The beauty about this platform is that unlike other decentralized peer-to-peer exchange it lets its users save at least 20% on gift cards using Bitcoin and altcoins.
Yes you read it right, a $500 worth of Amazon gift card here will cost you only $400. Above all if you dig a bit and give yourself some time on this marketplace then you'd also find sellers that offer 30% discount. You can check the updated price here.
Isn't it cool? At least I find it very interesting because to me it's a business opportunity. I often buy gift cards here at 30% discount and arbitrage them at a 10% & 15% discount.
This is why today I decided to review this platform & share my experience with you. Here, I am going to discuss about the feature, fees & trading experience. Other then this, I will also answer questions like "Is Redeeem safe, legit & trustworthy?"
Redeeem Review Summary:
As discussed above Redeeem is a decentralized p2p marketplace that allows buyers & sellers to trade dozen of gift cards at a discounted price on their platform. It was launched in 2018 by two serial entrepreneurs Kyle Hill & Mike to help usher in the new global economy with no banks and no borders.
Prior to Redeeem, they founded HomeHero, a Santa Monica-based startup that worked to connect home care workers with the families that needed them the most. Above all they raised $23 Million for it from Graham Holdings.
This speaks all about their authenticity and the work these two guys put in together to grow their business.
Redeeem Features:
I am sure now you must be aware of what exactly Redeeem do! And you must be excited to try this marketplace to save some dollars from your pocket. After all who does not! Money does not grow on trees. We have to work hard to earn it & work smart to save it.
There is one feature I have not yet talked about. This is the most interesting thing I have not seen anywhere on any exchange. I like it because it helps me save my time and you know time is equals to money, isn't it?
The feature I'm concerned about is the telegram bot. This exchange allows users to connect to their profile with their official telegram bots to buy/sell gift card instantly & browse new offers.
If you're planning to day trade gift cards then this feature is going to be a boon for you!
Redeeem Fees:
Redeeem offers 0% commission fees for all gift card trading. However, seller & buyers are charged $1 as a network fee to withdraw their payouts.
This spread helps the platform to cover the expanses related to servers, anti-fraud tools & payment processors.
How To Buy Gift Cards On Redeeem?
Buying gift cards on Redeeem is as simple as buying grocery on Amazon. All you need to do is follow the below shared steps to get going:
1. Register on Redeeem.
2. Verify your email and phone number. This step help them to minimize the chances of fraud.
3. Once the account is verified, you need to deposit Bitcoin in your Redeeem wallet.
4. After this, go to the marketplace by clicking Buy Gift Cards.
5. Choose the gift card you want to buy.
6. Once you select the gift card, you'll see the list of the sellers along with the discounted price they are offering.
7. Select the seller that is active & has most trades on his/her account to be on the safer side.
8. Once selected, Click the confirm buy.
9. Voila! You will have your gift card on the screen. Now click on the claim code.
10. Copy the claim code and redeem it on your Amazon account.
Buying Limit:
Redeeem has two verification levels, each one with different limit:
Level 1 - It requires email and phone verification. Once your email and phone is verified, it gives a total limit of $5000.
Level 2 - It requires to go under KYC verification and once the KYC is verified you can trade unlimited amount of gift cards.
Supported Countries:
Redeeem supports 220 countries all over the world and there are few countries that are banned on its marketplace.
List of countries that are banned on Redeeem:
Central African Republic Sanctions, Burundi, Cuba, Crimea region, Iran, Iraq, Lebanon, Libya, North Korea, Somalia, South Sudan-related Sanctions, Sudan and Darfur, Syria, Yemen.
Customer Support & User Reviews:
As far as I consider, Redeeem is a safe and trustworthy platform which has an amazing customer support team. They are available 24/7 to help users and answer their queries.
Indeed, they have a very easy to use chat box where you can live chat with the support team and get your questions answered instantly.
Above all, Redeeem also gets an extremely favorable public opinion on TrustPilot which certainly reflects their authenticity.
Even more, most of the negative reviews are about the users who were not able to withdraw their funds due to the congested blockchain network not about the platform itself.
Conclusion:
Redeeem brings users the ability to buy gift cards at discounted price with bitcoin. The user experience is highly intuitive and it is extremely easy to navigate through the platform.
Considering its ease of use, Redeeem is an appealing trading platform to buy & sell gift cards for Bitcoin. Hence, it is worth considering when looking for a platform to trade gift cards for cryptocurrencies.
Click Here to go to their official website.
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