Although Edge is not an exchange we connect our users to services that facilitate the exchange of fiat currency into a cryptocurrency. The first service to integrate with Edge that enables fiat-to-crypto exchange is Simplex.
Simplex is an EU licensed financial institution founded in 2014 that helps merchants worldwide accept diverse payment methods, including credit card deposits and purchases, with zero exposure to chargeback risk. The company also operates a secure escrow service for large fiat-to-crypto transactions.
Simplex combines payment processing with bleeding edge fraud prevention technology that allows our wallet to offer our users the ability to purchase cryptocurrencies with a credit card right inside their Edge Wallet.
With the latest release of Edge users can buy Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) with a credit or a debit card. Litecoin is the newest addition and we expect Simpex to add more cryptocurrency options overtime.
How to Buy Cryptocurrency Through Simplex
To start the buying process tap on the Menu button at the top right of your Edge Wallet.
You will see the menu bar slide to the front of the screen with a few different options. Tap on “Buy Cryptocurrency”.
Right now the option to buy is with Simplex but we will be adding more fiat to crypto exchange options overtime.
Tap on Simplex and complete their onboarding process. Keep in mind some cards/banks decline cryptocurrency related transactions. We know for a fact Chase, Wells Fargo, Bank of America, and Citi deny these transactions. You may have to try multiple cards.
You should see an introduction screen about Simplex with some information on fees and the time it will take to process a transaction. After reading the introduction press “Next” at the bottom of the screen.
After the introduction you’ll see a screen that allows you to choose your destination wallet and type in the amount of cryptocurrency you want to purchase. With our latest release users can buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Make sure to set your destination wallet to the wallet type of the cryptocurrency you want to purchase. For example, if you want to buy Bitcoin you need to make sure your destination wallet is a Bitcoin wallet. The same goes for Ethereum, Bitcoin Cash, and Litecoin.
The first step in the buying process is providing the billing information for your credit or debit card. Fill in the appropriate information for this screen.
Next, enter the payment details of the card you want to use.
To complete the process you’ll need to provide valid documentation of your identity for regulatory and fraud prevention purposes.
Once you’re verified by Simplex you’ll be able to buy Bitcoin, Ethereum, Bitcoin Cash, or Litecoin with a credit or debit card! Simplex’s turn around time is quick. The cryptocurrency you decided to buy should show up in your destination wallet in 10-30 min.
If you have any issues or further questions about Simplex or a specific transaction done through Simplex please reach out to their support team at firstname.lastname@example.org.