News • 2 min read
Austrian cryptocurrency service Coinimal has added support for bitcoin sales in return for NETELLER funds, offering a fast way of trading bitcoin.
Austrian cryptocurrency service Coinimal has added support for bitcoin sales in return for NETELLER funds — offering a fast and efficient way of trading bitcoin without the disadvantages of using an exchange or peer-to-peer service.
After enabling customers to buy bitcoins via NETELLER earlier this year, Coinimal has integrated NETELLER for bitcoin sales, too — offering a number of benefits over existing alternatives.
Coinimal’s NETELLER sell option provides the possibility for everyone to directly fund their NETELLER account and the Net+Card. This feature provides the opportunity to sell Bitcoin for all NETELLER customers around the world. Currently Coinimal only offers payouts in EUR. Therefore additional FX-fees may apply if the customer chooses a payout to a non-EUR NETELLER account.
Coinimal has negotiated a deal that offers customers several unique advantages:
The development provides a cost-effective way for customers to move large amounts of money into and out of bitcoin very quickly. Whilst it typically takes days to deposit and withdraw funds on a traditional exchange, meaning that it can be impossible to benefit from changes in price without leaving large sums on the exchange, the level of payment integration offered by NETELLER means that transactions through Coinimal are effectively instant.
Not only are transactions fast, but because Coinimal acts as a broker rather than an exchange, there is no slippage. A large market buy or sell order often has the effect of moving prices, especially on exchanges without much order book depth. Coinimal allows customers to buy or sell up to €5,000 of bitcoin at the agreed price. This can also be increased on request, giving the perfect way to secure a large tranche of bitcoins without moving the market. Spreads are typically within 1.5–2% of Bitstamp, the leading Euro-area exchange.
‘We’re very happy to offer our customers this new facility,’ commented Coinimal CEO Eric Demuth. ‘NETELLER originally partnered with us due to our industry credibility and compliance. It’s a fantastic development to be able to offer our customers the ability to sell bitcoins through NETELLER as well and reflects our strong position going forwards.’
Although Coinimal is based in Europe, it welcomes customers from around the world. (A limit of €500 per day to sell Bitcoins for € EUR on NETELLER is in place for non-European customers.) Users can currently buy €25 worth of bitcoin without verifying their account, allowing them to test the platform easily.
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