Cryptocurrencies are on a major bull run right now and like most traders, you better stay up-to-date not to miss out. With a fast-moving market like cryptos you clearly don’t want any delays in funding your account and opening your first trades.
The first thing you’ll need to do is buy some crypto, and that is not always as easy as it sounds. In all likelihood you’ll be looking to exchange your fiat currency for digital ones. What was once a difficult process has been made much easier thanks to cryptocurrency “onramps”. Let’s have a look at what they are, how they operate and why you should choose Deriv to be your crypto derivatives trading partner.
What is a cryptocurrency onramp?
It used to be very difficult to start trading or investing in crypto. You needed to hold certain types of cryptocurrency (usually bitcoin/BTC) and deposit that on an exchange to start buying or trading other cryptocurrencies. This made it very prohibitive for most people.
Fortunately, we now have an excellent solution to this issue — crypto onramps.
Cryptocurrency onramps are services that create a bridge between fiat and crypto. They allow you to purchase cryptocurrency in exchange for your fiat deposit, meaning you can enter the world of crypto trading quickly and efficiently.
Onramp services handle the entire exchange process, while also ensuring a steady and constant stock of cryptos for you to trade. Additionally, onramps take over the risk of price volatility of crypto.
Onramps are a perfect alternative for you if, for whatever reason, you cannot deposit with us directly. This is because onramps use different payment gateways with higher probability of successful deposit with Deriv.
At Deriv, we’re proud to offer you onramp solutions that are capable of covering you no matter where you are in the world. For example, Wyre, Banxa and Changelly are - global solutions. Xanpool also offers a fiat onramp for those in South East Asia.
Why are onramps important?
Put simply, the fact that you can now choose to go and buy Bitcoin (BTC) — or any number of other digital assets — directly with a debit or credit card, makes the world of cryptocurrency infinitely more accessible than it used to be. It basically opens up the entire market to anyone who is savvy enough to wield their plastic to make an online purchase.
This has afforded crypto a lot more legitimacy than it once had and more and more retail traders are entering the market, safer in the knowledge that they have the flexibility to jump in when they want to.
Why is that good? More people trading, means more liquidity and, potentially, more opportunities!
Which onramps does Deriv currently offer?
At the moment, we use four onramp solutions that allow you to quickly and easily deposit fiat and trade crypto on our MT5 platform.
These onramps include Changelly, Wyre, Banxa, and Xanpool.
Each of these are excellent fiat-crypto onramps, but let’s choose Changelly as an example to explain how it all works.
Changelly can provide you with a totally seamless trading experience. It’s a crypto exchange that’s speedy, safe, and available all over the world.
Deposits via Changelly can take between 5-30 minutes to be processed, depending on the exchange amount and the blockchain capacity. Deposits are available in USD and you can add between $50 - $5,000 in a single go.
You simply need to choose a pair, get verified and you’ll receive coins directly to your personal wallets within a maximum of 30 minutes.
To make a deposit via Changelly:
- Log in to app.deriv.com and switch to your cryptocurrency account;
- Click Cashier;
- Select Fiat onramp;
- Choose Changelly;
- You’ll be redirected to the Changelly website where you’ll need to select a payment method, an amount to buy and make the transaction;
- Once done, you’ll be sent back to Deriv.
Now you’re ready to start trading crypto!
Trade Crypto with Deriv
As a trader you probably know more than anyone that time is always of the essence. Crypto markets are live 24/7, so every second counts. Having a high-quality onramp is essential and, with our four excellent options to choose from, that's where Deriv can really excel for you.
We also offer trading in 10 cryptocurrency derivatives, including Bitcoin, Ethereum, Bitcoin Cash and more, all against the US dollar. The coins that we carry for deposit are BTC, LTC, ETH, USDT (via omni-layer) and USDC (usd coin).
Each of our crypto CFD assets has highly competitive conditions and you can trade safely in the knowledge that you're doing so with one of the longest-standing brokers in the business.
Sign up for a free demo account now and begin your crypto trading adventure with Deriv!
The contents of this article do not constitute trading advice and should be treated as general information only.
Please trade responsibly. For more information about responsible trading please visit: https://deriv.com/responsible/
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with www.deriv.com