How to Send Money to Palestine from USA Using Cryptocurrency?
What is Cryptocurrency:
A cryptocurrency also known as crypto is a digital currency used as a medium of exchange and it is not reliant on any central authority, such as a government or bank. Hundreds of thousands of Palestinians use cryptocurrency to receive payments instantly and securely.
As cryptocurrency payments are decentralized, financial issues such as account suspension, blocking, restrictions, and security problems that are often encountered by Palestinians with traditional payment methods are prevented.
The accounts in which cryptocurrency payments are transferred or received are termed as Crypto Wallets.
There are different kinds of cryptocurrencies. Majority of people living in Gaza, Palestine use USDT (TRC 20) cryptocurrency which is a stable coin and is equivalent to one US Dollar (1 USDT = $1)
Currency in Palestine: Palestine mainly use Israeli shekels (ILS) currency. (1 ILS = 0.99 AED)
How are the Palestinians in Gaza withdrawing money Since Oct 7, 2023?
A significant percentage of Palestinians in Gaza rely on digital payments because of limited physical cash availability in Gaza. Residents of Gaza withdraw money via:
- A considerable number of cash agents and money-exchanges present in majority areas of Gaza.
- 3+ ATM’S present across Gaza.
- Western Union exchanges (agents) present in some areas of Gaza Strip including Khan Younis, Deir el Balah, Rafah, and North Gaza.
The First Step:
Ask the Palestinian to whom you want to send a donation to share his cryptocurrency wallet address (cryptocurrency account).
Crypto wallet address is something like “TXB8PX5cDAZ4Syvhswvzyu6LASOUy6YgFv”
Method-1: Buy & Transfer Cryptocurrency Using CEX Exchange
CEX.IO is an online cryptocurrency exchange used to buy, transfer, and trade cryptocurrencies available in 200+ countries. It was founded in 2013 and has over 15 million registered users. CEX complies with Level 1 PCI DSS Security Standards and has has more than 30 money transmitter licenses. CEX is registered in United States and maintains all the relevant licenses in the U.S
Supported Payment Methods
You can buy cryptocurrency on CEX via following payment methods:
- Credit / Debit Card
- Paypal (Only US Account)
- Bank Transfer (SWIFT, SEPA, etc)
- Payment Wallets (Skrill, E-Pay, etc)
- Google Pay / Apply Pay
STEP BY STEP INSTRUCTIONS
1) Create an Account:
➤ Visit the CEX.IO website or download the CEX.IO app.
➤ Click on Sign Up and enter your email address and a strong password.
➤ Verify your email to activate your account.
2) Complete Identity Verification:
➤ Log into your account and navigate to the verification section.
➤ Complete your account identity verification by providing the required details and necessary identification document (e.g., Government-issued ID card image). This step is required to comply with regulatory requirements.
3) Add a Payment Method:
➤ Go to the Payment Methods section of your account.
➤ Select your preferred payment method. CEX.IO supports various options to deposit money, including credit/debit cards and PayPal, Bank Transfer, etc.
➤ Follow the instructions and complete the payment
Additional Information:
➤ For credit/debit cards, you will need to enter your card details and verify it by completing a small transaction. It usually takes about five minutes if all information is correct. This verification process is part of the platform’s security measures.
➤ The funds deposited via Paypal usually appear instantly in your CEX account but expect your first PayPal deposit to take up to 24 hours
➤ If you use Bank Transfer method to deposit money, CEX will not automatically deduct funds from your bank. CEX will display the bank account details where you have to transfer payment from your bank.
➤ If you deposit money via Bank Transfer, it typically takes 1 to 3 business days for the funds to appear in your CEX account.
4) Choose the Cryptocurrency to Buy:
➤ Navigate to the Instant Buy section.
➤ Select the cryptocurrency you wish to purchase from the list of available options. For example, if the Palestinian has shared his USDT (Tether) crypto wallet address with you, select USDT on ‘Instant Buy’ section.
5) Enter Purchase Amount:
➤ Specify cryptocurrency amount you want to purchase.
6) Select Payment Method:
➤ Choose the payment method you added earlier for this transaction.
