Frequently Asked Questions About Gift Cards on Cryptocurrency Platforms

Requirements for Creating Gift Cards

Starting July 20, 2023, only verified corporate accounts can create and transfer gift cards. To create and transfer gift cards, you must register a corporate account and complete the corporate verification process. You’ll also need to sign a gift card distribution agreement. For a copy of the agreement template or additional information, please contact support by email.

Note that you must log out of your current account before registering a new corporate account. Personal accounts can still send and redeem gift cards. To purchase gift cards, please refer to authorized merchants. Additionally, verified corporate accounts from certain European countries require extra verification to create gift cards. If you are in one of these regions and interested in issuing gift cards, contact customer support for assistance.

Maximum Gift Card Value

As of April 10, 2024, the maximum value for each gift card you can create as a verified seller-entity is 500 USDT. This limit ensures transaction security and compliance on the platform.

Gift Card Validity Period

Gift cards created on or after April 10, 2024 will expire six months from the creation date. Redeem your gift card before expiration to avoid losing funds. Gift cards created before April 10, 2024 do not have an expiration period.

You can check the status and expiration date of a gift card in the redemption section by entering the card’s 16-digit ID. If a card was created after April 10, 2024 and has expired, you’ll receive an error when trying to redeem it. If you bought a card that expired before your purchase, contact the seller. Verified seller-entities can view the validity dates of gift cards issued after April 10, 2024 in the merchant dashboard.

How to Redeem a Gift Card

After receiving your gift card, redeem it in the redemption tab of the gift card marketplace. Enter the 16-digit redemption code accurately. The process is straightforward, allowing you to quickly add funds to your account.

Country Restrictions for Issuance and Redemption

Issuing and redeeming gift cards is not supported in certain countries and regions. The restricted list includes countries under international sanctions, specific regions, and certain territories. Issuance and redemption restrictions may differ slightly, with some additional regions included for redemption.

Note that the excluded countries list is not comprehensive and may change based on evolving rules, regulations, or other local considerations. If you are uncertain about availability in your region, check with customer support.

Troubleshooting: Error Messages When Adding Gift Cards

You may encounter an error message when adding your crypto gift card for three main reasons. First, make sure you enter the 16-character gift card redemption code (example: A1BC23D4EFG78H56). This code is different from the 16-digit gift card number used for checking balance and status.

Second, if the gift card was already added to your wallet but hasn’t been redeemed, you cannot add it again. In this case, check the gift card section in the app and review the card history to see if it was previously added.

Third, gift cards created on or after April 10, 2024 are valid for six months from the creation date. If the card has expired, you cannot add it to your account.

Troubleshooting: Issues Redeeming Gift Cards

If you’re having trouble redeeming your gift card, confirm you’re using the correct 16-character redemption code (example: A1BC23D4EFG78H56). If the gift card has already been added to your account, you can redeem it directly from the card history section without re-entering the redemption code on the redemption page.

Also, redeem your gift card before it expires, especially for cards created on or after April 10, 2024. Meeting the deadline ensures you don’t lose access to your funds.

Checking Gift Card Status

To check your gift card status, log in to the app and go to the gift card section. Tap gift card history to view full details. Here you can see whether a card is added (status "Sent") or redeemed (status "Redeemed"), making it easy to track each card’s activity.

Gift Cards Not Received from Sellers

If you haven’t received the gift cards you purchased from a seller, contact the gift card seller directly. Customer support can advise you on resolving the situation. Provide all relevant purchase details when reaching out.

Linking Referral Codes to Gift Cards

If your recipient is not already a platform user, you can link your referral code using the option available when sending the gift card. The recipient can then register an account with your referral code, allowing both of you to benefit from the referral program.

Additional Support for Unanswered Questions

If you can’t find answers to your questions in this guide, contact customer support through your account for further help. The support team is available for any issues related to gift cards and other platform services.

FAQ

What is a gift card on cryptocurrency platforms? How does it work?

A gift card on cryptocurrency platforms is a digital voucher purchased with crypto, used to fund trading accounts. It offers a convenient way to deposit funds without direct cash transfers.

How do you buy and redeem gift cards on cryptocurrency platforms?

Go to the gift card section and select your preferred redemption option. Choose "Redeem for Cryptocurrency" to transfer the code directly to your wallet. The funds are credited to your account instantly.

What are the security risks and considerations when using crypto gift cards?

Verify card authenticity, avoid sharing sensitive data, confirm validity before use, and keep records of all transactions for traceability and fraud protection.

What’s the difference between crypto gift cards and traditional gift cards?

Crypto gift cards use digital currencies instead of traditional fiat money. They function like conventional cards, but transactions occur on the blockchain for greater security, speed, and no intermediaries—ideal for crypto users.

Which cryptocurrencies can gift cards be redeemed for, and are there minimum or maximum limits?

Gift cards can be redeemed for Bitcoin and other leading cryptocurrencies. Minimum and maximum values depend on the retailer but generally offer flexibility for various transaction amounts. Review your platform’s specific terms for exact limits.

If a gift card is lost or stolen, are my funds protected?

Funds are not automatically protected. You are responsible for losses until the platform approves a refund request. Store your gift cards securely.

Can crypto gift cards be refunded or transferred?

Crypto gift cards typically do not support refunds or transfers. Once the code is sent, it cannot be refunded or exchanged, as these are instant digital products.

Are there fees for using gift cards to purchase crypto?

Yes, using gift cards to buy cryptocurrencies usually incurs a fee. The exact fee depends on platform policy and is typically deducted from your crypto amount. Review the platform’s detailed fee schedule before transacting.