A Review of Crypto Vouchers for Buying Steem

8개월 전

Crypto Vouchers offers a quick and convenient way to buy a range of crypto currencies directly with fiat by purchasing a 'Crypto Voucher' with your credit card or via bank transfer, and as long as you're happy with I.D. verification it's very easy to use once you've got an account set up.

For the credit card option, which I focus on below, you can choose between a 10, 25 or 50 Euro Crypto Voucher, however if you fund by bank transfer you can specify your own value. It's also possible to buy locally rather than online, and there's even an option to convert other mainstream gift vouchers into Crypto Vouchers.

Once purchased, you can convert your voucher into one of 11 (ATW) different crypto-currencies (if you've got the appropriate wallets set up course).

The good news is that steem's one of your options, and Crypto Vouchers charges a 4% fee + a withdrawal charge related to what it costs them to purchase crypto-currencies on the exchange, capped at 2.5 Euros.

NB this means that if you're buying a small amount like I did (10 Euros), you end up loosing around 30% of the value of your voucher, although if you purchase larger value vouchers this wouldn't be anywhere near as much. So I'd recommend buying larger amounts.

In this post I provide a quick 'how to purchase vouchers ' guide before considering some of the pros and cons of purchasing steem via Crypto Vouchers.

NB there is an edit at the end were I include some correspondence with Crypto Vouchers following a query I made about their fees, published with their permission

This is my entry to @oracle-d's Review Crypto Vouchers competition.

How to purchase Crypto Vouchers

ONE: Set up your account

Go to the Crypto Vouchers web sight and sign up with your email address, verify you phone number with SMS and I.D. with passport/ DL - this all takes about 30 mins.

TWO: Login and click the 'buy now' then 'buy online' options

The voucher amount defaulted to 25 EUR, I changed it to 10 for test purposes!

Three: Choose a payment' option

N.B. the card payment option wasn't available straight after I signed up, it only appeared a day later, so you might need to wait. If you choose the SEPA transfer option (I tried both), you must request an email to get the IBAN code which your bank will require.

The next steps apply if you choose the 'card payment' option above, which will take you the Eneba Web site where you can purchase your voucher

FOUR: Buy your voucher with your credit card on Eneba

There's a £0.50 'operational fee' at checkout

FIVE: Copy the key

Yes clever monkeys, I've already redeemed it!

SIX: Go back to the crypto-voucher web site to redeem your voucher

If you click 'redeem' to top right you can redeem your voucher by typing in the 'Key' you got from Eneba into the box below..

SEVEN: Redeem/ convert/ withdraw your voucher to your chosen crypto currency wallet

You can now convert the value of the voucher into any of the crypto currencies below - I've (obviously) selected steem in the picture.

Note that there is a 4% fee for 'converting' fiat to any of these cryptocurrencies, so I'm getting 9.60 Euros worth of currency, not 10 Euros worth. This is BEFORE the withdrawal fee.

'Redeeming' a voucher really means converting your FIAT to your chosen crypto currency and transferring it to your chosen crypto-wallet - so you need a wallet set up already for this to work.

EIGHT: Click 'Redeem Now' to receive your crypto

In the case of steem I received this within a minute (it may have been quicker, I'm not one to obsessively refresh) from binance-hot.

Note that there is in this case a 26% withdrawal fee, but this apparently only applies to small amounts.

What I like about Crypto Vouchers

  • As I've hopefully outlined above, it is a very straightforward process to set up an account and purchase your vouchers
  • The fees are reasonable IF you buy larger value vouchers - 4% + an additional maximum of 2.5 Euros at withdrawal
  • The customer service is excellent, they're very quick to get back to your queries and answer them well, although my response below did require a second prompt email!
  • There are precious few ways to convert fiat directly to steem, so this is a welcome addition
  • You don't need an exchange account such as Bittrex!
  • This could encourage people to onboard to steem, there is a 'set up a new wallet' option for those who don't have one
  • You can gift these vouchers to your friends - just send them the key to enable them to redeem the voucher
  • I assume (hope) the withdrawal fees are lower for other crypto currencies...?

What needs to be improved on Crypto-Vouchers

  • If you buy the smallest available voucher, you end up losing 30% of the value of your voucher (CV's 4% fee and then + 2.5 Euros of exchange costs passed on)
  • It was a little disconcerting being taken to a third party site, and confusing that what they call a 'key', Crypto Vouchers calls a code.
  • If you are going to do a bank transfer, the IBAN number isn't clear on the transfer page, you need to request the email with the details when given the option to do so.
  • I had a little bit of confusion setting up my account, perfectly expressed by @tanbay in this video... my experience was EXACTLY the same, once set up, it's easy.

CONCLUSION: Ease/ cost comparison with other ways of buying steem

This was a novel way of buying steem, and convenient if you don't want to bother with opening up a Bittrex account, and if you're keen to get started on steem, this offers a useful way of powering up a few steem to kick-start your account.

However, I wouldn't advise using this for smaller purchases, if you want to purchase very small amounts, then it makes more sense to buy via either Netcoins if you must buy steem direct, or better still Coinbase and then Bittrex, better still via Kraken!

