On September 13, 2023, Telegram, the world’s third largest messenger, revealed its cryptocurrency wallet in partnership with the TON crypto project. The @wallet bot itself, enabling crypto transactions on Telegram, was initially launched in 2022. This article will help you understand if you need a new wallet and how to make the most of it.
Telegram crypto wallet review
Telegram provides a custodial crypto wallet. It means that access keys are stored by the messenger’s team. This storage scheme is not the safest one as keeping over the keys by a third party may cause a leak.
Nevertheless, it comes with its advantages. If you forget your password, you can contact support to help you regain access.
Want to learn more about all types of cryptocurrency wallets? The itez team has prepared the ultimate wallet guide for you.
Before TON’s official collaboration with Telegram and the integration of the wallet into the messenger’s menu, users already had access to most of the functions available today. Even the P2P marketplace was integrated into the bot in the fall of 2022. With the new web application, developers have combined all previous wallet functions into one place and added new ones.
The main Telegram crypto wallet functions
To reach the Telegram crypto wallet, click on the “wallet” section. Additionally, you can access the wallet directly from personal chats by clicking on the “paperclip” within the dialog window and selecting “wallet”.
The messenger will warn you that the wallet is a web application developed by a third party. Accept the terms of use and move on.
Upon launching the wallet, you will find the following tools on the start page:
💰 Total balance. It is displayed at the top of the screen. In the settings (three dots in the upper right corner), you can customize the currency for balance display.
💳 Add funds. To deposit money, you need to click on the plus icon on the right side of your total balance. You can buy crypto via bank card or P2P market, or just transfer from other service.
🔢 Shortcut keys for crypto transactions. The wallet provides quick access for various crypto transactions, including sending, exchanging, and selling.
🌌 TON Space Beta. This is the gateway to the TON blockchain. Here, you can check your Toncoin balance and store NFTs. The developers promise to add access to decentralized applications. In the settings, you can hide the section from being displayed on the main page.
🪙 Other assets balance. In addition to Toncoin, your Bitcoin and Tether balances are also visible. It is unknown whether Telegram plans to expand the list of digital assets.
📥 Tools for adding funds, including bank card transfers, P2P transactions, and transferring from another wallet.
Telegram crypto wallet settings
Within the settings, you can select language, currency used to display balance figures, payment currency, and also check the verification level.
By default, all users have a basic verification level. It allows transfers of up to 35 thousand euros per month, purchases of up to 5 thousand euros with a card, and transactions up to 35 thousand euros on P2P.
The next level is “extended”, which enables incoming transactions up to 1 million euros. It also provides crypto purchases of up to 25 thousand euros per month with a bank card, and increases the P2P limit to 1 million euros. In order to pass verification, you need to provide a scan of your passport.
The highest level is “advanced”, which removes restrictions on the volume of incoming payments and P2P purchases and offers a monthly card transactions limit of 35 thousand euros.
To erase the limit, you need to prove your real address by providing a bank document with full details, a utility bill, or a rental agreement. The reasons for Telegram’s specific verification requirements remain unknown. These rules apply uniformly to users across different countries.
Importantly, you can attain the second and third verification stages without incurring any additional costs.
How to deposit crypto from another wallet to Telegram
If you already have digital assets in another wallet, you can transfer them to Telegram. Alternatively, you can purchase crypto from a third-party service and send it to your wallet. To proceed, pick “Deposit crypto from another wallet” in the wallet menu.
The wallet will offer a full list of cryptocurrencies available for deposit. Pick one. Let's use Tether (USDT) as an example. The crypto wallet address will be displayed in the window.
Note that the application only supports the USDT TRC-20 standard. If you have USDT of a different standard, the coins will not reach the account. To understand the Tether standards, read our article: What is Tether (USDT).
You can top up your Telegram crypto wallet using the licensed exchanger itez. Using the platform, you can purchase USDT with fiat at the most favorable exchange rate. When buying for up to 300 euros, you do not need to pass verification.
To get crypto into your Telegram wallet, you should paste the copied wallet address in the recipient field.
How to buy cryptocurrency through Telegram with a bank card
Click on the plus symbol next to your balance and choose “bank card”, or navigate to the bottom of the page and then pick the “top up using a bank card” button.
Select a coin you want to purchase. Let's choose Tether.
Now, pick one of the 36 available payment currencies. Let's opt for the euro. The application will ask you to indicate the amount of cryptocurrency you wish to purchase.
Next, click the “buy” button. The bot will open and request confirmation for the operation. Check the data and if everything is correct, click “pay”.
The bot will generate a payment link leading to the payment service provider’s website. In the case of euros, this is the Neocrypto platform.
Enter your card details and click on the payment button. In a few minutes, the cryptocurrency will be deposited into your wallet.
How to buy cryptocurrency in Telegram through P2P platform
On the P2P market within the Telegram crypto wallet, you can buy cryptocurrency with bank cards directly from other people.
To access the P2P market, either click on the plus symbol next to your balance and select “P2P market” or choose the “trade on the P2P market” button at the bottom of the main page.
In the window that opens, select the “buy” section.
The application will display a list of sellers' offers. In the settings at the top of the page, you can specify the currency for payment, the cryptocurrency you wish to purchase, the payment method, and the amount you are willing to spend on coins.
Each offer card shows the number of transactions that the seller has completed and the percentage of successful transactions. The card also contains information about the volume of coins available for sale, transaction limits, and accepted payment methods. To see more details, click on the card. If you are satisfied with the seller’s terms, click the “buy” button.
The application will freeze the cryptocurrency in the seller’s account. The buyer should then proceed to make the payment using the specified instructions.
Once the seller confirms the receipt of payment, the system will transfer the cryptocurrency to the buyer.
Selling cryptocurrency via Telegram wallet
You can sell cryptocurrency using a Telegram wallet through either a bank card or the P2P market.
From the main menu, go to the “Sell” section, pick your preferred method for selling, and set the parameters, which include the number of coins you want to sell and your preferred payment method.
Cryptocurrency exchange via Telegram wallet
The “exchange” button is located in the main menu, just right under your balance. It becomes active when coins appear in the wallet. For now, the Telegram wallet only supports TON, USDT, and Bitcoin.
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This article is not an investment recommendation. The financial transactions mentioned in the article are not a guide to action. Itez is not responsible for possible risks. The user should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
