Banxe - somebody experience?

[derogsearch]

Hello, have found little about Banxe in this forum.



I am currently looking for a way to convert the profits of my US Delaware LLC into crypto. Current main EMI: Wise



Banxe caught my eye, they seem to have a direct exchange in-house. Does anyone have experience with this provider?



Otherwise, does anyone have a recommendation to implement this in the long term? (in my opinion, the alternative would be to buy several emis (revolut, airwallex, bunq) and then exchange step by step)



Thank you for all your helpful answers,

derogsearch

 

[lavel]

You can use kraken for the exchange and transfer the funds to Wise, that simple.

 

[derogsearch]

lavel said:






You can use kraken for the exchange and transfer the funds to Wise, that simple.

Click to expand...

Wise has something against crypto activities according to their terms of service

 

[EliasIT]

You can transfer from Kraken to Wise, that's not a problem at all, that's also not against their terms. Doing it for years. It is the opposite there is a problem, from Wise to Kraken.

 

[derogsearch]

EliasIT said:






You can transfer from Kraken to Wise, that's not a problem at all, that's also not against their terms. Doing it for years. It is the opposite there is a problem, from Wise to Kraken.

Click to expand...

Thanks for the clarification. but I want exactly what is forbidden: Wise -> Crypto



I'm getting the money from payment gateway provider to my wise. And then I want to convert in crypto.

That's why I came across Banxe, as they have integrated exchange, but I haven't found anything informative about the service on this forum





So i'm either looking for an emi that has nothing against p2p exchanges or one with integrated crypto.

 

[EliasIT]

Then Revolut you can do both or Mister Tango

 

[drillbill]

Based on what I’ve found about this company, it’s important to note that Banxe is not a bank, they even state this themselves: “Banxe is not a bank.”

They also mention: “Banxe is acting as a distributor of Tompay LTD, which is authorised by the Financial Conduct Authority as an Electronic Money Institution under the Electronic Money Regulations 2011 (931509).”



What this means is that if something goes wrong, you likely won’t have any real way to recover your funds.



In my view, the risk with these kinds of setups is significantly higher because you’re not dealing directly with a licensed EMI or a bank, but rather through an intermediary company that could shut down overnight with little consequence.



Personally, this is a big no go for me.

 

[karlx]

I've used Banxe for crypto on/off-ramp with an offshore company, but I stopped it because of their high fees, very slow responses, and limitation on debit card. Hi.com is better, I guess, in terms of in-app fiat-crypto exchanges.