➤ Review any fees associated with the purchase.
7) Confirm Your Purchase:
➤ Double-check all transaction details, including the amount of cryptocurrency and payment method.
➤ Click on Buy or Confirm Purchase to finalize the transaction.
➤ Once the transaction is processed, the purchased cryptocurrency will appear in your CEX.IO wallet.
➤ You can view your balance in the wallet section of your account.
8) Transfer cryptocurrency to the Palestinian’s crypto wallet
➤ Go to the Wallet section where you can see your cryptocurrency balances.
➤ Select the cryptocurrency you want to transfer (e.g, USDT)
➤ Click on the Withdraw button next to the chosen cryptocurrency. This may also be labeled as Send in some interfaces.
➤ Paste the external wallet address in the designated field. Ensure that this address is correct, as sending funds to an incorrect address can lead to loss of assets. If applicable, select the network that corresponds with recipient’s wallet address (e.g, USDT TRC 20). You can ask the recipient about the network of their crypto wallet address.
➤ Enter the amount of cryptocurrency you wish to transfer to the recipient and click ’Proceed’.
CEX FEE & LIMITS
Method-2: Buy & Transfer Cryptocurrency Using CEX Exchange
Paxful is a peer-to-peer (P2P) cryptocurrency exchange that allows users to buy cryptocurrency directly from cryptocurrency sellers registered on Paxful using over 350 payment methods.
Founded in 2015 and available in over 180 countries. Paxful operates under a framework of legal compliance, adhering to regulations.
When you place an order for any cryptocurrency, OKX holds the selected cryptocurrency from the seller and releases it to you once you successfully make the payment to the payment account provided by the seller.
STEP BY STEP INSTRUCTIONS
➤ Visit Paxful website (paxful.com) and create an account.
➤ Complete your account identity verification by providing the required details and necessary identification document (e.g, Government-issued ID Card). This step is mandatory to comply with regulatory requirements.
➤ Navigate to the Paxful homepage and click the ‘Buy’ button. Select the cryptocurrency you would like to purchase e.g, USDT (Tether).
➤ Choose from over 350 payment methods (e.g, Bank transfer, Paypal, digital payment wallets).
➤ Click on ‘Find Offers’ button to view available sellers.
➤ A list of relevant cryptocurrency sellers will appear. The price shown on each seller’s listing indicates the cost to purchase one unit of the selected cryptocurrency. For example, the highlighted seller in the image above charges $1.1 for 1 USDT cryptocurrency. Make sure to check the minimum and maximum purchase limits set by each seller. Consider sellers who have completed a considerable number of transactions in the past
➤ Once you find a suitable seller, click on ‘Buy’ next to their offer.
➤ Follow the instructions and transfer the payment to the cryptocurrency seller using the payment method you selected manually.
➤ After making your payment, upload the payment receipt image and mark the status as ‘Paid’.
➤ The vendor will confirm receipt of your payment.
➤ Once confirmed, the cryptocurrency will be automatically released to your Paxful wallet.
Now you to transfer the purchased cryptocurrency to the Palestinian
➤ Click on the ‘Wallet’ tab located in the main menu of your account dashboard. This section displays all your purchased cryptocurrencies.
➤ Click on ‘Actions’ or three dots next to the cryptocurrency which you want to transfer to someone and click the ‘Send’ button.
➤ Enter the cryptocurrency amount you want to transfer
➤ Paste the cryptocurrency wallet address of the recipient.
➤ Select the crypto network that corresponds to the recipient’s wallet address. For example, USDT TRC-20 can be chosen as the network if you have selected USDT as the cryptocurrency. You can ask the recipient about the network of their crypto wallet address.
➤ Click ‘Continue’ / ‘Confirm’
➤ The cryptocurrency will be instantly transferred to the Palestinian.
Helpful Resources by CEX
How to deposit money in CEX exchange to buy cryptocurrency? – Read Article
How to withdraw (transfer) cryptocurrency from CEX exchange – Read Article
Helpful Resources by Paxful
Video Tutorial – How to buy cryptocurrency on Paxful mobile app?
Article – How to withdraw (transfer) cryptocurrency from Paxful to others?