Uquid Payment Services Review 2018

/Uquid Payment Services Review 2018

Uquid Payment Services Review 2018 2018-05-08T13:32:52+00:00
Uquid Payment Services Review 2018

Uquid Debit Cards Full Review

Quick inner navigation:

  1. What is Uquid?
  2. How Uquid works?
  3. Uquid Fees
  4. Is Uquid safe?
  5. How to use Uquid?

Spending Bitcoins has always been the hardest part of using the cryptocurrency. Few merchants accept it. But now entrepreneurs are stepping in to solve the problem with crypto debit cards. The Uquid card is one of the leading debit cards for use with 90 cryptocurrencies.  Discover more about Uquid Card as the paragraphs unfold below.

What is Uquid?

Uquid is a debit card issuer for cryptocurrency owners. Like any other debit card company, Uquid allows you to spend funds using the specially provided card. The company exchanges the cryptocurrencies into cash when you need to spend them but holds them as digital assets.

Founded in May 2016 by Tran Hung, this company serves as a cryptocurrency wallet for nearly 100 cryptocurrencies and as a token issuer for Uquid coins. Their coin trades at $1.95 as at the time writing. In general, the UK based company offers three major services:

  • Crypto Debit Card

Uquid issues a debit card that helps users spend their cryptocurrencies in more than 174 countries. The card costs $17 and is supported by a $1 monthly charge. Uquid does not manufacture the card but instead links their customers with a card manufactured by a third party company.

  • Uquid Coin

This ERC-20 token helps users get vouchers from companies that have partnered with Uquid. It can also be traded on exchanges. Launched in 2016, the Uquid token was designed to complement the Uquid ecosystem. As the company’s founder notes, the ecosystem hopes to bring cryptocurrency owners into a unified platform where they can save coins, spend and hold their coins safely in one card.

  • Uquid Wallet

As part of the Uquid ecosystem, the company has a virtual wallet that holds Uquid coins and other cryptocurrencies supported by their debit card. The company is currently in the process of launching an Uquid exchange where users can buy digital assets and load them into the card easily.

How Uquid works?

Uquid accepts members from 174 countries around the world. Creating an account and applying for the Uquid debit card account is fast and easy. The company claims it takes two weeks to ship the physical card, but some users have noted it can take up to eight weeks.

In general, you can load your card using UK pounds, USD or Euros. There are two main levels of spending cryptos with the card.

  • Silver Level– you pay up to 6 purchases per day as long as the purchase is not higher than $150. You also can’t load more than $150 on the card in a day
  • Gold level– make any amount of purchases in a day. Transact up to 4 times in an ATM machine daily and load up to 20,000 euros in the day.

Accepted Payment Methods

Uquid allows you to load the card using Euros, GP Pounds or US Dollars. The values of each purchase you make with the card tend to be similar irrespective of which currency you use. For example, the maximum amount of purchases you can make on the silver level of the card can be 150 Euros, 150 US Dollars or 150 Pounds.

If you hold the Uquid coins, you can sell them on either Livecoin or Coin exchange. You can also withdraw your cryptos from either exchange albeit with a standard 3% fee.

Available Cryptocurrencies

Uquid holds the biggest amount of cryptocurrencies among the leading crypto debit cards. It supports 90 cryptocurrencies, including Bitcoin, Ethereum, and most ERC-20 tokens.

Uquid Fees

The Uquid card is subject transaction fees. Since the company buys the cards from Visa, its users also have to pay the standard ATM withdrawal fee. In summary:

Initial Cost $17
Monthly Charges $1
Point of Sale Fee 0%
Currency conversion fee 3%
Standard ATM fee $2.25
Loading crypto Fee 0%

Uquid Verification

Uquid is divided into two categories. The first account is available for free. To create this account, all you need is to sign up on the Uquid website. They ask for few verification details including:

  • Your name and email address
  • Country of origin and address
  • Date of birth
  • Contact details
  • Username and password

With the free account, you can load up to 1000 GP pounds and spend a maximum of $150 worth of cryptocurrency funds every day. Uquid converts the cryptocurrency assets into real cash before you spend them. So, it doesn’t matter which of the 90 cryptocurrencies you are going to spend.

