Transak vs Moonpay: Battle Of The Crypto On-Ramps

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As a seasoned blockchain developer with years of experience under my belt, I’ve had the opportunity to work with various crypto on-ramps to integrate them into my dApp projects. Among Transak and Moonpay, I’ve found Transak to be the more versatile and user-friendly option for several reasons.

With just a few lines of code, on-ramp services enable developers to incorporate buying and selling crypto functionalities directly into their dApps. This streamlined integration shields new users from having to deal with the complications of locating a cryptocurrency exchange independently.

It’s crucial that this feature is implemented because research suggests that many potential users may be deterred from creating an account with a crypto exchange due to the perceived hassle. By enabling users to quickly purchase the cryptocurrency they require directly within the app, developers can significantly increase their chances of successfully bringing on new users.

The undisputed leaders in the crypto onboarding sector are Transak and Moonpay, handling the majority of transactions. These giants dominate the market in this rapidly expanding industry.

Transak vs Moonpay: How Do They Compare? 

While Transak and Moonpay provide comparable services, it’s essential to note that they aren’t exactly the same. There are distinguishing features between these two platforms that developers should consider before integrating them into their decentralized applications (dApps). Understanding these differences will help determine which platform caters best to your dApp’s user base.

The distinctions encompass significant foundational aspects, including the variety of cryptocurrencies purchasable, the types of payment methods accepted, and the geographic markets catered to. To select the optimal crypto access point for their intended user base, developers must take into account their audience’s specific requirements.

About Transak

Cryptocurrencies we back: As a bridge to the crypto world, the range of tokens we accept is crucial. Transak currently facilitates transactions in 173 different cryptocurrencies, including heavyweights like Bitcoin, Ethereum, Solana, USDC, USDT, Dogecoin, and numerous others.

Fiat currencies accepted: For users of decentralized applications (dApps) to access cryptocurrencies using on-ramps, it’s essential that these on-ramps can handle the fiat currency preferred by the dApp community. Transak provides extensive coverage for all major fiat currencies, amounting to a total of 76 options.

Payment Options: Users are equally interested in the various ways they can make a payment. Transak offers flexibility with 17 diverse payment options, such as credit and debit cards, bank transfers, Google Pay, Apple Pay, among others.

Payout methods: Transak’s payout options are much more limited, with just three available at the time of writing, including Faster Bank Transfer, SEPA and SEPA Instant. However, it does at least claim that its payouts are instant, with the money landing in user’s bank accounts in a matter of seconds. 

Transak expands its reach to cover a grand total of 169 countries around the world. In each location, we offer seamless services for converting fiat currency to cryptocurrency, as well as vice versa.

In the world of cryptocurrencies, while transactions are decentralized, the need for user identification is essential for crypto-to-fiat exchanges. Transak simplifies this process with its streamlined KYC (Know Your Customer) procedure. Users can begin effortlessly by entering their name and billing address, without the necessity of submitting documents initially. To advance to Level 2 KYC, they need to provide an ID, proof of address, and undergo a liveness test, enhancing their transaction limit up to $20,000. For Level 3 and unlimited transactions, more comprehensive verification procedures are mandatory.

Integration: With Transak, dApp developers can effortlessly onboard our platform using a variety of APIs. We offer an instant checkout SDK, a React Native SDK, as well as APIs for iOS, Android, and White-Label integrations.

The costs for converting fiat money to cryptocurrency and vice versa during withdrawals can vary between a minimum of 0.99% up to more than 5%.

Transak’s affiliate program grants a set compensation for every transaction initiated through an affiliate reference. The program comes equipped with comprehensive training and assistance, as well as the opportunity to advertise selected tokens at reduced exchange rates.

As a crypto investor, I’d express it this way: “In addition to its crypto buying and selling features, Transak offers an NFT checkout for seamless fiat purchases of NFTs. Furthermore, the platform provides access to Transak One, empowering users like myself to participate in DeFi protocol activities such as staking and supplying liquidity using fiat currency.”

