Fiat-on, Fiat-off Crypto Ramp on a Single App? Here’s How It Works With Eidoo
Updated: Sep 15, 2021
Some of the problems crypto users face when first starting out in this space are:
how to get on the crypto train,
how to successfully navigate tempestuous crypto waters, and
how to get off the rollercoaster.
As a new and exciting way of doing finance, DeFi can be daunting to newcomers since they aren’t sure how to get over these hurdles.
However, Eidoo wallet makes it incredibly easy!
It is your fiat to crypto and crypto to fiat gateway.
We are completely focused on our users, so we have shaped our on-ramp and off-ramp services to be easily accessible to both crypto newbies and veterans.
Here is how fiat on-ramp and off-ramp work within the Eidoo wallet app.
1. Fiat on-ramp — Buying crypto
Since Eidoo is a DeFi wallet, you don’t have to transfer your funds with any centralized exchange, such as Bitfinex, Binance, etc. All fiat to crypto transactions happen in the app itself.
And because it is also a non-custodial wallet, you don’t have to worry about the safety of your funds — they are in your wallet and not with any third-party platform, and only you can access them.
So, once you’re in the app, you start the fiat on-ramp process by clicking on the BUY button (as seen in the screenshot below). This will then show you an array of options for fiat-backed tokens (Moneyfold EUR, USD Coin, Tether USD), and many other assets, like Bitcoin, pTokens BTC, and Ether.
Based on the chosen asset, you can make the purchase via the following:
Wire transfer — bank icon
Credit card — card icon
Instant SEPA — lightning icon (available only for stablecoins)
A good thing about Eidoo is that wherever there is more than one option available, the app will signal which one will cost you less. With as low as 1%-fee, that will always be wire transfer. Pretty neat, right?
This means that Eidoo gives you the cheapest crypto on-ramp terms. Moreover, fees for all cryptocurrency purchases are subsidized by Eidoo.
To purchase crypto assets with a wire transfer, you will need to go through the process of Tier 2 identity verification via the EidooID service.
Once your EidooID verification is completed and your account is labeled as Tier 2, you will be able to access the following screen. To proceed with the wire transfer, simply copy the bank references in your home banking app and continue. The menu automatically displays the current conversion rate for the chosen coin or token.
Important: don’t forget to write down the reference number (in yellow) in your transfer.
On the other hand, if you select to buy crypto with a credit card, fees will be higher and there is a lower purchase limit of $50 or €50.
Once you choose the amount of money you would like to spend on this fiat to crypto on-ramp transaction, you will be able to see how much that is in the selected cryptocurrency and proceed to confirm the transaction by inserting your Eidoo wallet password.
Keep in mind that when you purchase with a credit card, you will use an external gateway, namely Simplex, that requires separate identity verification. You will need to follow the instructions received via email to complete the purchase correctly.
You can use your Visa or Mastercard debit or credit card for the purchase of cryptocurrencies via Eidoo.
2. Fiat off-ramp — Selling crypto
When talking about fiat off-ramp, selling cryptocurrency for €EUR — as supported by the Eidoo wallet — comes to mind first.
If you are a Tier2-verified Eidoo app user and located in Europe, you can enjoy lightning-fast crypto-fiat off-ramp service. The Instant SEPA feature allows you to go from crypto to cash in minutes instead of hours — and you can have up to two of these ultra-fast transactions per day.
Swap your DAI, USDT, USDC, and EURM tokens for €EUR without ever leaving the Eidoo app and with only a 1% cashout fee.
You can find the cashout option on the carousel strip within the Eidoo wallet, which will then open a new confirmation window (as seen in the screenshots below).
If you haven’t verified your Eidoo account yet, you’ll need to go through the steps first, and only then can you proceed with crypto off-ramp cashing out.
Once you complete the EidooID verification process and your account is labeled as Tier 2, you will be able to access the following screen.
Before proceeding with the cashout, please read carefully the Terms of Service.
Tap on SELECT CASH OUT CURRENCY and choose the stablecoin you want to deposit to our dedicated cashout address.
To proceed with the crypto off-ramp procedure, click on SELECT YOUR IBAN, then on ADD NEW IBAN, and enter your bank credentials. Remember that the bank account owner information and EidooID account must match. In other words, the owner of the bank account and the owner of the Tier2 verified wallet must be the same person. Once the cash-out currency and bank details are confirmed, click on CONTINUE.
In the final step, the cash-out summary will be created together with a reference number. To complete the cash-out, continue to the next step and deposit your stablecoin into the precompiled address (do not change it!). Important: Remember that you need ETH in your wallet in order to perform the transaction.
So, as you can see, the Eidoo wallet does offer truly frictionless fiat on and off-ramp protocol in the crypto space.
So what are you waiting for?
Download your Eidoo wallet now and experience leading-edge DeFi!