f(x)Wallet fiat-to-crypto purchase service is powered by Ramp. The integration aims to empower users to buy crypto with multiple payment options in an easy and compliant way.
What is Ramp?
Ramp is a licensed fiat-crypto gateway and provides its users with an easy, built-in option to exchange crypto. For more details, you can visit https://ramp.network.
Supported currencies and countries
Currently Ramp provides services in 170+ countries and territories, and supports USD, EUR and GBP on the fiat side. Full list of available countries can be viewed here.
Kindly note that the services is not available to the following States:
- New York
How to purchase?
Users who would like to buy crypto with fiat can tap the keypad icon at their lower right hand side. Browse “All Available For Purchase” and tap “Buy” on the selected asset. Enter the amount to buy, and select the address for receiving the purchased crypto.
Tap “Next”, and the users will be redirected to Ramp Network to do the transaction, and then get redirected back to f(x)Wallet application when the purchase is done. Normally, Ramp settles your transaction in seconds. Sometimes the processing time might be longer depending on your payment method. Once the transaction is settled, users will receive the crypto on their selected address.
Supported payment options
Please note that the availability of a specific payment option would depend on the user's country/region, including bank transfer, Debit Cards, Apple Pay, and SEPA transfers.
- Easy bank payments
Easy bank transfer is available in selected countries. It is far more convenient than other options and cheaper than other fast methods like card transactions.
- Debit Card & ApplePay (available on iOS only)
Ramp currently supports debit cards issued by major banks across the world. The purchase process does not take more than 5 minutes, requires basic KYC to start and is available to all EEA countries.
Prepaid cards or credit cards are not supported for now.
- Manual bank transfer
This method is less convenient and slower than the other methods, but definitely the cheapest one.
Bank transfers should be sent from an account held in your own name and the transfer should clearly identify you as a sender. Transfers that do not comply with this condition will be processed on the best effort basis but at your own risk and may be refunded to the originating account at our sole discretion and without further notice. If Ramp decides to allow such a transaction, some extra checks may be required and the settlement may be significantly delayed. Please note that the vast majority of payment processing intermediaries or agencies send payments in their own name rather than the name of their clients so such transfers are very likely to be non-compliant. Refunds of non-compliant transfers are subject to a handling fee of € 15.
Currently SEPA and Faster payments are supported.
Buying crypto with SEPA transfers is available to all holders of a EUR denominated bank account. These transfers take approximately 24 - 48 hours to complete.
Ramp charges a fee from 0.49% to 2.9% per transaction, depending on the purchase volume and chosen method of payment. Details could be viewed as below:
Manual transfer transactions
0.99% per transactions up to 2500 EUR
0.49% per transactions greater than 2500 EUR (0.99% on 2500 EUR, then 0.49% on additional amount)
Easy transfer transactions
1.99% per transactions up to 2500 EUR
1.49% for transactions greater than 2500 EUR (1.99% on 2500 EUR, then 1.49% on additional amount)
Debit card transactions
The minimum fee per transaction is 3.99 EUR. Besides, Ramp may also apply an additional network processing fee of up to 0.5 EUR to cover blockchain transaction costs.
KYC & Purchase limit
Very often Ramp is able to complete KYC identity verification using your bank account data via open banking API. This process takes seconds, and no physical document is required. In this case, the limit on fiat transactions that could be made is as below:
Tier 1 - Basic Information
Card Payments - 50 EUR per day, 5 transactions in a lifetime
Bank Transfers - 1000 EUR per transaction, 3000 EUR or 5 transactions in a lifetime
Tier 2 - Bank API Check
Card Payments - 100 EUR per day
Bank Transfers - 5000 EUR per transaction, 10 000 EUR per month
If you would like to expand your transaction limits, you will have to perform an extended KYC on Ramp. Therefore, old-style account verification is necessary (in line with the KYC limits). This one-off verification procedure whitelists the account for all future transactions. Provided that the required documents are complete and in order, the verification process may take from 10 minutes up to the next working day. Below are Ramp’s purchase limit in line with extended KYC verification tiers:
Tier 3 - Identity Document Verification
Card Payments - 1000 EUR per day, 20 000 EUR per month
Bank Transfers - 5000 EUR per transaction, 20 000 EUR per month
Tier 4 - Identity Document Verification, proof of address, we may ask about your source of income
Card Payments - 2000 EUR per day, 50 000 EUR per month
Bank Transfers - 5000 EUR per transaction, 50 000 EUR per month
Tier 5 - please contact us at firstname.lastname@example.org
Bank Transfers - up to 500 000 EUR per transaction
Please keep in mind that:
- The daily limit is calculated on a basis of a 24-hour period since the time of your purchase, not a calendar day
- The monthly limit is counted as a 31 day period from the time of your purchase.
- Limits in currencies other than EUR will be calculated as the value equivalent of the limits listed above.
Change or cancel transactions
There is no way to change or cancel your transaction. Once the transaction is initiated and the swap is created it should not be changed or canceled. Once the transaction is paid for, it is irrevocable and irreversible. All this is happening on the blockchain and such transactions are final by their very nature.
As long as the transaction has not been paid for, you can just abandon it and create a new one, but your access to Ramp can get restricted if you do that notoriously.