History was made today for the brand new EasyDEX gateway
A few days ago, EasyDEX announced the launch of their USD and EUR fiat on/off-ramps which was sorely needed for the BitShares community. We've been waiting for over half a year to regain access to a fiat gateway for the DEX.
I decided to give it a try to ensure that everything worked just fine and I'm happy to say that it did. I conducted this test with only $100 USD. At first I tried to use Bank of America to execute the wire transfer, but they wanted to charge me $35 for an international wire transfer. Paying 35% in fees is not something I could accept.
Then I remembered about the transfer services provided by TransferWise. I started the process and discovered that they only charge $1.74 to transfer $100 USD to the EasyDEX bank in Greece. I submitted the transfer request at around 2:30 am CET on May 17th and the funds arrived at 11:44 pm the same day. Needless to say, that's pretty damn fast for an international wire transfer. If you're interested in trying out TransferWise then feel free to sign up for an account via my referral link. https://transferwise.com/u/kevinm105
Since this gateway is so new, the market on the DEX was completely barren, but Jacob Walrus (core team member for EasyDEX) assured me that they will provide liquidity once deposits start flowing in. I can happily say that Jacob is a man of his word and I was able to successfully trade my EASYDEX.US for BTS at an astounding rate.
Before the trade:
After the trade:
You will notice that I received $83.54 easydex.us for my $100 USD, but that's not a result of some hidden fees charged by EasyDEX. The reason for this is because I made a silly mistake when transferring the funds to their bank account. For some reason TransferWise required me to convert USD into EUR, but at a very good exchange rate. They gave me 83.17 EUR for my $100 USD. The mistake I made was sending EUR to the USD account for EasyDEX. Therefore, their bank charged me a 10 EUR conversion fee. Moral of this story is to not send funds internationally while half asleep.
I will try this all over again with another $100 USD, but this time I will send the funds to the correct bank account. I will keep you all posted.
Overall, I'm thrilled at the speed of this process and the outstanding customer support I received. If you're looking to get some fiat into the DEX then have no fear and give the new fiat gateway a try.
If you happen to use this gateway, please share your experience in the comments below.
Thank you in advance for the upvotes and resteems.