40% Fee Is Basically a Scam
I tried this out so you don't have to. Save your money and don't waste it here.
Quchange claims to let you buy crypto currency with gift cards, by entering the gift card and receiving payment in cryptocurrency. The entire premise is sketchy of course, but I was still curious to see if it worked. This was my experience:
- I signed up and entered a digital 10€ Steam gift card code I had purchased somewhere else.
- After this the transactions was "pending" for hours, after which I kind of gave up and thought I had just been completely scammed
- However, I checked again the next day and was surprised that I actually did receive Litecoin... but only 6€ worth of Litecoin, so the site took a 40% fee! Wow.
It didn't say anywhere before entering the gift card code what the fee would be, so I would still consider this a scam, even if it kind of works.
The long time it takes for the transaction to complete, is also annoying. I guess they want to make sure that the gift card is redeemed, before you get your crypto currency.
I took a closer look at the site and finally noticed that it is NOT US based, instead it's based in Lagos, Nigeria which you only see, once you've created an account. It's funny to me that somewhere a Nigerian prince is living like a king with the 4€ he scammed from me.
In the end I'm glad I only had to waste 10€ to be able to warn others of this annoying scam. I hope the site gets shut down soon.