Portal Allows You to Buy Altcoins Using Fiat, Without Converting to Bitcoin or Ethereum First

A new crypto purchasing portal is enabling users to purchase more than 20 cryptocurrencies and altcoins using fiat directly.

Netcoins, the Canadian company behind the app, says the recently launched service is operational 24/7 online — helping to deliver real-time transactions without delays.

The Netcoins team says its offering stands out from competitors because it simplifies transactions for crypto enthusiasts, and eliminates the need to change fiat currencies into Bitcoin or Ethereum before going on to purchase altcoins.

The new Netcoins platform also offers an automated Know Your Customer (KYC) product, giving users the opportunity to complete the registration quickly for approved trading. According to the company, applications can be verified in as little as 24 hours.

Saving customers time

Illustrating why its app will prove to be a boon for time-pressed crypto customers, Netcoins has shown how users have the opportunity to skip steps and acquire the altcoins they desire much faster than what many popular exchanges can provide.

For example, customers who want to buy Pareto on the platform can do so directly as soon as they have funded their account with their local fiat currency — with euros, Canadian dollars and U.S. dollars accepted. Netcoins argues that this is in stark contrast to other exchanges, which often have slower turnaround times, a limited selection of coins, no facility for storing fiat, or a requirement that purchases are made using Bitcoin or Ethereum first. Usually, users have to jump through several hoops: They purchase Bitcoin first to obtain USDC before they can convert it to Pareto. With Netcoins, it’s a simple direct fiat to Pareto process, the company says.

Netcoins is hoping to move away from the status quo, which sees crypto consumers relying on exchanges that pair Bitcoin or Ethereum with the altcoins or tokens they want to purchase. By removing this step altogether, Netcoins believes the process of buying less common cryptocurrencies — such as Steem, Cloak, and others — will be far easier, and this could help drive adoption and demand.

A global network

Netcoins’ new app sees the Vancouver-based company enhance its offering even further — and as reported by Cointelegraph toward the end of last year, the platform has already amassed a global retail network of over 170,000 locations in 53 countries. These stores enable anyone to walk in and buy cryptocurrencies using fiat — offering customers peace of mind and providing a less-complicated method than the arduous registration processes associated with some major exchanges.

Retailers are able to offer crypto through the company’s “Virtual Crypto ATMs” — a piece of software that can turn any tablet or laptop into a digital cash machine. Usually, a purchase sees the buyer given a voucher for their crypto that can subsequently be redeemed online.

Late last year, Netcoins set out its ambition of becoming a big player in the world of crypto payment processing — and at the time, the company said its performance was strengthening despite the volatility seen in the crypto marketplace.

A few days ago, it announced that its platforms generated more than CA$27 million ($20.4 million) in transaction revenue in the fourth quarter of 2018 alone, with fiscal revenues for the whole of the year hitting CA$59 million ($44.6 million). According to Netcoins, this represented year-on-year growth exceeding 400 percent — despite the price of Bitcoin plummeting precipitously as 2018 came to a close.

Mark Binns, the CEO of Netcoins, said the addition of automated KYC and the self-serve purchase portal gives the company greater scope for scalability. He added: “As a brokerage, we can thrive in both bear and bull markets — every trade earns us a commission.”

The crypto payments portal is currently in AN open beta phase, enabling anyone to register and begin performing transactions. The company is also running a promotion and promises bonuses for the first 1,000 unique users who fund their account. Netcoins says it plans to continue optimizing the experience for its users and is keen to receive feedback from its loyal community.