Saving to cryptocurrencies using CDPAY CryptoPIGGY
With the CryptoPIGGY program, we reflect on the market demand and the state of the world economy by automated savings in cryptocurrencies via a SEPA bank standing order. Savings in cryptocurrencies are more and more enticing people to store their savings in a deflationary asset, where one of the best examples in the last 11 years has been dominated by Bitcoin and some of his followers. We will start the program with only a few of the most famous cryptocurrencies Bitcoin, Litecoin, Bitcoin Cash. Later we plan to add Dash, Monero, Ethereum.
The rules for savings will be set according to the current regulation AMLD5 so that we can use SEPA bank transfers without any problems in the future without the risk of bank account cancellation. Any violation of the rules will lead to the blocking of the user.
So let’s face it, let’s see how it works in practice.
In the first phase, each user will automatically have only a TIER 1 level with the following limits:
- transaction limit 50 – 1000 EUR
- daily limit of EUR 1000
- a monthly limit of EUR 10 000
Note: if any limit is exceeded, the user will be permanently blocked and the payment will be refunded to his account.
TIER 2 is automatically acquired by the user after 13 months of savings, which allows him to make higher limits within the entire CDPAY solution.
TIER 2 can also be achieved by verification through our upcoming KYC automated on boarding client.
In the first phase, it will not be possible to create corporate accounts, we will only accept individuals. On boarding of corporate clients is not planned until Q4 / 2020 at the earliest.
Register Account with CDPAY
Before getting access to CryptoPiggy feature you will have to proceed the registration using your nickname, email, password and PIN.
In the early stage of testing the CryptoPiggy feature we will allow just few testers to see the menu of crypto saving. So if you don’t see any menu don’t hesitate to contact us.
Before placing your order, add your destination address (es) of the preferred and supported cryptocurrency via the User / Wallet Settings menu. Adding requires your chosen PIN and confirmation via email to the sent confirmation link.
Extended Public address ypub and zpub are supported only using Bitcoin. All other supported cryptocurrencies (BCH,LTC,DASH,ZCASH) are supported only with xpub extended public address type.
Find the Xpub in your Trezor.
Then go through the Exchange / SEPA Savings menu, where you will make the settings for the savings program. Choose the desired cryptocurrency or two cryptocurrencies and the savings ratio as each of your payments will be split. For example, you choose BTC: LTC and the ratio between them 80/20, both when paying EUR 100 will be EUR 80 transferred to BTC and EUR 20 to LTC.
It will be possible to create multiple orders with different cryptocurrencies, but one cryptocurrency will only be able to be included in orders once.
Example if you have created a BTC: LTC savings program, then it will not be possible to create another such program with BTC or LTC.
It is necessary to enter the name of the account and thus the name and surname to which your bank account is maintained in the bank. Account name is NOT your IBAN account number. This name can never be changed again, as your account will be suspended and your payment will be refunded.
An overview of your orders for savings programs can be found in the Show Savings tab.
You will see incoming SEPA payments with the necessary information in the Show Transactions section, where there will also be a transaction ID for the cryptocurrency.
After placing the order, you will receive an email with a confirmation line so that you can approve the order yourself. Only then will we send payment instructions with a reference for the payment, which must be followed exactly when entering a standing order at your bank. After receiving payment to our bank account, purchases and transfers to client wallets will be made once a night. After each cryptocurrency payout you will receive notification email with all details.
Note: we accept only clients within SEPA payment area meaning only EU and UK based clients.
After processing the payment, you will always receive a confirmation email approximately on the given day after 23:00, when all payments are sent in bulk. The email contains your name, the amount purchased, the address of the given currency to which it was sent and a summary of how much you have already bought from the given currency and how much is the current value of the entire savings amount against the current exchange rate of the given crypto currency.