A crypto “onramp” is a service or platform that allows users to convert their fiat currency into cryptocurrency. These platforms provide an entry point for new users who want to buy coins but are not great permanent custodial solutions. Coinbase is a well-known example of a crypto onramp.
- Fiat-to-Crypto Conversion: Onramps facilitate the purchase of cryptocurrencies using fiat money. Users can deposit their local currency and buy cryptocurrencies directly on the platform.
- User-Friendly Interfaces: These platforms are designed to be intuitive and easy to use, catering to both beginners and experienced traders.
- Payment Methods: Onramps support various payment methods, including bank transfers, credit/debit cards, and sometimes even alternative payment methods like PayPal.
- Regulatory Compliance: Most reputable onramps comply with local and international regulations, including Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Users typically need to verify their identity before they can start trading.
- Security: Onramps implement robust security measures to protect users’ funds and personal information. This includes features like two-factor authentication (2FA), encryption, and secure storage of assets.
