Why Should I Top-up Balance on Cryptal?

Although the cryptocurrency industry is entirely decentralized and digital, cash and fiat currencies are still necessary.

If you've just signed up on Cryptal and want to begin trading, it's likely you don't have any cryptocurrency yet, so you'll need GEL, USD, or EURO to purchase them.

In essence, you're exchanging traditional fiat currencies for cryptocurrencies, similar to how you exchange cash for products in a supermarket or shop.

Thus, users need a straightforward method to top up their balance on Cryptal and other crypto exchanges, as this is the essential first step in cryptocurrency trading.

How to Buy Crypto using Fiat Currencies?

So, after topping up your Cryptal balance with your chosen fiat currency, it gets automatically converted into stable cryptocurrencies: TOGEL, TOUSD, and TOEUR.

Cryptal's stable cryptocurrencies hold the same value as their fiat counterparts. For instance, if you deposit 100 GEL into your Cryptal account, it will be converted into 100 TOGEL. Thus, you possess 100 GEL worth of TOGEL coins.

TOGEL, TOUSD, and TOEUR are stable cryptocurrency equivalents of GEL, USD, and EUR, respectively.

These digital assets are backed by reserves of GEL, USD, and EUR, ensuring their exchange rates remain stable at 1:1.

Similar to other stable cryptocurrencies like USDT, which always equals 1 USD, its value is maintained because the issuing company holds an equivalent amount of reserves in dollars. Regardless of how many USDT coins circulate, the reserve matches them, keeping the price stable at one unit.

How to Top-up Balance on Cryptal?

Topping up your balance on Cryptal is possible through two simple and convenient methods:

1. Using Bank of Georgia and TBC Bank Visa/Mastercard cards
2. Using a Wire Transfer

With the first method, you can effortlessly move money to Cryptal. Simply connect your card to your verified Cryptal account once, just like other online payment platforms. Each time you transfer money, you only need to enter the desired amount and a one-time security code, and the amount will appear in your account within minutes.

The second method is also straightforward. You transfer the desired amount from your mobile bank to the bank account provided in your Cryptal profile, using either Bank of Georgia or TBC Bank.

Both methods offer simplicity and a high level of security, but which method and which bank—TBC or Bank of Georgia—is better?

TBC Bank or Bank of Georgia?

I. Topping up Balance & Withdrawal via Visa/Mastercard

Using both banks, top-ups and withdrawals are instantaneous, allowing you to move your assets to your desired location within seconds.

TBC Bank and Bank of Georgia offer equal conditions for using Visa and Mastercard cards regarding withdrawal and import limits, as well as commissions. However, there is a slight difference in the withdrawal fee: TBC Bank charges 0.2 TOGEL less, making the total cost of this operation 1 TOGEL.

It's important to note that when using Visa and Mastercard cards, you can only import and withdraw TOGEL equivalent to GEL. For stable cryptocurrencies backed by other currencies, you must use a bank transfer or wire transfer.

II. Topping up Balance & Withdrawal via Wire Transfer

If you choose to top up your Cryptal account via Wire Transfer or withdraw your assets to your bank account, you will enjoy commission-free transactions.

There are no restrictions on the amount of money you can deposit, and there are no limits on the maximum withdrawal amount. However, there is a minimum withdrawal limit: bank transfers must be equivalent to at least 100 TOGEL, 50 TOUSD, or 50 TOEUR.

While both banks offer similar conditions, Bank of Georgia holds an advantage with Wire Transfers. TBC Bank may encounter issues with assets not backed by GEL, and withdrawals during non-working hours (such as weekends or national holidays) can be delayed due to manual processing.

Therefore, the Bank of Georgia is preferred for its reliability and constant availability, ensuring smooth operations at any time.

Summary: Top-up and Withdraw: Bank of Georgia > TBC Bank

Even though cryptocurrency assets are entirely digital and decentralized, the process of buying and selling them still involves fiat currencies.

To purchase crypto on Cryptal, you must first fund your account, which can be done through two methods: Visa & Mastercard cards and bank transfer.

Both of these methods allow users to top up and withdraw funds with the assistance of BOG and TBC Bank. While both banks offer nearly identical conditions to users in terms of commissions and limits for desired operations, Bank of Georgia holds a slight advantage.

With BOG, unlike TBC Bank, users can transfer funds into their accounts any day of the week and at any time without any hindrance, typically completing the transaction within seconds.

However, using TBC Bank, bank transfers in TOUSD and TOEUR may encounter issues, particularly on non-working days.