Have you ever heard of crypto on ramps and off ramps apps? In this article, we’ll take a detailed but concise look at everything you need to know about crypto on ramps and off ramps, including their pros and cons. Now, let’s get into it!
Discussions around cryptocurrency can sometimes feel alien to some crypto traders because the ecosystem contains several terminologies and lingos. The only terms that almost everyone is familiar with are coins, Bitcoin, NFT, price crashes and volatility, and a few others. Unfortunately, knowing all these terminologies doesn’t mean someone is grounded in crypto trading because that is not the entry point of crypto.
There are several barriers to crypto entry, including going through different exchange wallets, learning how to trade on exchange platforms, and wasting time and money on gas fees across crypto platforms. New tokens, Web3, Defi, and different solutions are enough to make anybody’s head spin. This is where crypto on ramp and off ramps comes into play.
You probably ask yourself why you should concern yourself with crypto off-ramps and on-ramps. The answer is simple, knowing about them will increase your confidence in trade and expose you to the connection that cryptocurrency and fiat currencies share.
What is crypto on-ramp?
Crypto on the Ramp are platforms that allow users to convert fiat currencies to cryptocurrencies. It is the entry point of any trader into a decentralized cryptocurrency blockchain network. On-ramp doesn’t necessarily refer to a single, unified platform. Historically, on-ramping has taken place across multiple platforms and involves countless steps.
Typical examples of on-ramp platforms are centralized exchanges like Binance, NFT marketplaces like Rarible and Open Sea, mining pools, play-to-win platforms, and work-to-earn platforms.
Advantages of crypto on-ramp
The advantages of crypto on-ramps are listed below.
- Using crypto on-ramp apps is easier for beginners because the process is straightforward.
- Transactions are swift and speedy, especially if the platform is well-built.
- On-ramp apps encourage East entry into the crypto ecosystem.
- On-ramps are more diverse than off-ramps.
Disadvantages of crypto on-ramp
Some of the disadvantages are listed below.
- It is costly because of transaction fees. This fee usually depends on the platform.
- There is no privacy, but KYC is sometimes required.
What is crypto off-ramp?
Crypto off-ramps are platforms that allow crypto holders to convert crypto to fiat currencies. It is the direct opposite of on-ramps. These platforms are mostly known for providing liquidity for crypto holders for fiat money. The crypto off-ramp is the exit point from the crypto ecosystem back to conventional fiat currencies. Crypto off-ramps include digital trading platforms like Astro Africa and Dart Africa, centralized exchanges like Coinbase, and crypto debit cards.
Advantages of crypto off-ramps
The advantages of off-ramps are listed below.
- Off Ramps offer liquidity by giving crypto traders the ability to spend their cryptocurrencies by converting them to fiat currencies that are generally accepted.
- There is freedom of access to fiat currency and asset transfer.
- It is usually easier to use than on ramps, especially on centralized exchanges.
Disadvantages of crypto off-ramps
The disadvantages of off-ramp apps are listed below.
- Depending on how the platform was built, transactions might be slow.
- The cost of converting crypto to cash is usually higher than the cost of buying crypto with fiat.
Is Astro Africa an off-ramp or on-ramp app?
Astro Africa is a crypto off-ramp app. It is a digital trading platform that allows users to convert cryptocurrencies like Bitcoin, Ethereum, and USDT to naira or Cedis. The platform is devoid of all the shortcomings associated with other off-ramp apps because it supports fast transactions and does not charge transaction fees.
Astro Africa: How to use an off-ramp app
To trade on an off-ramp app like Astro Africa, you will need to create an account first. To do so, follow the steps below.
- Visit the Astro Africa website.
- The registration process is an easy two-step process.
- For the first step, input your first and last name.
- Input your valid email address.
- Input your phone number.
- Click “Continue” to enter the second step of the registration process.
- Select a country, Nigeria.
- Input your password.
- Input the referral code of your referee so that they can be rewarded. If you don’t have one, skip this section.
- Agree to Astro Africa’s terms of use and privacy by clicking the box.
- Click Create an Account.
- Astro Africa will verify your details and send a six-digit confirmation code to your email for verification.
- Complete your account creation by adding a bank account and creating a transaction pin.
- After becoming registered, you can convert Bitcoin to naira or Cedis.
