Crypto exchanges often face immense costs when offering their services — with regulatory compliance, marketing, staffing, security, legal issues and processing fees all contributing to their overheads. That’s even before they’ve made a single satoshi in profit.
This resultantly means that purchasing cryptocurrency can be expensive for consumers — notably for those who might be seeking to convert their fiat by making a deposit using their credit card or bank account. Although the fees may seem relatively small, they do add up over time, especially for crypto enthusiasts who complete transactions on a regular basis.
That said, there is some good news for consumers on the horizon. Costs are beginning to fall as markets gain liquidity, and as the infrastructure for making fiat–crypto conversions becomes more prolific. The sheer number of exchanges out there also means there’s healthy competition for the business of consumers and traders alike, with platforms working overtime to offer the best rates in the industry.
Discounted crypto purchases
One crypto provider, Lumi Wallet, is seizing upon the Black Friday craze to offer discounted fees for a limited time only. From Nov. 28 to Dec. 1, consumers who use their credit card to purchase Bitcoin or Ether will receive 12.5% off. The company adds this deal will make it more affordable to purchase some crypto and save it for the future — or to buy something with it straight away. Other digital currencies such as Bitcoin Cash and EOS are also available, along with more than 1,200 ERC-20 tokens.
Once Lumi’s app is downloaded on an Android or iOS device, transactions can be completed immediately and conversions can be made from either U.S. dollars or euros. A web wallet is also available, along with a separate, gamer-focused service called Lumi Collect. This wallet enables users to store and manage their ERC-721 tokens — otherwise known as nonfungible tokens and crypto collectibles.
The company says its main goal is to blend high-level security, where private keys constantly remain under the client’s control and stored locally on their device, with a user-friendly experience that enables transactions to be finalized in a few easy clicks.
Lumi also has bold plans to expand its services and offer new features to consumers. One of them is called Withdraw — and to begin with, it is going to be exclusively available for users who live in the European Union. It is described as a simple and quick offramp from crypto to fiat, enabling users to instantly cash out cryptocurrency from their wallet and get it transferred to their credit card. All of this is set to help consumers move their assets and manage their money much more effectively — giving them the type of freedom with their funds that has previously been difficult to find in the crypto industry.
The company gives regular updates about its product through a special blog. For example, it was recently announced that Lumi Wallet is now available in German — joining Japanese, Korean, Russian and English. This has been part of a concerted push to be internationally focused and to appeal to as diverse a range of crypto enthusiasts as possible.
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