The popular crypto exchange KuCoin now offers SEPA payments which is great news for European merchants. This allows users to easily deposit EUR on the platform. This secure payment method does not incur any additional costs and allows users to deposit up to €1 million per transaction.
In this article you can read about the advantages of SEPA and you will be explained how to deposit Euros via SEPA into your KuCoin account.
What is KuCoin?
Launched in September of 2017, KuCoin is a Seychelles-based cryptocurrency exchange. Globally KuCoin is the top 1 altcoin exchange with over 600 crypto assets and 1,000+ trading pairs. More than 10 million people worldwide use the KuCoin platform.
Why SEPA?
Where iDeal is perhaps the most popular payment method in the Netherlands, SEPA is the most popular payment method within Europe. SEPA therefore entails a number of advantages. These advantages will be explained below.
- Usability
In Europe, SEPA is the most popular payment method. KuCoin Fiat account supports depositing EUR via SEPA, which brings great convenience to EU citizens to buy cryptocurrencies with EUR. - No extra costs
No additional costs are charged when using SEPA, which is to the advantage of the user. - Up to €1 million per transaction
You can carry out transactions up to a maximum of €1 million via SEPA. In practice, this ensures that there are no unnecessary and annoying deposit limits. - Safety
Because EUR is deposited without any intervention from third parties, SEPA is simpler and safer. Transactions are performed securely at all times via SEPA. - Supports EUR withdrawals
The withdrawal service of EUR from KuCoin Fiat account to IBAN accounts will be made available in the near future. This also makes EUR withdrawals very easy.
How do you deposit EUR via SEPA and then convert it into cryptos?
On KuCoin you can purchase your (first) cryptocurrency or cryptocurrencies in just four (4) steps. You can read below which four steps these are.
Step 1. The Account
First of all, you have to go to the official website of KuCoin and login to your account. Don’t have an account yet? Create it first.
Step 2. The Know-Your-Customer Process
Complete the Know-Your-Customer (KYC) process. You can see how to go through this process in the video below.
Step 3. Depositing EUR
Before cryptocurrencies can be purchased, a fiat currency (such as EUR) must be deposited into the account.
- You can do this by first going to your ‘Main Account’. You do this by clicking on ‘Assets’ and then pressing ‘Main Account’.
- Then you can press ‘Deposit’. Here the Euro can then be chosen as the fiat currency.
- In the next step you can choose ‘Bank transfer (SEPA)’. The desired Euro amount can then be entered here. Then click Continue in the confirmation window.
- You will then arrive at the payment overview. Check here whether your payment details are correct.
- You will be notified as soon as the Euro amount has been transferred to your account. This can take up to 2 working days.
Step 4. Convert Fiat Deposits to Cryptos
Now that there is money in your account, you can start converting it to cryptocurrencies. This can be done via the ‘Fast Buy’ page. The balance now available in your KuCoin account can be used here to directly buy cryptos like USDT. How does this work?
- First of all, go back to the official KuCoin website and log in to your account.
- Then, from the main KuCoin page, go to ‘Buy Crypto’ and click on ‘Fast Buy’ here.
- Here you can choose a cryptocurrency that you can buy directly. You can also enter the desired Euro amount here.
- By clicking on ‘Balance’ you can complete the crypto purchase.
- Finally, you will receive a receipt when the purchase is complete. By clicking on ‘Account Details’, you can view the record of your crypto purchase.
Do you want to know more about the KuCoin Cryptocurrency Exchange? Then click here to go to the KuCoin exchange page!
