It is believed that crypto and blockchains are some of the most promising technologies to emerge in the current millennium. Thousands of digital currencies have emerged since Bitcoin’s famous hike in price. Some are a novelty, while others are used by enterprises as investment platforms. The possibilities and use cases are endless.
But making crypto accessible and easy to use has been quite a critical task, and therefore crypto ramps were designed to bridge the physical and digital world, including currencies. Let’s take a look at what fiat on-ramp is in detail.
What is Fiat On-Ramp?
On-ramp is the exchange or type of service wherein you can offer fiat money like US dollars in exchange for cryptocurrency like Bitcoin. There are platforms that accept your fiat currency, and in exchange sell you the equivalent amount of cryptocurrency as per the current market rates.
To buy cryptocurrency, all you have to do is visit an online exchange and exchange your fiat currency for an equivalent amount of cryptocurrency.
Many parties need a fiat on-ramp. Without an on-ramp, wallets have to send users away to buy crypto and hope that they come back later. For crypto-businesses, fiat on-ramp reduces the complexity after the user onboarding. Whereas for other apps or websites, fiat on-ramp can be a way to monetize users. Parties that provide fiat on-ramps charge a referral fee to earn commission on every transaction.
Types Of Fiat On-Ramp
Many parties provide fiat on-ramps that can be integrated into your website. Each of these is different. Here is a list of some of the most famous on-ramps:
Moon Pay currently supports over 75 cryptocurrencies within its fiat on-ramp, including BTC, ETH, EOS, USDT, DOT, and many other ERC-20 tokens. In terms of fiat currency, Moon Pay has a wide range, including EUR, USD, CAD, AUD, and over 30 more fiat currencies. Moon Pay is easy to integrate and offers customizable widgets. A $1000 deposit is required to integrate Moon Pay which is returned once the platform has made $1000 from the transaction costs. Users also need to go through a KYC process by verifying their email and proving their identity through a passport or any other document.
Simplex’s gateway supports 12 different cryptocurrencies, including BCH, BUSD, ETH, XRP, BN, LTC, SLM, TRX, NANO, ATOM, and Dash. These can be bought through a wide range of supported fiat currencies like SD, EUR, AUD, CAD, and more. Simplex has been licensed as an Electronic Money Institution in Lithuania and therefore implements a strict KYC policy. Furthermore, Simplex can be integrated as a widget on wallets and exchange with some possible customization.
Founded in 2013, Wyre is said to be best for transfers to China, Mexico, or Brazil. Wyre does not have a standard markup over the mid-market rate. They typically use the blockchain rate, which is often better than the mid-market rate. Domestic transfers between Wyre user accounts are free, and the cross-border transfer fee is 0.75% of your transfer amount. However, it is important to note that Wyre currently offers full service to the US, Mexico, Brazil, and China only. Furthermore, it does not offer 24/7 support and limits its phone support to English speakers located in the US.
Comparing Fiat On-Ramps Fees
Here is a detailed comparison of some of the most popular fiat on-ramps.
|Fiat Gateway||Locations Supported||Fiat Currencies||Cryptocurrencies||Fees|
|Wyre||150+ countries including USA & EU (Excluding Russia)||USD, EUR, GBP, AUD, and CAD||BTC, ETH , DAI, USDT, BUSD, GUSD, HUSD, PAX, USDS and USDC||Credit/debit card 3.99% +$0.30Minimum fee = $5Variable network fee (depends on network congestion)|
|BTC Direct||The EU||EUR||BCH, BTC, ETH, LTC, XRP||Bank transfer (SEPA) = 1.5%Credit Card = 3%iDEAL = 1.5%Bancontact = 2.6%EPS = 2.8%Giropay = 2.8%Sofort = 3%|
|Moon Pay||160+ countries including USA, Russia and EU||AUD, BGN,BRL, CAD,CHF, CNY, COP, CZK, DKK, DOP, Peso,EGP, EUR, GBP, HKD, HRK, IDR,ILS, JPY, ,JOD,KES, KRW, KWD, LKR, MAD, MXN, MYR , NGN, NOK, NZD, OMR, PEN, PLN, RON, RUB, SEK,SGD, THB, TRY, TWD, USD, VND, ZAR||AAVE, ADA, ATOM, AVA, BAT, BCH, BNB, BTC, BTT, CELO, COMP, DASH, DGB, DOGE, DOT, EOS, ETC, ETH, FIL, LINK, LTC, MATIC, MKR, NEO, OM, PAX, QTUM, REP, RFUEL, SAND, SNX, TRX, UNI, USDC, USDT, VET, WAVES, XLM, XRP, ZEC, ZIL and ZRX.||Credit/debit card 3.99%Wire transfers & Faster payments: 1%|
Minimum fee = $4
|Xanpool||Hong Kong, Singapore, Malaysia, Philippines, Thailand, India, Vietnam, Indonesia||IDR, INR, HKD, MYR, PHP, SGD, THB, VND||AAC, ABT, ACT, ADA, AE, ALGO, APIX, APM, ARK, ATOM, BCH, BSV, BTC, DASH, EOS, ETC, ETH, LTC, NEO, NEM, OKB, QTUM, TRX, USDT, SLM, XRP, ZIL||Buy: 2.5%Sell: 3%|
Fiat on-ramps are crucial for onboarding and apps/websites should offer their users a choice to provide them the best coverage of payment methods, currencies, and give users the lowest fees.
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