Hi Everyone,
For my first experience there, I give 5 of 5 stars. Excellent job Easydex! Love the direct2bts.
I decided a couple of weeks ago to try the new Fiat on/off ramp at Easydex. I've had some issues with Coinbase so I thought I would give it a try. Now, I've never wired money from the US to another country, so there was quite a bit of a learning curve. I initially tried multiple online wiretransfer sites without success (transferwise, Xoom, RIA, etc...). Either they deactiveated my account when the order was received or they would not deliver to an account in Bulgaria.
Ultimately, what I found out is, banks and money transfer services do not want to transfer money to other buisnesses especially if they have anything to do with crypto currencies! The one exception was Worldfirst (although I didn't end up using them). Ultimately, my broker with my current bank was the best and easiest option. Interestingly, the bank portion of my account with my checking account linked with my brokerage account would not transfer money internationally, but my broker had no problem.
After I wasted a lot of time figuring this out, it ended up being very simple and easily to sent $300 via SWIFT to the Easydex USD account in Bulgaria. This was initiated on 5/29. My broker charged me a flat fee of $25. One bump in the road was the online form for my broker did not have a memo section, and so I included my bitshares username on the second line of the address. This caused a significant delay, but even so everthing was complete by 6/3
When there was a delay in receiving my Easydex USD into my account, I sent a note to support via the easydex portal with my wire confirmation number. Within about 36 hours, I got an email back from the easy dex team noting that the money had been recevied, but my bitshares username was not visible. Within a few more hours, I had the Easydex USD in my account! The bank fee in Bulgaria was $11.91. The entire process with about a 3-4 day delay because my bitshared username was not visible in the wire still only took 5 days!! Thumbs up on timeliness! If my bitshares username was visible, it would have beaten Coinbase by about 5-7 days as Coinbase puts about a 7 day hold on coin disperment with buys on ACH links.
Once the easydex USD was in my account, I was easily able to convert it to BTS as there was an order to buy an 288.09 for a rate of 4.3 BTS per Easydex USD. Now the going rate at the time for BTS/USD was slightly higher (4.6), however, it was moving rapidly within the last 24 hrs. I suspect that was the approximate rate at the time the Easydex USD was deposited in my account. So, that was my fault for waiting to convert. I also really really love the fact that I can go directly from USD to BTS!!!!!!!! No more wasted transaction fees and time entering with BTC, ETH, LTC, etc...
Overall cost for me wire 300 USD and convert from fiat to BTS was $36.91 USD. Now that is about 12% of the amount of the wire transfer. However, since the maximum amount my broker chargers for wire transfers is $25, it would have been much more economical to transfer a larger amount of money (which I will do next time).
Overall, excellent experience! I give 5 out of 5 stars to Easydex. Nice work and great job to everyone there!
Thanks for the awesome review! To clarify, the fee from our bank of about $12 is also a set fee regardless of how much you deposit. Being a European bank the fee is 10 Euros so it varies slightly depending on the daily USD=>EUR exchange rate but you would have paid the same fees of about $36 even if you sent $10,000.
Thank you for your great service. I will confirm that I just sent an additional $970 USD and the cost was (as you noted above) only $36 dolars total! That's only 3.7% of the total to go directly to BTS (and it will be less and less with the larger amount sent). The Easydex USD was in my account in less than 48hrs from the time the wire was initiated. My exchange rate was fantastic as well. Two thumbs up!!
Thanks Steem Engine Team. I'll check it out.