Tangem doesn't facilitate the direct purchase of cryptocurrencies. Instead, the buy feature is integrated with third-party service providers chosen by Tangem. To comply with AML/KYC regulations, third-party service providers usually ask for sensitive information and personal identification.
The Buy button in Tangem Wallet connects you to an integrated onramp service for buying cryptocurrencies and receiving them directly in your account.
This is possible thanks to the onramp crypto exchange service Mercuryo, which fulfills direct-to-custody trades using your preferred payment method. Tangem Wallet users can buy Bitcoin and dozens of other cryptocurrencies using Apple Pay, Google Pay, or VISA personal credit or debit card.
You can find a list of payment methods and regions served here. Additionally, Mercuryo accepts several fiat currencies, which can be viewed in the current list of accepted currencies.
Using the Buy button in Tangem Wallet
1. Open the Tangem app.
2. Select the token you want to buy, for example, USDT.
3. Tap Buy
You will be directed to a secure gateway managed by Mercuryo. Follow the given instructions to finalize your transaction. Please note that the Know Your Customer (KYC) requirements may differ based on the amount you want to purchase, but you will likely have to complete a KYC process.
Once you have completed the KYC process or logged in to your existing account, you may use the payment method of your choice to make your payment.
- First, choose the fiat currency you are using and the amount you wish to buy.
- After that, double-check that you have selected the correct country. Alternatively, you may specify the amount of cryptocurrency you want to buy, and then determine how much you will need to spend.
- Click Buy when you've decided how much you want to spend.
- Then select the payment method
- For credit or debit cards, you must enter your email address, confirm it, and enter your name.
- Click Pay $XXX.XX
Once your payment is received, your cryptocurrency will be sent directly to the receiving address of your Tangem Wallet. The providers try to ensure your crypto is delivered promptly, but sometimes it may take several hours. It is advisable to periodically check your wallet to confirm that you have received the correct amount of crypto in your Tangem wallet.
What is KYC?
KYC, or know your customer, is a legal requirement for financial institutions to prevent money laundering. It involves providing your phone number, ID, and sometimes a selfie before making your first transaction. Once completed, you can use the exchange without needing to provide more ID in the future.