If you're going to purchase larger amounts, say 50 Euros or above then the fees are competitive with other providers. NB I haven't tried larger amounts to check this out, I'm taking this on trust following an enquiry I made to Crypto Vouchers.

Tagging a few people who might be interested...... @redrica, @slobberchops, @steevc, @shanibeer, @newageinv ?

Tags: Cryptovouchers Review, Steem on Cryptovouchers, Buy crypto through vouchers, Crypto Gift Cards.

Shared on twitter here... https://twitter.com/realsociology/status/1118584636483960833

Appendix: Correspondence with Crypto Vouchers to clarify the large relative withdrawal 'fee' on a 10 Euro voucher...

i basically emailed them asking to clarify whether they charged a 26% withdrawal fee on all amounts, and the answer was basically no... as below....

Hello Karl,

Thanks for reaching out.

We do not take 26% of fees our service fees are only 4% + crypto withdrawal fees and let me elaborate on crypto withdrawal fees for a voucher of 10 Euro that will be redeemed to Steem.

In order to redeem a 10 euro voucher to steem , our system will do complexed transfers in the background to ping the best price. So let's say that the best price is on Binance.

1-We have first to buy crypto and send it to Binance
2-We have to put the crypto in a tradable pair for Steem , in this instance BNB.
3- We have to buy Steem with BNB , BTW there is a minimum of buying Steem tokens which is 21 euro, so in order to redeem 10 euro we will have to buy 21 euro,
4- Of course, the last stage will be withdrawing this to your wallet. All of this happens in a few seconds with our technology.

in all of the steps above, we pay the maker, taker, withdrawal fees in crypto, and those are the fees we charge also for our customers depending on the cryptocurrency they choose to redeem.I believe you're aware of those fees you pay to withdraw or make transactions on platforms where Steem is.

The good news is that this crypto fee is capped at 2.5 euro so it cant go higher even if we will pay more on a specific transaction.

To sum up, our fee is 4% plus the crypto withdrawal fees which is capped at 2.5 euro ( it can be less than 2.5 euro )depending on the transaction.

Our company vision is to try to make it very easy and very cheap to buy crypto. However, some things are not up to us, as we're only a part of a big and complexed industry. We're trying our best, especially for the Steem community by allowing the 10 euro vouchers to go through as an example even we know that it will create this confusion on our fee structure like your case.

Hopefully, I was able to clarify your question.

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"At an effective 30% charge this is just too much for me to consider using it again."

I can't imagine what would justify that kind of a fee. I use coinbase and binance to acquire Steem. The fee isn't anywhere near that much.


I'm really hoping it's less if you buy more. it is a crazy amount to lose isn't it!


NB - it is less to buy more, edited above following a response to my query!


We don't charge that much of fees, our service fee is only 4% the rest of crypto withdrawal fees are explained above. As for Binance , it is impossible to buy steem with 10 euros , the minimum buy amount would be 21 euro as of today. We know that there is a room for improving the fees but unfortunately it not only up to us. Your friends at Crypto Voucher

Thank you for your review and feedback, and especially for clarifying the fees after the initial misunderstanding. We really appreciate it.

The fee makes it quite unattractive but the fact that the infrastructure is being put in place is encouraging as we consider the improvements that could happen as it matures. I think that things will become easier as adoption increases and things like regulation become clearer in the future. I do like the idea for new adopters to crypto and could gift them to family and friends for special events!

Posted using Partiko iOS


As per the explanation of the fee, above our service fee is only 4%, the rest of the crypto fees is not up to us but we try to control it. As you said we're creating the technology platform that will allow users to easily buy cryptocurrencies, unfortunately not everything is up to us. We take the initiative on steem and enable Steem even for 10 euro vouchers knowing that this will create the confusion about our fees which is way more less than the assumption initially made then clarified by our friend @revisesociology. If you will buy higher amounts of voucher the fees will be very competitive. Your friends at Crypto Voucher


Thanks for the update! I had seen this for this and another post! It may work out as I normally buy $500+ at a time! I will take a look for my next purchase!

Posted using Partiko iOS


You've picked up on some nice advantages there, well summarised! That should have been my conclusion!


NB - edited, the fess are less if you buy more!

Well I don't need to do a review now as I said I would for @exyle.

Fees on the way out are 30%? I calculated about 2.5% on the way in.


I could have done a more thorough job of calculating what you lose coming in, it says 4% on the web site, so I went with that rather than calculating it for myself.

The 30% is overall - I got from that 4% + the 26% withdrawal fee as calculated above (worked out at 4 decimal places) and triangulated with the example below too, which was a different voucher i bought.

NB then on top of that you've got the £0.50 fee from Eneba, or the £9.50 SEPA transfer fee - the later was the stupidest money I've spent this year, but I justified it as being worth a gamble - you get a lottery entry, you never know, I might win 70% of the 50 Euro voucher. I didn't outline that above, as it's supposed to be a partly promotional task, and that's my choice. I've also lost the plot with money ATM as I've been piling up steem to bid on one of those legendary planets, but they're now getting out of my range and so I'd rather power it up!

