How to Deposit & Withdraw?
Efficiency and cost-effectiveness are paramount considerations for cryptocurrency traders. Consequently, the swift and low-fee deposit and withdrawal processes are of great interest to all users.
In this blog, I will guide you through the steps on how to instantly deposit and withdraw assets to your Cryptal account using wire transfers and Visa/Mastercard cards. We will explore the advantages of each method, delve into the associated fees, and ultimately help you determine the best approach based on your preferences and requirements. Stay tuned for a comprehensive overview to enhance your trading experience on Cryptal.
Deposit & Withdrawal using Wire Transfer
One convenient method to fund your Cryptal balance or initiate withdrawals is through a wire transfer.
Cryptal supports the services of TBC Bank and Bank of Georgia, providing users with the option to utilize bank transfers for depositing funds or withdrawing money.
What are the Advantages of Wire Transfer?
- Commission free Deposit
Opting to deposit money into your Cryptal account via bank transfer comes with the advantage of being commission-free. This means that the entire amount you deposit will be credited to your balance without incurring any additional fees. This fee-free feature enhances the attractiveness of using bank transfers as a method for funding your Cryptal account, providing users with a straightforward and cost-effective way to engage in cryptocurrency trading.
This includes Georgian Lari, US Dollars and Euro.
- Limitless Deposits
One notable advantage of using Wire Transfer for deposits on Cryptal is the complete lack of limitations. Regardless of the amount of money you have in your account, whether it's one GEL or a million GEL, deposits made through Wire Transfer are entirely unlimited.
When it comes to withdrawals, there is a minimum requirement. To withdraw funds using a bank transfer to the desired bank, the minimum withdrawal amount is set at 100 units, be it in GEL, US dollars, or Euros.
An added convenience for users opting for bank transfer deposits and withdrawals on Cryptal is the real-time processing during working hours. Deposits and withdrawals made through bank transfer are swiftly reflected in both your Cryptal account and your bank account in just a few seconds.
What are the Disadvantages of Wire Transfer?
- Working Hours (Weekend and Holidays)
It's important to note that when using a bank transfer for depositing and withdrawing money on Cryptal, you need to align with the bank's working hours. Transactions may be subject to delays, especially during non-business hours and weekends.
Deposit and withdrawal via Visa/Mastercard
An alternative method for depositing and withdrawing assets on Cryptal is through the use of bank cards. Cryptal supports Visa/Mastercard cards from leading banks in Georgia, including TBC and Bank of Georgia.
What are the advantages of Visa/Mastercard?
- Instant Accrual
One significant advantage of using Visa/Mastercard for buying and selling crypto on Cryptal is the non-time-limited nature of this activity.
Whether it's six o'clock in the morning, on a weekend, or during a holiday, the instant processing feature of Visa/Mastercard ensures that your money, both for deposits and withdrawals, is facilitated without any delays.
What are the disadvantages of Visa/Mastercard?
While the convenience of using Visa/Mastercard for deposits and withdrawals on Cryptal is notable, it's important to be aware of the associated fees. Unlike bank transfers, transactions made with Visa/Mastercard incur additional charges.
For balance replenishment on Cryptal using both TBC and the Bank of Georgia, a 3% bank commission is applied. In the case of withdrawals, a fixed fee of 1.2 GEL is incurred.
When utilizing bank cards for deposits and withdrawals on Cryptal, it's essential to be aware of certain limits imposed on the transaction amounts. For instance, the monthly limit for withdrawals through both TBC and the Bank of Georgia is set at 30,000 GEL. Conversely, the monthly limit for deposits is slightly higher, capped at 50,000 GEL.
Which one is the best way to Deposit and withdraw assets?
If you're looking for speedy transactions, especially the ability to deposit or withdraw assets within seconds, it is recommended to use Visa/Mastercard cards on Cryptal.
However, if avoiding fees and having the flexibility to deposit or withdraw an unlimited amount of money is more important to you, then the most convenient option would be to utilize bank transfers, specifically Wire transfers.