Crypto On-Ramp component

What is On-Ramp?

“A cryptocurrency on-ramp refers to an exchange or similar service where you can offer fiat money in return for cryptocurrency.”

Similar to computers, terms used in cryptocurrencies are taken from everyday usage. Imagine the process of obtaining or using cryptocurrency as the equivalent of entering or exiting a highway. They are known as on-ramps and off-ramps, respectively.

Why On-Ramp??

For the cryptocurrency market to grow both in terms of users and in terms of money, on-ramps and off-ramps are important. They are fundamental to closing the gap with the conventional financial world as well.

Examples of platforms with on-ramp

On-ramps and off-ramps come in a wide variety, including some of the most recognizable brands in the industry.

Well-known companies like Binance and Coinbase allow customers to buy cryptocurrencies with debit cards and provide a number of ways to move fiat in and out of exchanges.

Problems?

Drawing from usability heuristics, here are some problems or violations and solutions:

Friction 1.1: Some platforms require users to create an account and complete KYC before buying their first crypto. This adds a big barrier to entry for enthusiasts looking to buy their first crypto.

Solution 1.1: Taking clues from the existing mental model in e-commerce, a better approach is to allow users to go through the process of purchase and, at the end, create an account with email and password. This way, you ensure new users focus on buying their crypto. KYC can be completed later.

Error prevention 1.2:

In some platforms, the icon of the fiat currency is used instead of using the currency initials. The problem with this is that for currencies like the dollar that have a crypto equivalent (USDT), it can become confusing for users to tell what is fiat and what is crypto.

Solution 1.2: Use the fiat currency icon together with the initials. This makes it more recognizable and differentiates it from other currencies.

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