KuCoin Exchange has re-enabled credit card deposits, meaning users can now buy a variety of cryptocurrencies using fiat. The online crypto exchange first offered MasterCard and Visa deposits back in November. Partnering with financial institution Simplex, KuCoin gave customers the ability to make deposits and buy Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) using USD and EUR.
The initial announcement received mixed reviews from the Reddit community. Many were quick to suggest using credit to purchase digital coins was a bad idea, others were concerned about fees.
On Twitter, though, other KuCoin Exchange users were pleased with the announcement, suggesting that it would enhance the company’s legitimacy. “Great news. This brings credibility to your exchange… Unlike having scam ambassadors that create fud against #crypto and #neo when we need to be united #ianbalina,” The CryptoCation tweeted on November 28, 2018.
Bug Fixes Reopen KuCoin Exchange Payment Options
While the reception from crypto investors may have given those at KuCoin food for thought, it was tech issues that hurt the innovation. Software issues meant users struggled to access the new payment options.
“Is it only me, but I can’t find any options in my KuCoin account for credit card payments! I looked everywhere! Anyone able to use this feature yet? Thanks in advance,” Ahmed Ahmed wrote on Twitter back in November.
After working through the problem, KuCoin has relaunched its credit card payment options. As well as adding Ripple (XRP) and Bitcoin Cash ABC (BCHABC) to the list of tradable assets, the move puts KuCoin among esteemed company. By offering fiat-to-crypto trading options, the platform now offers a similar service to leading brands such as Coinbase and Shapeshift. Over the last three years, these platforms have become popular with novice investors because credit/debit card deposits are more familiar to them.
Although crypto-to-crypto platforms such as Binance remain popular with experienced traders, fiat exchanges are gaining momentum. Indeed, with the 2017 crypto boom now a distant memory, operators are having to evolve. Becoming consumer-friendly is something the industry has battled with over the last two years. Despite the general public being more aware of cryptos, the mechanics of buying, selling and holding tokens in crypto wallets can still be tricky.
KuCoin Helping to Make Crypto Trading More Consumer-Friendly
KuCoin Exchange has resolved tech issues preventing users from accessing some payment options. Image: ymcgraphic/Shutterstock.com
However, by providing familiar payment options such as credit cards, KuCoin and its peers are helping to change things. What’s more, its processing partner is an established financial institution that provides a 100% guarantee on all payments. Alongside regulated crypto brokers such as eToro, these provisions are raising the credibility of all exchanges. Of course, full mainstream adoption is far from a reality at this point. However, for KuCoin at least, the latest update will unlock a number of benefits.
Increased custom is one potential positive. However, beyond that, accepting credit card deposits will enhance its reputation as a consumer-friendly platform. By making it easier for the average investor to make payments and buy Bitcoin and other digital currencies, KuCoin is opening up new opportunities both for itself and the industry at large.
Featured image: ymcgraphic/Shutterstock.com