About Moonpay

Moonpay’s fiat-to-crypto platform enables purchasing of over 120 cryptocurrencies: Major cryptocurrencies are among the options on Moonpay’s supported list, though less popular digital assets are not currently included.

Moonpay Currently Supports the Following Fiat Currencies: Presently, Moonpay allows users to purchase cryptocurrencies using any of these 34 fiat currencies: … (list the currencies).

Payment Options: Moonpay offers a total of eight different ways to make payments, which is less than what Transak provides. However, it distinguishes itself as the sole on-ramp that accepts PayPal for transactions.

As a researcher examining Moonpay’s payout options, I’ve discovered that the number of payout methods is more restrained than their payment methods. Currently, there are five available payout methods: bank transfers, debit cards, PayPal, SEPA, and SEPA Instant, as well as UK Faster Payments. Among these, only PayPal and SEPA Instant enable immediate withdrawals.

As a researcher investigating Moonpay’s reach, I’ve discovered that this platform supports a total of 158 countries. In these regions, users are granted the ability to both purchase and sell cryptocurrencies.

KYC Procedure: Similar to Transak, Moonpay implements a multi-step KYC procedure. It starts with a basic identity verification and progresses to a more intricate wealth confirmation stage. Unlike Transak where users can accomplish each phase in one go, Moonpay’s method is sequential. Users can advance to the subsequent level only after they surpass their transaction threshold.

As a researcher examining the integration options for Moonpay, I’ve discovered that developers have the flexibility to select from six different SDKs to implement Moonpay in their projects. These SDKs cater to various platforms such as Node.js, React, and Web, along with Android, iOS, and React Native. Additionally, Moonpay provides a straightforward URL integration method, enabling developers to direct users to Moonpay’s website right from their application.

For each transaction, Moonpay applies a fixed fee: a 4.5% rate or a minimum of five dollars (whichever amount is greater). This fee applies to both conversions from fiat currency to cryptocurrency, and vice versa.

Affiliate scheme for dApp creators: Developers of decentralized applications (dApps) have the flexibility to set affiliate commission rates between 0.5% and 1.25% on every transaction processed through Moonpay. This adaptable program empowers users to find the most advantageous balance based on how frequently their users engage with Moonpay.

As a researcher exploring Moonpay’s offerings, I came across several additional services apart from their crypto gateway. These include an NFT checkout solution, a Web3 passport service, and the HyperMint service for creating NFT-based assets.

Which Crypto On-Ramp Is Best?

Based on the given data, it’s clear that Transak holds several notable advantages over Moonpay. The primary advantages include a broader range of supported cryptocurrencies, fiat currencies, and regions, as well as a greater selection of payment methods. Additionally, Transak’s KYC process is more flexible for users, allowing them to complete the necessary steps at their own pace. Furthermore, Transak usually charges lower transaction fees, making it a more economical choice, especially for smaller transactions, since there is no minimum withdrawal fee.

While Transak may have some advantages, it’s important to note that Moonpay holds the upper hand in certain areas. Moonpay provides more options when it comes to payout methods, and its affiliate program is more open and adaptable, although we can’t definitively say which one is more profitable. Additionally, Moonpay offers a broader selection of products beyond its primary on- and off-ramp services.

In summary, Transak seems to outshine other services due to its extensive support, enabling it to cater to a larger base of dApp users in various markets. Its ability to accommodate a wider range of requirements makes it more versatile, providing more options in key aspects.

Developers should keep in mind that different audiences may not find Transak the best fit for every decentralized application (dApp). Each dApp has distinct requirements concerning token acceptance, payment and payout options, and geographical accessibility. Both Transak and Moonpay have earned positive feedback, with TrustPilot rating Transak at 4.2 stars and Moonpay slightly higher at 4.3 stars.

When implementing a cryptocurrency onboarding solution, developers ought to keep in mind that their primary objective is to enhance the user experience. Both Transak and [the other service’s name] effectively accomplish this goal. However, Transak’s greater adaptability and flexibility set it apart and make it a slightly superior choice overall.

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2024-07-17 15:18