Alternatively, you can upgrade to the Uquid gold account and spend more cryptos. To get an upgraded account, you must provide the following verification details:

  • Driving license
  • Bank statements of the last three months
  • Utility bills
  • Passport or government identity card
  • Credit card bills
  • Proof of residence

Special Features

  1. Supports 90 cryptocurrencies- most crypto debit cards support less than 10.
  2. Allows you to pay any types of bills you would pay using a VISA card.
  3. Uquid has a coin that allows Uquid members to buy and redeem gift vouchers from select companies.

Is Uquid Safe?

To date, there are no users who have reported a Uquid scam. Nevertheless, Uquid’s doesn’t have a very good reputation. However, the company also has a solid group made up of thousands of users. Here is what they say about Uquid services.

  • Community Trust

The Uquid community is split into two: users who love the Uquid ecosystem and those who criticize the ecosystem. A majority of card users dislike the services offered by Uquid. From long delays to getting verified to a lack of customer support, it appears that Uquid doesn’t put their customers’ interests closely.

  • Security

Despite the poor community trust, Uquid is a legitimate company. They issue cards distributed by VISA before late 2017 when their contract with the card issuer was terminated. VISA cards are encrypted with advanced, hack-proof systems. In fact, the only point where your coins could be compromised is on the Uquid wallet.

But still, the company deploys tight security for both the wallet and cryptocurrencies. In October 2017, Uquid raised $6.9 million in an ICO and dedicated the funds to support their system’s security and user-friendliness.

  • Customer Support

Uquid does not seem to have a good customer support team. With less than 10 employees and a customer base of thousands of people, they are unequipped to handle their customers’ requests.

In popular forums like Reddit, people who have previously used the card express their frustrations with the Uquid customer support. No one seems to communicate back from the company’s side. And since the Uquid partnership with VISA card expired, their customer support has been getting worse day after day. Uquid can be contacted through their official telephone number, email or Skype accounts.

  • Handling Speed

Creating a free account on Uquid is painless. They ask for minimal verification details. If you want to buy the physical Uquid card, expect to get it within 2-3 days. However, the Uquid community tends to differ with the company’s quoted handling speed. Customers who joined Uquid before June 2017 have positive things to say about the company.

But since then, most people have experienced long delays when applying for cards.

How to use Uquid?

To use any of the Uquid services, follow this procedure:

Step 1: Create an Account

Create an account on the Uquid website. It’s free to join as long as you are willing to provide basic identification details. Uquid sends you an account number to your email address and asks you to create login details.

Step 2: Choose a Service

Uquid is an ecosystem. Since 2016, the company has been trying to build a blockchain ecosystem that consists of:

  • An exchange for buying and selling cryptocurrencies
  • A Uquid wallet that holds multiple cryptocurrencies
  • The Uquid debit card

Select any of the services above. If you want to buy the Uquid coin, it’s available on Livecoin exchange. Most people create an account to apply for the debit card. You will be asked to pay $17 and provide a shipping address.

Step 3: Fund your account

The Ecosystem works in such a way that you fund your Uquid virtual card with any of the 90 cryptocurrencies they support. You can fund your account using US Dollars, Euros or GP Pounds.

Step 4: Spend your coins

Uquid currently issues MasterCard debit cards. They convert your cryptos into cash so that you can use the card anywhere MasterCard is accepted. You can buy coffee, refuel your car or go on a holiday vacation using your card.

In a Nutshell

Uquid offers a product in high demand at the moment. By providing cryptocurrency owners the opportunity to spend their coins in real life easily, Uquidhas the potential to reach out to millions of people. However, the company’s management doesn’t seem to have what it takes to take their services to the next level.

Pros

  • The debit card supports multiple cryptocurrencies.
  • Low Fees.
  • Uquid’s coin allows users to redeem gift vouchers.
  • Accepts members from all around the world.

Cons

  • Poor customer support.
  • Delays when issuing cards.

Since Uquid has a free account, beginners who want to spend their digital investments in the real world should try out the card. At $17, the card is affordable for everyone. However, the $2.75 ATM withdrawal fee is not convenient enough for people with plans to make micropayments.

Instead, the card is suitable for people who only want to make credit card transactions. The point of sale transaction fee is free anyway. High rollers will also love the card, noting that you can spend as much as 20,000 pounds in a day.

It’s important to exercise caution when creating your account on Uquid. With such a high number of people expressing their frustrations, long delays and non-existent customer support, invest wisely.Thank you for reading the Uquid review above. Hope it helps you make an informed decision about the company.

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