpleFX could not come at a better time. Many users may switch platforms, depending on how high the transaction fee will be on SimpleFX once the promotion ends.
Header image courtesy of SimpleFX
