Warning – Buying Bitcoin through TrustWallet – misleading quotes – high fees *UPDATE*

0
274

Hi guys! 2 weeks ago I posted this thread:

https://np.reddit.com/r/Bitcoin/comments/jjdtja/warning_buying_bitcoin_through_trustwallet/

Copy/paste:

Hi all,

Usually I use Cashapp to buy my Bitcoin (weekly, I DCA) and then I store in in Trustwallet, which is a mobile wallet owned by Binance.

I noticed they added a "buy BTC" option directly in the TrustWallet app, so I gave it a shot.

Unfortunately, they outsource the actual crypto buying process to a sketchy company, which uses misleading tactics.

As you can see from this screenshot: https://i.imgur.com/AWjcnro.png

US$5000 was to purchase 0.41635 BTC, an amount that I'm happy with.

However, at checkout, they change the deal to this: https://i.imgur.com/AWjcnro.png

In simple terms, they wanted to sell me 0.43092 BTC for $5000, and then added a $175 "processing" fee. That's more Bitcoin than I wanted to buy, more fiat than I wanted to spend, and it brings the base price of the bitcoin from $11,603, to $12,009, a far larger number.

I would have no problem with this if they were upfront about the fees and what they are doing, but now I have sour taste in my mouth. I've been into crypto for a little while. Can you imagine how predatory this would seem to a new user who's going through their first buy?

This is my first post, so I hope I did it properly.

I want to provide some context and an update.

The above IS an issue. However, it is ONLY an issue if you use MOONPAY to buy crypto through Trust Wallet. The other payment providers do not perform a bait and switch, or perform deceptive techniques.

Trust Wallet and Moonpay are still implicated, but Trust Wallet does have other payment providers in their "buy" function that DO NOT bait and switch you. Moonpay, however, does perform the bait and switch.

I hope this clarifies things. It's still shame on you moonpay, and shame on you Trust Wallet.

submitted by /u/markpaul00
[comments]

Source link

قالب وردپرس

           

LEAVE A REPLY

Please enter your comment!
Please enter your name here