I'm waiting to hear from them as to whether it's a flat initial fee up to a certain level, then a percentage after that, it has to be the later?

The exact fees aren't mentioned on the web site - I should have put that in the review come to think of it.

I could test it out using a larger voucher, but I've lost enough already on this.

Screenshot 2019-04-14 at 21.10.30.png


NB - the withdrawal fee is capped at 2.5 Euros, so if you're buying a larger value voucher it's not too bad.


In the way in the fees are 0% if you're buying directly from us, if you choose to buy from distributors they will charge their reselling fee. We're working on adding more payment methods. As for the way out the fees are only 4% plus the crypto withdrawal fees that are explained above by our friend @revisesociology. You friends at Crypto Voucher

Vouchers in the crypto world? They were voted the worlds worst gift once.. and I have to agree.

Remember when HMV nearly went bust years ago? I had a voucher and desperately tried to spend it..

Oh no, said he bouncer on the door,.. we're going bust and your fucked!

OK,... so its not the same thing but I now have a inherent hated of vouchers. Unless you spend £10 and get a £20 one that is.

That charge is ludicrous... I'll stick to my existing ways and put £10 notes in birthday cards..


£10 in a card I like yer style!

More flexible too.

Posted using Partiko Android


Vouchers will be the ''bank notes'' of the crypto-space, if you believe in crypto as much as we do you will eventually one day give a voucher note instead of a bank note :). Your friends at Crypto Voucher

Nice review :)
Apart from the issue of the extraordinary fees, I have a system in place already and it ain't broke ...
If I was introducing a new person to steem, I'd be embarrassed about the fees and it wouldn't take long to sit with them and help them learn other ways to buy steem.
I guess, as @newageinv says, the encouraging thing is that new infrastructure is being put in place.


Yup - be interesting to chat about it at steem camp.

I guess it's not that tough to sign up with an exchange!

Posted using Partiko Android


If you will redeem a bigger voucher you will be charged 4% plus the crypto fees (capped at 2.5 euro) as our friend @revisesociology clarified above. So fees are still very competitive even comparing to exchanges.Your friends at Crypto Voucher


Thank you for letting me know. I've also read the edit on the post.
Good luck with your venture!

Damn I didn't notice that fee at the end actually, also it's interesting to see you got the card payment option in the end, it's still not there for me. Anyways great review and thanks for the mention!


This could be due to country laws or limitations.


I don't know why it hasn't shown up, it is odd.


NB - the fees are less if you buy larger amounts, capped at 2.5 Euros I've just discovered from CV.


Thanks for your review once again, please check the clarification of fees of a 10 euro voucher above. Your friends at Crypto Voucher

Those fees are a bit high. I've not bought much crypto so far, but for that I used Wirex. I can top up my account from my bank account and then just move it to one of the coins they offer. Steem is not an option yet, but the have an account at @communitymanager. I've bought Litecoin and then used Blocktrades to buy Steem. There are some fees involved, but it's better than these vouchers.

It seems that most ways of buying crypto involve verifying your identity unless you can find trustworthy individuals who will do it. I know there's the Local Bitcoin service, but I've not used it.


The fee misunderstanding was clarified above, if you will be redeeming a voucher above 50 euro you will end up paying 4% and crypto withdrawal fees which is capped at 2.5 euro and the transaction will be happening in few seconds. If you will do the same with your proposed way, you will end up paying fees in so many transactions that can exceed even our service fee. Your friends at Crypto Voucher


I've never tried Wirex, I'm comfortable with verifying my I.D. anyway!

Cheapest way I've got is Kraken - then you just pay a one off £9.50 SEPA transfer fee to deposit... actually there may be an even cheaper option.

I might have to check out Wirex.


I've got a referral link on my posts if you decide to get Wirex :) I think it only kicks in when you buy a fair bit of crypto. I've not had those rewards yet.


If i use it I'll keep you in mind!

30% is far from great. I guess it's "okay"-ish, in case you're in a hurry and out of other options or something. I bet many will use it regardless of the fees though.

I would love to see paypal options (or more of them). Paypal for buying and selling crypto. That would be ideal for someone like me, and that's basically the only route I go whenever I sell STEEM. Now, I'm on the other side of the fence though, I'm looking for a seller so I can buy STEEM instead. lol


Good luck with that... it's pretty cheap ATM, against BTC especially. Not quite like back in December, but it's still a good rate I think, very much buying territory!


nb - the fees are less if you buy more, just edited to reflect that!


The fees are not 30 %, it is only 4% plus the crypto withdrawal fees that is not up to us but its capped at 2.5 euro. So if you buy bigger denominations than 10 euro you will end up paying very competitive fees. As for Paypal , you can with PayPal from our distributors - some of them i believe they accept it. Your friends at Crypto Voucher

At that high of a fee, it's not going to be wroth it to buy STEEM for others through vouchers. They need to drop it. A tiered system is good, but 25% is too much.


NB - the withdrawal fee is capped at 2.5 Euros, so if you buy more the overall fee could be much less!


our fees are only 4% and the crypto withdrawal fees which is not up to us and explained above by our friend @revisesociology. Your friends at Crypto Voucher

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