How to buy Crypto & Bitcoin with Wise (TransferWise)

CEX.IO caters to enthusiasts seeking to acquire Bitcoin (BTC) and a vast selection of over 200 other carefully vetted digital assets through a multitude of convenient and trusted payment methods. 

Depending on their jurisdiction, eligible participants can obtain crypto through credit and debit cards, PayPal, Apple Pay, Skrill, Neteller, and Google Pay, or seamlessly connect their bank account with the CEX.IO wallet. 

In addition to the aforementioned convenient payment gateways, CEX.IO also caters to users who prefer alternative methods. While not directly supported, CEX.IO offers a degree of flexibility through Wise, a popular international money transfer service. 

In the following sections, we will delve into the specifics of utilizing Wise to indirectly fund CEX.IO crypto purchases, ensuring a smooth and efficient experience for eligible participants.

Wise as an alternative method for international transfers

Wise (formerly TransferWise) is a globally recognized payment gateway that fosters seamless connections between local bank accounts around the world. Just like some other services, Wise, use a matching system to connect users sending and receiving funds in opposite directions. Crypto users refer to this payment method as it can potentially provide to lower fees compared to traditional currency exchanges while allowing to trade cryptocurrencies using local fiats. According to the Wise website, its system currently supports over 40 different fiat currencies. 

More importantly, Wise is authorized by the Financial Conduct Authority (FCA), proving the platform's commitment to security and regulatory compliance.

Step-by-Step Guide: How to Buy Crypto & Bitcoin with Wise

As mentioned earlier, CEX.IO isn’t integrated with Wise system yet. However, our platform facilitates crypto purchases via bank transfers and credit/debit cards issued in Visa or Mastercard systems. Thus, Wise account can be used by eligible participants to conveniently top up a linked CEX.IO crypto wallet via the bank transfer. Also, Wise Card owners can benefit from instant crypto purchases through our Instant Buy service. 

CEX.IO offers various financing models for users who are eligible to purchase cryptocurrency Spot Trading and Instant Buy are the two most common. To utilize Wise for either method, users must first establish a CEX.IO profile and verify their accounts according to the KYC/AML procedures, which typically take under six minutes. 

Below, we'll explore each method in more detail. 

Acquiring Crypto with Wise using Spot Trading

Upon successful identity verification, participants become eligible to purchase crypto on CEX.IO through Spot Trading using their established Wise accounts. However, you’ll need to verify your address to be able to deposit funds with bank transfers. 

Here are the steps to buy crypto with Wise using Spot Trading: 

1. Go to the Wallet page and click Add funds next to the currency of deposit. 
2. Enter the amount and select the payment method.
3. Card payment will require entering your Wise card information and confirming the transaction with 3DS code. If you choose bank transfer, you will be provided with specific bank transfer details. These can be copied and pasted into your Wise account when making fiat withdrawals to bank accounts.
4. When funds are credited to your CEX.IO account, locate Spot Trading under the Products menu. 
5. Choose what currency you want to buy.
6. Select the order direction (Buy direction is set by default) and choose the order type. 
7. Depending on the order type, enter required parameters (amount, price, limit/stop price). 
8. Click Place order. The market order will be completed immediately. If you selected limit or stop limit order, you’ll need to wait for the market price to reach the specified levels. 

*The availability of bank transfers as a payment method on CEX.IO may vary depending on the user's country of residence due to differing regulatory landscapes. For example, bank transfers are currently not supported for customers located in the United States. We encourage participants to research the availability of payment methods before initiating crypto purchases on CEX.IO. 

Disclaimer: The processing time for bank transfers can fluctuate based on several factors, including the user's bank, the recipient bank, and the chosen transfer method. Generally, SEPA transfers tend to be processed faster than SWIFT transfers. It's essential to note that CEX.IO's processing time for received funds is separate from the underlying bank transfer time.

Obtaining Crypto Through Instant Buy using Wise

Another way to buy digital assets using Wise is through Instant Buy. This functionality allows eligible users to seamlessly connect their Wise debit cards with the free CEX.IO wallet through their web browsers or mobile apps (iOS and Android). 

Additionally, CEX.IO offers the convenience of Apple Pay and Google Pay integrations, for users seeking to bridge the gap between Wise and our Instant Buy functionality. Here's a step-by-step approach on how to instantly buy crypto with Wise card:

1. Log in to your CEX.IO account using established credentials.
2. Navigate to Instant Buy from the dashboard or under the Products menu. 
3. Indicate your desired fiat currency (EUR, USD, or GBP) to acquire crypto. If your Wise card holds a different fiat currency, it will be automatically converted to your selected currency.
4. Choose your preferred cryptocurrency from the list of vetted assets. 
5. Specify the amount of fiat you wish to spend acquiring crypto. Alternatively, you can choose from preselected packages. 
6. Choose Credit/Debit card, Google Pay or Apple Pay as your preferred payment method and click Proceed. 
7. Follow the on-screen (in-app) instructions to complete the transfer. 

Wise requirements

The account creation process for Wise is similar to CEX.IO verification. Both require users to register on their official websites by providing personal details like name, date of birth, address, and nationality. 

Following registration, identity verification is necessary. This typically involves a government-issued ID (passport or driver's license) and proof of address (utility bill or bank statement), aligning with CEX.IO's procedures. Once the Wise account is established, users can link their local bank accounts to facilitate transfers.

Disclaimer: Wise's specific requirements can vary based on your location, the type of account you're opening (personal or business), and the services you intend to use. It's essential to check Wise's official website or contact their customer support team for the most accurate and up-to-date information. 

FAQs

Does Wise allow you to buy crypto?

It's vital to note that Wise does not directly offer cryptocurrency buying services. Wise specializes in international money transfers and providing multi-currency accounts. This means enthusiasts can use their Wise account funds or other services like physical and digital cards to purchase cryptocurrencies on participating platforms, including CEX.IO.

Can I exchange crypto on CEX.IO?

Yes, eligible customers can exchange crypto on CEX.IO through Spot Trading by trading their crypto holdings for other fiat or digital currencies. Users may also utilize our crypto swap platform, CEDEX, to instantly convert their holdings with zero gas fees. 

What other services CEX.IO offers? 

In addition to buying, selling, and trading crypto, eligible participants from the European Economic Area can request the Crypto Debit Card, courtesy of CEX.IO. This card allows eligible users to spend their crypto holdings for in-store and online purchases just like any other Visa- or Mastercard-issued bank debit card.