Exchanges / On-Ramps
On this page... • On-Ramps • Exchanges • Additional Info
On-Ramps
An on-ramp is any platform that lets you buy crypto assets using FIAT (Cash in the traditional sense). Usually a token that you will go on to use on whatever blockchain you have chosen to use.
Some wallets lets you buy native coins using a bank card, bank transfer, etc for certain chains direct from your wallet (although they use third party companies). This is on on-ramp. An alternative is using an exchange, see below.
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Exchanges let you trade a lot of coins on all different blockchains. You have to register for these and put your bank details in etc but they can makes it very easy to buy cryptocurrencies easily. You will need to transfer them to your wallet from the exchange for you to then go on and use these tokens from your wallet if you wish to buy NFT's, or stake, for instance.
Know your customer (KYC) has become compulsory on a lot of exchanges due to pressure from governments. This means you have to prove who you are before you can buy assets on their sites.
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In general you should only use exchanges to exchange. Clues in the name. Many people dont and leave their coins in the account, particularly when it comes to coins and tokens. However, if an exchange goes under any assets you hold in that exchange are simply gone. If they are kept in a wallet they will still be there. Unless the blockchain collapses, which is far less likely.
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