Ethbates is a new shopping portal that gives you cryptocurrency for shopping online. It works pretty much like other portals but instead of cashback you get BUY (ERC20) tokens that can be converted into Etherum or Bitcoin. You also have the option of cashing out through Amazon gift cards. ERC20 is a technical standard used for smart contracts on the Ethereum blockchain for implementing tokens if you want to read more about it.
How Ethbates Works
Retailers pay Ethbates for sending them customers and they pay you in the form of cryptocurrency or gift cards. The process is pretty much the same as with other cashback portals.
- Find a store and click on “Go to Store and Earn Crypto”
- You will receive your BUY tokens up to 72 hours as Pending.
- Once your order clears, your BUY tokens will be shown as Closed.
- Withdraw as Bitcoin, Ethereum, BUY (an ERC20 token) or Amazon Gift Cards (more options to come).
Qualifying for a payment
- An Ethereum address is required for accurate and timely payments of BUY or Ethereum payments. You will enter your Ethereum address during the withdrawal process.
- A Bitcoin address is required for Bitcoin payments. You will enter your Bitcoin address during the withdrawal process.
- An email address is required for gift card payments. Currently, we support Amazon gift cards. You will enter your email address during the withdrawal process.
To qualify for a payment, your BUY Balance must be greater than 20000 ($20) by the end of the BUY Posting Period (see the timetable below).
The Ethbates payment schedule
BUY earned in excess of 20000 ($20) is sent every three months (see below):
- Jan 1 – Mar 31 posting period, payments will be sent May 15
- Apr 1 – Jun 30 posting period, payments will be sent Aug 15
- July 1 – Sept 30 posting period, payments will be sent Nov 15
- Oct 1- Dec 31 posting period, payments will be sent May 15
Ethbates is currently offering a signup bonus of $5. The bonus comes as 5,000 BUY tokens, which makes them worth 0.1 cents each. If you do not have an account, you can sign up through my referral.
If you already have an account, you can refer friends and you will earn 25% of what they earn, once they have been paid. So it could make sense to refer a family member and use that second account for all your shopping. That way you can earn whatever rate is offered for a certain merchant, plus a 25% referral bonus that goes to your account.
How it Compares to Other Portals
Usually when new portals pop up, they offer some good rates on a few merchants to attract new users. This could be the case with Ethbates as well. They had Amazon as one of their merchants but they quickly removed it. They still have some other merchants that have the best rates available such as:
Ethbates doesn’t pay out a percentage on the total of your purchase amount. For example you get 6,000 BUY tokens when you spend $100 at eBay, 30,000 tokens if you spend $500 and so on. So you only get that maximum 6% cashback if you spend exactly $100, $500 or $1,000 for eBay.
This is just another portal and having new options is always good. Ethbates sets itself apart from other portals since it offers cryptocurrency instead of cashback, but what really matters is the rates they offer. For now it looks like you can definitely find some value when shopping through Ethbates, but let’s see if it lasts.
Let me know if you have used Ethbates.