How do Stablecoin deposits work?
When you use this method, you deposit in BRL (Brazilian Reals) via Pix. Your funds are then converted to USDT (Stablecoin) and finally to USD, which is credited to your Vest account.
What are stablecoins and how do they work?
Stablecoins are a type of cryptocurrency designed to minimize price volatility. Unlike cryptocurrencies such as Bitcoin or Ethereum, whose prices can fluctuate dramatically in a matter of minutes, Stablecoins aim to maintain a constant value, typically pegged to a real-world asset.
Their main purpose is to act as a bridge between the world of traditional finance and cryptocurrency, offering the speed and efficiency of blockchain technology without the risk of volatility.
Are stablecoins safe?
While Stablecoins can be more stable than other, more volatile cryptocurrencies, they are not without risks.
The Stablecoins that will be purchased with Avenia are fiat-backed Stablecoins. These are the most common, such as USDT (Tether) and USDC (USD Coin).
It's important to know that you are not investing in Stablecoins. It's a quick buy-and-sell transaction to convert your money into dollars for investing in the stock market.
You deposit BRL → it's converted to stablecoins → it's converted to USD.
We process these types of transfers through our partner, Avenia.
Is there a commission for using this deposit method?
Yes, the commission for depositing with Stablecoins is a minimum of 0.7% and a maximum of 1.4%, depending on the deposit amount.
Deposits under BRL $15,000 will have a 1.4% commission.
Deposits between BRL $15,001 and $49,999 will have a 1.1% commission.
Deposits over BRL $50,000 will have a 0.7% commission.
Note: Due to the nature of this deposit method, it does not require an IOF tax payment, which means the mentioned value is the only commission for this transfer.
Is there a deposit limit?
There is no deposit limit per se, but due to regulations and money laundering policies, whenever your monthly deposits exceed $20,000 USD, you will need to share additional information about the source of those funds. You can do this proactively with our support team using the in-app chat, by sending the information to suporte@mivest.io, or you can simply wait for our team to contact you.
What happens if I don't use the generated PIX?
Actually, nothing happens. You just need to go through the process of generating a new one from the app to complete the transaction.
Who is Avenia?
Avenia is our partner for local transfers in Brazil. It uses the PIX convenience you already know and the practicality of Stablecoins to convert your money from BRL to USD with lower costs and without paying IOF tax. It uses its own Stablecoin (BRLA) to optimize transactions.
Avenia only acts as an intermediary; your funds will continue to be managed by Northbound Securities INC.
Do I need to create an Avenia account?
Yes, you need to have an Avenia account, but you don't need to create it yourself. Your Avenia account is created through an internal, transparent process for you. With the information you already provided when creating your Vest account, we will create your Avenia account so you can deposit using Stablecoins.
All you have to do is accept the terms and conditions for this service.
Securities trading is offered through Northbound Securities LLC, an affiliate of Vest.