How to Get Money on Solana: Best Onramp

By  Pratik Bhuyan November 1, 2024

Solana
Onramp
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Introduction

Fiat onramps are essential tools for users looking to convert their fiat currency into cryptocurrencies, such as Solana—often denoted by its ticker symbol SOL. With the increasing demand for seamless crypto transactions, several services have emerged to facilitate this process. Among the most notable are MoonPay, Transak, Onramp.money, and TransFi. Each of these platforms offers unique features and benefits, catering to different user needs.

Let’s take a quick look at them and understand how the process works.

Leading Solana Onramps

1. Moonpay

MoonPay is a widely recognized fiat-to-crypto gateway that allows users to buy and sell cryptocurrencies quickly and easily. It supports a broad range of cryptocurrencies and fiat currencies, making it a popular choice for users around the globe.

Key Features:

  • Supports over 126 cryptocurrencies.
  • Available in more than 180 countries.
  • Offers multiple payment methods, including credit cards and bank transfers.
  • User-friendly interface designed for a seamless experience.

2. Transak

Transak is another prominent player in the fiat onramping space, known for its extensive fiat currency support and a variety of payment methods. It is particularly favored by DeFi, NFT, and wallet projects.

Key Features:

  • Supports a wide range of fiat currencies.
  • Offers various payment methods, including bank transfers and credit cards.
  • Geographical reach across many countries.

3. Onramp.money

Onramp.money focuses on providing an affordable and reliable gateway for users, especially in emerging markets. It allows users to buy and sell over 400 tokens with minimal fees.

Key Features:

  • Supports multiple fiat options and payment methods in over 30 countries.
  • Low processing fees for transactions.
  • Works with various blockchains, including Solana.

4. TransFi

TransFi enables users to buy and sell cryptocurrencies using local currencies through apps, QR codes, and e-wallets. It aims to simplify the onboarding process for new users.

Key Features:

  • Supports a variety of local currencies and payment methods.
  • Designed for seamless integration into existing platforms.

How to Use MoonPay for Solana Onramping

To explain the entire process, we'll use MoonPay as our example, given its popularity and long-standing presence in the market. Here’s a step-by-step guide on how to get started:

1. Go to MoonPay's website:

Visit the MoonPay website to complete the standard signup process, and be sure to finish the full KYC verification.

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2. Select Fiat Currency & Solana:

Once logged-in, navigate to the "Buy Crypto" page. From the list of available currencies, select the one specific to your region. For this guide, we'll use USD as an example. Similarly, for cryptocurrencies, select Solana (SOL).

3. Enter Purchase Amount:

Specify how much SOL you want to purchase. MoonPay will display the equivalent amount in your local fiat currency or vice versa. Then click “Continue”.

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4. Choose Payment Method:

Select your preferred payment method. MoonPay typically accepts credit cards, debit cards, and bank transfers in some cases.

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5. Provide Wallet Address:

You will then be asked to either enter your Solana wallet address or directly get your SOL tokens deposited into your Moonpay account. Select the “Use an existing wallet” option and add your SOL address.

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6. Confirm Transaction:

Review the transaction details and then confirm the purchase by clicking on “Pay $100.”

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7. Receive Your SOL:

Once the transaction is processed, your SOL will be sent to your specified wallet address. This usually takes a few minutes, depending on the payment method used.

By following these steps, you can now easily convert your fiat currency into Solana using MoonPay and participate in the broader Solana ecosystem.

Wrapping It Up

Choosing the right on-ramp service depends on factors such as regional support, payment methods, transaction fees, and user experience. MoonPay, Transak, Onramp, and TransFi each offer distinct advantages, catering to a diverse range of users looking to enter the world of cryptocurrencies.

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