How to Use Crypto in Telegram: A Mini Guide

Telegram is the most popular messenger in Ukraine, according to an AIN study. This is further confirmed by communication patterns within the affiliate market — the majority of conversations happen right there in Telegram.

Recently, Telegram introduced the Wallet extension, which allows users to manage crypto directly within the messenger's interface. This is highly relevant for affiliates, so here's a breakdown of how to use the crypto wallet.

Wallet Features 

The Wallet extension was launched by TON Foundation in January 2022. It is a Telegram partner responsible for supporting its own blockchain. The team includes Telegram developers and independent crypto enthusiasts. 

Initially, users could only purchase TON and BTC, but in March 2023 USDT support was added. A payment service called Wallet Pay was also introduced, enabling bill payments in cryptocurrency. 

Currently, there are three ways to add crypto to the wallet:

• exchange fiat from a bank card to cryptocurrency;
• exchange via the P2P interface within Wallet;
• transfer from another crypto wallet.

Wallet partially covers payment needs, but beyond USDT, BTC, and TON, no other digital assets can be added yet. This means that TRX, LTC, and other cryptocurrencies commonly used by media buyers are unavailable. As a result, it won't cover all typical use cases. 

Another significant drawback is the absence of sanctions against Russians. Wallet supports Russian rubles and top-ups from cards issued by the corresponding neo-banks. It's not hard to assume that users from the terrorist state are well represented. 

Ukrainian hryvnia and the ability to top up from Ukrainian bank cards are supported. Transaction processing time is 2–3 minutes. A confirmation message is sent upon successful completion.

Keep in mind that Wallet's exchange rates differ from market rates. For comparison, here's data from Whitebit:

The fee is 1–3% of the payment amount. For BTC withdrawals, Wallet charges 0.0004 BTC ($10), while the USDT fee is 2 USDT. Notably, TRC-20 network transfers do not require holding TRX. 

The wallet may appeal to those who exclusively use Tether and rarely make transactions of $5–10. For payments of a few hundred dollars, the fee is not critical — especially considering there's no need to keep TRX on the wallet.

Step-by-Step Wallet Setup

Compared to centralized exchanges like Whitebit, the main advantage of Wallet is that no personal data upload is required. For basic use, sharing the phone number linked to your Telegram account is sufficient. 

Step-by-step wallet setup:

1. Follow the link and launch the bot. 
2. Share your phone number.

3. Open Wallet.
4. Select your language, currency, and enable asset display if needed.

5. Complete verification if the €35,000 monthly limit is not sufficient. This requires uploading a passport, driver's license, etc. 

After that, all digital assets available in the extension can be used. Wallet only supports transfers on the Tron blockchain — all other USDT networks are not supported. 

To transfer funds, open the wallet interface, select the required cryptocurrency, and paste the address. We encountered no issues with TRON blockchain transactions — operations were processed at standard speed. 

If needed, crypto can be exchanged for fiat via P2P. Wallet supports a wide range of payment methods: from Ukrainian bank cards to SEPA and SWIFT transfers. 

Tips for Using Wallet

Crypto in Telegram is convenient, but it should be taken seriously. If you haven't previously set up protection against unauthorized access to the messenger, it's time to close that gap. 

Tips:

1. Enable 2FA in Telegram settings. Turn on fingerprint or password access.
2. Check the current exchange rates before swapping. Top exchanges typically offer better terms. 
3. Always verify the counterparty's reputation. If their profile is newly created, it's better to decline the trade. 

4. Factor in the commission. Sellers are charged 0.9% of the transaction amount.

P2P transfers require caution — there are no 100% guarantees of safe trading. Wallet's help center states that cryptocurrency is locked immediately after an order is confirmed, but there is risk on the side of the party sending fiat. For large-volume exchanges, it's better to use offline exchangers or reputable services. 

For instance, some popular online exchanger aggregators maintain insurance deposits from which users can receive compensation in the event of a scam. Wallet, on the other hand, does not require sellers to lock up deposits. 

The cryptocurrency wallet in Telegram is a first step toward building a super-app — transforming the messenger into an ecosystem of digital services. We expect the list of useful extensions to grow over time, and third-party arbitrage tools may well emerge from independent developers.