No KYC process and it is an easy to use service to enter into the crypto world – but only if you have a bank account with SEPA Instant payment service in the euro zone.
The German TEN31 bank and the NIMIQ blockchain development team made possible this service, called SuperSimpleSwap (S3), to make a fiat – crypto atomic swap. An atomic swap is a smart contract technology that enables the exchange of one blockchain asset for another without using centralized intermediaries, such as exchanges. If you want to know more about the technology behind the service, read this „Knowledge base“ on Fastspot or watch this youtube video.
The only restriction is that you have to have a euro based bank account and your bank can process SEPA instant payments.
TL;DR:
- Setup an account on coinex without KYC (up to $10000/day deposit/withdrawal restriction).
- Get your unique NIM deposit address on Coinex
- Go to supersimpleswap.com and swap euro to NIM
- Follow the instructions on supersimpleswap.com and make the sepa instant payment
- Get your NIM on the coniex account
- Trade NIM/USDT and after that buy for USDT the crypto you want to have.
Supersimpleswap is a two way service, it makes possible to swap fiat to crypto – it will be described in this tutorial – or swap NIM to euro and get a payout to your own euro bank account. The only restriction is a monthly maximum swap of 950 euro – if this is not enough, you shall use a CEX with a KYC process, like binance, kraken, kucoin or coinbase.
A prerequisite is a live account on Coinex, just set it up without a KYC process. Coinex allows NIM deposit and this service will be used to get the nimiq from supersimpleswap. If you have not used a nimiq deposit address on Coinex, just get it on the deposit section, choosing NIM in the “Coin” dropdown menu.
On supersimpleswap just put the data is necessary for the swap:
- the amount of euro you want to swap
- the bank name – i suggest to use here the BIC address of your bank
- copy the address of your coinex nimiq deposit address int the field
The swap process costs 0,5 euro + 1,5% of the swapped amount.
Click on the „Start SWAP“ button, the locking process for the atomic swap will be started. It takes ca. up to 2 minutes to lock the necessary NIM amount. Be patient.
In the next step, all necessary data will be shown to make the sepa payment, like name of the recipient (TEN31 bank), IBAN number, amount to be transferred and the unique purpose. This unique purpose will be necessary for TEN31 bank to match the locked NIM in the smart contract.
It is really important, that the bank transfer must be a SEPA instant payment, otherwise the smart contract will be invalid and the swap will not take place.
After the sepa payment was done, just click on the „Click here once you’ve paid“. There will be a transaction number you can check if the NIM was sent to your Coinex nimiq address.
Coinex needs to have 10 confirmations of the transaction, only after that will be possible to trade the NIM to USDT. It takes up to 10-11 minutes to network to make the confirmations. Coinex is going to inform you about the incoming transaction after the first confirmation, per e-mail and also on the depist page.
Once your transaction is 10x confirmed, you can trade the NIM to USDT and start to buy the crypto you want to have!