On your first foray into the rapidly-growing world of cryptocurrency, you are likely to come across the word ‘on-ramp’. On-ramping your crypto simply refers to the process of transferring fiat currencies to a cryptocurrency platform. It involves converting regular, fiat money to cryptocurrencies.
If you are looking to invest in digital assets, knowing how to on-ramp funds is a major first step. It is crucial to understand the intricacies and complexities of changing your fiat or ‘paper’ money to cryptocurrencies. But understanding the process is not enough; you should also endeavor to employ the most-efficient methods – or platforms – when on-ramping funds.
Luckily for you, this article explores the best ways to on-ramp funds, while highlighting the best platforms and services for converting your fiat money to cryptocurrency.
Also Read: The Cheapest Way to Off-Ramp Funds on Exchanges in 2023
Top Crypto On-Ramps in 2023
1.Binance
Binance is a popular cryptocurrency exchange renowned for its low trading fees and extensive selection of cryptocurrencies. Widely regarded as the world’s biggest crypto exchange, Binance offers an excellent platform with several trading options and order types. While the exchange is facing regulatory issues in some countries, including Singapore and the U.S., it still supports a variety of fiat currencies, including USD, EUR, GBP, etc.
Binance allows its users to deposit fiat currencies from their external wallets and bank accounts. However, the payment method may vary, depending on the fiat currency being deposited. To on-ramp on Binance, simply head to the Fiat tab, select the payment option and the cryptocurrency you’d like to convert your funds to, and you are good to go.
The payment methods available on the crypto exchange include credit cards, debit cards, bank transfers, e-wallet, Binance fiat balance, and so on. The deposit fees typically vary, depending on the payment method and fiat currency. That said, the maximum & minimum deposit amount depends on your verification level and your country.
Binance deposit fee ranges from free to 0.65%, but as high as 3.3% for some currencies and payment options.
2. Coinbase
Coinbase is a top centralized exchange (CEX) that provides a platform for buying and selling cryptocurrencies. This crypto exchange is famous for its earn feature, which allows users to earn a passive income on their crypto holdings. Coinbase supports the trading of over 200 cryptocurrencies and frequently updates its list with new coins.
Coinbase offers one of the best on-ramping services in the cryptocurrency industry. All you need to do is go to the ‘Buy’ panel, input the fiat amount you want to on-ramp or the cryptocurrency you want to purchase, select your preferred method, preview the transaction, and then click ‘Buy’. Usually, you can on-ramp as little as 2 units of your local currency on Coinbase.
You will likely be charged a fee for purchasing crypto on Coinbase. While this fee may vary due to the size of your purchase, it will definitely be disclosed before you complete the transaction. For transactions between $10 and $200, the fee ranges between $0.99 and $2.99.
Meanwhile, for transactions of $200 and above, Coinbase charges a percentage-based fee.
3. Gemini
When it comes to on-ramping funds via a centralized exchange, Gemini is one of your best bets. With several unique features and helpful tools, Gemini is an excellent cryptocurrency exchange designed for both beginners and experienced traders. It offers a safe and secure platform to buy and sell nearly 100 crypto assets.
Gemini provides its users with a seamless on-ramp experience through its numerous payment methods, including wire and bank transfers, ACH transfers, Apple and Google Pay, etc. Once your Gemini account has been verified, and you’ve linked it to your funding source, you can proceed to convert your fiat funds. You can learn more on how to on-ramp funds on the platform here.
Gemini supports a good range of fiat currencies, including USD, EUR, GBP, SGD, and so on. However, it is worth noting that fiat currency availability largely depends on your country of residence.
Similar to Coinbase, Gemini charges a fee of $0.99 to $2.99, depending on the transaction volume. For crypto purchases over $200, you will incur a 1.49% charge.
4. Ledger Live
Indeed, centralized exchanges are a fantastic option when it comes to on-ramping funds. But, it typically involves the use of a custodial wallet, which doesn’t afford you full control of your funds. Fortunately, you can on-ramp your funds on a cold wallet, like Ledger Nano, that you fully control.
You can on-ramp your fiat funds seamlessly via the Ledger Live ecosystem. This involves using their partners, such as MoonPay, Wyre, and Coinify, to purchase various cryptocurrencies. To buy crypto via Ledger Live, you will need your regular credit card in conjunction with your Ledger Nano wallet.
5. MoonPay
If you don’t want to use a CEX and you are looking to on-ramp fiat funds, Moonpay is another top platform to consider. This on-ramp service is available on over a hundred wallets, dApps, and DEXs, creating a smooth on-ramp experience for crypto enthusiasts. Moonpay enables its users to purchase crypto directly into their crypto wallets through various payment methods, including bank transfers, card payment, e-payment options, like Apple Pay and Google Pay.
Furthermore, decentralized exchange (DEX) users are able to buy crypto assets via Moonpay. Leading decentralized exchanges, like Uniswap, Binance DEX, 1inch, etc., have Moonpay integrated into their protocol, enabling users to purchase DeFi tokens directly into their own wallets.
As with other options on this list, Moonpay does charge a fee for its on-ramping services. The table below outlines the charges you might incur buying crypto via Moonpay.
| Processing Fee | Network Fee | |
| Card Payments | 4.5% (min. $3.99/€3.99/£3.99 or currency equivalent) | Varies |
| Bank Transfers | 1% (min. $3.99/€3.99/£3.99 or currency equivalent) | Varies |
| PIX | 2.95% | Varies |
6. Ramp Network
Rounding up this list is Ramp Network, which is another on-ramp service. This platform allows decentralized application (dApp) users to buy cryptocurrencies more conveniently. Ramp Network supports a wide variety of cryptocurrencies and DeFi assets, including stablecoins DAI and USDC.
Ramp Network offers a good selection of payment methods, including bank transfer, card payments, Google and Apple Pay, etc. Unfortunately, the on-ramp service offers a limited range of fiat currencies (only USD, EUR, and GBP). That said, each country is assigned a specific currency for on-ramping funds.
The fees for buying crypto via the Ramp Network ranges from 1.99% to 3.9%, depending mostly on the on-ramp amount and payment method. However, there is a minimum fee of €2.49 on each transaction. You can learn more about the platform’s fee structure on this page.
Comparing the Best Crypto On-Ramps in 2023
| Method | Fees | Supported Cryptocurrencies | MAS Exemption | SGD support |
| Binance | 0.65% – 3.3% | 350+ | No | No |
| Coinbase | $0.99 – $2.99 ($200 transactions and lower) | 200+ | Yes | Yes |
| Gemini | $0.99 – $2.99 ($200 transactions and lower) 1.49% ( $200+ transactions) | 90 | Yes | Yes |
| Ledger Live | N/A | 1,800+ | – | – |
| Moonpay | 4.5% (Card Payments) 1% (Bank Transfers) | 100+ | Yes | No |
| Ramp Network | 1.99% to 3.9% (min. €2.49) | 50+ | No | No |
Closing Thoughts
On-ramping is a crucial step for individuals looking to invest in digital assets and actively participate in the world of cryptocurrency. With several on-ramp options available, it is essential to stay informed on the most effective ways and platforms to convert fiat money.
There are numerous on-ramp options to consider, ranging from centralized exchanges to on-ramp services, each with its own set of benefits and drawbacks. Hence, you must do your due diligence and conduct enough research before settling on a choice.
Also Read: Unveiling the 10 Most Lucrative Jobs in the Crypto World
[Editor’s Note: This article does not represent financial advice. Please do your research before investing.]
Featured Image Credit: ChainDebrief
This article was written by Opeyemi Sule and edited by Yusoff Kim
