Whether you are a new or seasoned investor, you need a secure and reliable method to convert fiat currency into crypto assets. The platforms that facilitate this process are called fiat onramps.
This guide explores some of the trustworthy fiat onramps you can use in 2023. We will discuss the major features that convinced us to pick them.
What’s a Fiat Onramp?
Simply put, a fiat onramp is a platform that allows users to trade their traditional money for cryptocurrencies. Fiat onramps play a significant role in helping people to transition from a centralized finance system to one that is decentralized, giving them more control over their funds.
Top Seven Fiat Onramps
MoonPay
Two years ago, MoonPay was recognized as the best crypto purchasing platform at the Fintech Breakthrough Awards. Its user-friendly interface makes it easy for new investors to buy their first cryptocurrency. MoonPay is available in over 90 countries and supports thirty fiat currencies. You can purchase one of the eighty cryptocurrencies listed on this platform through debit/credit cards or bank transfers. Note that a 2% fee is incurred on every purchase.
Changelly
On top of being a fiat onramp, Changelly is a crypto exchange, allowing users to start trading immediately after converting their traditional money to digital currencies. It’s worth highlighting that you will need to use a third-party payment processor like MoonPay to purchase crypto with fiat currencies on Changelly. The platform is available in all European Union member states and 150 other countries.
Binance
This platform provided multiple fiat-to-crypto gateways, making it the number choice for many investors. Firstly, Binance supports the purchasing of cryptocurrencies using debit cards. The minimum amount you can spend if you pick this payment method is $15. Secondly, the platform accepts deposits in local currencies such as Brazilian reais, Australian dollar, and Russian ruble through bank transfers. These two methods attract a fee ranging between 1% and 4%. But the good news is that Binance has a peer-to-peer service that lets users buy cryptocurrencies directly from other users using local currencies at zero fees.
It is important mentioning that Binance will only allow you to transition from fiat to crypto after completing the know-your-customer procedure. This helps to block any attempts of money laundering.
Bybit
Buying crypto with traditional money on Bybit is totally free. However, when converting your cryptocurrency back to fiat, you will incur some charges. Like Binance, Bybit supports crypto purchases via debit cards and peer-to-peer trading. This platform operates in all European Union countries and additional 110 nations.
Kraken
Kraken is a US-based crypto exchange popular for offering trading at relatively low fees. The platform also provides several ways for users to fund their accounts with fiat currencies, which they can use to buy crypto. After verifying your trading account, you can deposit United States Dollars, Canadian Dollars, and Euros through bank transfers and debit cards at a minimal fee.
Coinbase
Coinbase is another top option for new investors as it has a user-friendly interface, which simplifies cryptocurrency buying. Your USD deposits reflect on your account instantly. And since it is a crypto exchange, you do not have to transfer your newly bought digital assets to other platforms to trade.
What makes Coinbase stand out from other fiat onramps is its ability to process instant withdrawals. Waiting for several days to receive funds in your bank account is a thing of the past on this platform.
Coinbase operates in the United States, European Union, and United Kingdom.
BitPay
BitPay allows users from over thirty countries to deposit eight fiat currencies using debit cards and Apple Pay. You can then buy various cryptocurrencies supported by the platform, including Bitcoin and Bitcoin Cash. Note that a 2% deposit fee is charged per transaction.
Conclusion
Fiat onramps are essential tools in the crypto industry that bridge digital assets with traditional finance. However, not all offer a good transition experience. But we believe the seven platforms discussed above will meet your expectations.
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