Metal Pay has always been laser-focused on making cryptocurrency easy to use and more accessible than ever. All too often, people have avoided the idea of crypto because of how confusing the field may be, or how hard it is to use many crypto products. That’s why everything we make is intuitively designed, easy to understand, and comes with our responsive customer support to help you figure it all out.
As amazing as Metal Pay has been, all of our progress has been leading to the day that we could offer cryptocurrency deposits and withdrawals – the phase of development where our Marketplace is fully operational, and users can access their cryptocurrency outside of our own internal servers.
We’re thrilled to announce that, as of today, deposits and withdrawals on Metal Pay is officially live for iOS users. This is a crucial step for us as a company, and it helps us achieve our vision of helping our users grow and flourish in all areas. By giving our users more direct control over the cryptocurrency that they own, we’re helping them to become independent and autonomous in this exciting new industry.
Keep reading to learn more about what this will look like for our Metal Pay family. After reading, make sure you update your app to get the latest version of Metal Pay to start exploring this new feature.
Which cryptocurrencies can I deposit and withdraw?
Metal Pay users will know which cryptocurrency is eligible for deposits and withdrawals by looking for the Mainnet label under their name. Currently, users can deposit and withdraw the following cryptocurrencies:
Which wallets can I send these cryptocurrencies to?
Users can create multiple deposit and withdrawal wallets and nickname them accordingly – whatever makes sense to you. Users can send cryptocurrency to any wallet address that they own, a friend’s wallet, an exchange, or to pay for something. Because these cryptocurrencies are being sent to external addresses, the user has full ownership and responsibility for the crypto that is sent to those wallets.
However, there’s an important note here: typically, any ERC-20 address will allow for deposits of any ERC-20 token. Initially, this will not be the case for Metal Pay users. As such, Metal Pay users should only deposit crypto into the correct corresponding token address. Otherwise, users risk this crypto becoming lost somewhere in the middle.
In other words: don’t mix cryptocurrencies in one wallet address. Send ETH to an ETH address, send MTL to a MTL address, etc.
What are the fees for making a crypto withdrawal?
Fees are pretty common throughout the cryptocurrency, but we’ve always tried to have some of the most competitive fees around. Each cryptocurrency has its own specific fee; those fees, as of the time of this writing, are the following:
- MTL: 0 MTL
- BTC: 0.0003 BTC
- LTC: 0.001 LTC
- BAT: 4 BAT
- TUSD: 1 TUSD
- BCH: 0.001 BCH
- BNB: 0.05 BNB
- EOS: 0.1 EOS
- ETH: 0.002 ETH
- XLM: 0.0075 XLM
- XRP: 0.20 XRP
- ZRX: 4 ZRX
We’ll always strive to keep our fees as low as possible so you can keep more of your crypto.
What are the deposit and withdrawal limits?
On Metal Pay, users can deposit and withdraw cryptocurrency up to the following amounts:
- Daily Limit: 10,000 USD equivalent.
- Monthly Limit: 100,000 USD equivalent.
- Yearly Limit: 1,200,000 USD equivalent.
Where can I see my transaction history for this?
Metal Pay users can access their deposit and withdrawal history under the Payments History section of the app, not in the Crypto Card in the app. This allows users to keep better track of everything coming in and out of their app, all in one place.
How can I send crypto to a wallet address?
Currently, users will need to enter the token amount for deposits and withdrawals, NOT the USD amount. In other words, if you want to send some MTL to an external wallet, you’ll need to enter the number of MTL tokens you want to send. Doing so will show an estimated USD amount of the value of those tokens, similar to our current Marketplace buy/sell feature.
Why are you making this a function of the app?
We think Metal Pay provides the easiest way to send and receive cryptocurrency – no messy wallet addresses, just simply tap a contact and fire away. But we know that sometimes you want to send crypto that you didn’t purchase on our Marketplace. By offering crypto deposits and withdrawals, we’re giving our users the ability to send and receive crypto from external addresses. We know that our users will continue to use our competitive fee structure to buy and sell crypto in the Metal Pay app and offering this feature will increase the total amount of crypto moving throughout the Metal Pay system – a win for everyone.
What else is changing with this release?
Ending our Referral Program
Special thanks to everyone that used the Metal Referral Program to invite others to Metal Pay. In this release we’re phasing out the Referral Program as we work hard to bring you a more rewarding experience and streamlined way to show others your love for Metal.
Two-Factor Authentication (2FA)
We want to help you protect yourself and what you own, which is why we’re implementing 2FA in Metal Pay starting with this update. We’ll have a video posted on our support channel to walk you through setting this up, but we think it should be pretty straight forward.
Other Bug Fixes & Improvements
• Fixed an issue that could cause users session to unexpectedly expire, causing them to be logged out.
• Fixed an issue that could cause historical data discrepancies in Marketplace.
• Fixed an issue where the backspace key wouldn’t clear high values of BTC.
• Fixed an issue where Marketplace quotes for tokens with sub-dollar USD values would display incorrectly.
• Fixed an issue in the Contacts screen that could cause an interstitial view to be scaled incorrectly.
• Minor UI adjustments to keep things looking clean and tidy.
• Added estimated USD value below amount field when buying & selling Crypto.
• Added Knowledgebase support link for linking a Debit card to Metal Pay.
We update the app regularly to bring you the best possible experience using Metal Pay.
Let us know what you think in the app by just shaking your device. Have a problem? Check out our new Metal Support channel on Twitter. Alternatively, you can always drop us a line on our main social media account: Twitter | Instagram | Facebook.
🤘 Your friends at Metal 🤘