Purchasing xDai crypto using Ramp
Ramp (ramp.network) allows you to purchase xDai using fiat currency and deposit the xDai straight to your xDai wallet.
At the time of writing this article, it is supported in over 170 countries, but xDai is not available to purchase on the platform for USA customers. For what reason; it is not mentioned, however…
If you cannot purchase xDai from your country, you could try to purchase with a different currency that is available to you. For example, some banking service providers give customers multiple currency accounts.
Another alternative option is mentioned at the end of this article.
KYC is the verification process to Know Your Client. Traditionally, KYC has been a slow and painful process that required users to scan identity documents, and upload or email them.
You would then have to wait for someone at the other end to check with relevant authorities; if the ID was valid, and matched to the user’s details.
Ramp features Smart KYC. It is not exactly clear what this means. Having been through the purchase process twice, on two different accounts; I was only asked to perform a KYC verification once (opted for open banking protocol, quick and easy).
Through my own experience and what I’ve heard from others, whether or not you would have to go through some sort of KYC may depend on:
- Transaction amount
- Customer location
- Payment method
Price, Fee and Registering Account
There is a minimum purchase amount that varies, depending on the crypto currency. At the time of writing, the minimum for xDai was around 9 xDai after fee deduction.
There is a minimum fee and starts to increase from a certain purchase amount. In the space of 3 weeks that I made two transactions, the minimum fee had also reduced from $4.85 to about $3.00.
Choose XDAI from the list of crypto currencies, and select the fiat currency you will be paying in. Fill in the form on the right and press Continue.
If you have not got a MetaMask wallet yet, follow this guide before continuing.
Open MetaMask and copy your wallet address into the form below.
Choose a payment method that is available to your location and follow the steps to add your payment details.
At this point, depending on your situation, you may be asked to perform a smart KYC process. If you are not happy performing one of the KYC options, you can cancel and start over with a different payment option.
It may be the case, that certain payment methods do not require any visible KYC verification.
If payment is successful, the xDai will be sent immediately to your wallet and you will receive an email confirmation.
A link to the full transaction receipt is available online. The link is also provided in the email confirmation.
Open your MetaMask wallet and confirm the xDai has been deposited.
What to do now, that you have some xDai
With xDai in your wallet, you can buy Trips on Honeyswap.
If you have both xDai and Trips, you can participate in the Liquidity Pool to take a cut of transaction fees when someone exchanges tokens on Honeyswap. As a liquidity provider, you could also gain extra rewards that the Trips community runs separately.
If you found that Ramp is not an option for you, and you are confident enough to try trading on an exchange — another option for acquiring xDai, is to try the BitMax Trading platform.