Onboarding the Crypto Train: Fiat Gateways

Ease of entry into the market is the one the most critical aspects for adoption (decentralization), yet there are so few user-friendly, beginner gateways. In my last article I discussed exchanges ( ), centralized currently, that have recently launched or are planning to launch fiat gateways, which is great! crypto Binance and Cobinhood However, they’re not the most beginner friendly options. There’s a large learning curve necessary to operate and trade on such platforms. So, if we’re looking for beginner, user-friendly platforms, the options are scarce. New comer user-friendliness goes to , , , and a few others that’s recently added a crypto feature, like Robinhood (yes, that’s Robinhood, not to be confused with the crypto exchange, Cobinhood) and Square Cash. In this article I’ll be discussing the former three platforms, including some with . Abra Blockport Coinbase zero deposit fees ABRA Abra is an app available both on iOS App Store and Google Play. The platform allows the purchase of over with fiat (USD). The company boast instant purchases for coins listed, which is made possible by their partnership with American Express via credit card. For bank deposits users can expect to use their funds in 1–2 business days after initiation in the United States and 2–4 if you’re located in the Philippines, where there is also a cash deposit option. They have a digital wallet that users funds are stored in. 25 cryptocurrencies ABRA UI/UX Pros The most robust list of cryptocurrencies of the platforms mentioned in this article. Currently at 25 cryptocurrencies. The platform is available to , citizens in the and . both USA EU The platform has a partnership with , so there’s no need to fret about excessive cash advance fees some providers tag on when using a credit card. American Express on ACH bank deposits at this time. No deposit fees Cons user on-boarding, according to their reviews. Difficult to exit the market with USD. Multiple users have reported sub par experience with cashing out their fiat to their bank accounts. Difficult . Most reportedly the amounts range around $200 USD. Low deposit and withdrawal allowances Least user friendly UI/UX in comparison to the other two platforms in this article (subjective to the user). ACH deposits takes to clear, which can cause users to miss out on opportunistic rates. 1–2 business days BLOCKPORT Blockport I’ve featured before in my “under the radar series”, and for good reason. It’s the only “ ” project that’s usable, to onboard users into the crypto market. They’re currently testing their DEX, but it’s open to all users living in the European Union (EU) and/or that have a European bank account ( ). Their initial trading pairs expands beyond , but not yet as extensive as Abra. You can currently purchase BTC (Bitcoin), LTC (Litecoin), BCH (Bitcoin Cash), ETH (Ethereum), and XRP (Ripple) with fiat. It’s a solid line up to allow the casual crypto guy to try it out or to enter more extensive exchanges (by withdrawing to a personal or exchange wallet). It caters to both, the beginner and experienced trader, both whom can benefit from participating in their social trading platform that I will discuss later. decentralized beta Revolut is an excellent option to open a bank account that converts to Euros from USD Coinbase If you’re concerned about the platform being in testing_,_ blockport (BPT) token holders can attest to the lengthy, detailed tests the team conducted prior to making it an “open” . The team is mostly concerned with making the UI/UX, while already impressive (resembling Coinbase), as efficient as possible. beta beta Blockport operates by using an API to arbitrage between exchanges for the best possible price on tokens/coins. They’re currently linked to one platform at the moment. However, once this is fully developed, I expect it to provide the best user experience of the platforms mentioned here and elsewhere. In addition to the exchange API, Blockport also serves as a compliant, wallet if you wish to stow your cryptocurrencies there. The project is hybrid-decentralized, making it inherently more safe than any other platform mentioned. The platform is linked to centralized exchanges, while making the wallets decentralized. , therefore you have over its use and security. This hybrid-decentralization feature is only offered in Blockport, giving the customer a more safe, holistic, and transparent experience. secure You own the private keys to your wallet not Blockport full control Their beta testing has on-boarded more than 5,000 users to date and they’re ready for more. Blockport recently announced that new and existing users will be able to deposit Euro (€) with deposit fees until . While users can trade with fees of “ .” That’s quite a big difference from the Coinbase currently charges (more if you’re using a credit card). zero October 1st transaction 0.30% 4% Blockport UI/UX Differing from the other platforms, Blockport’s planned feature is to be debuted in the next release from Blockport. Social trading will allow experienced traders to earn, while publicizing their trades to their “followers”, who pays them, creating a win-win environment for inexperienced and experienced traders. Other planned updates include: token/coin expansion, support for additional users (users outside of the EU), exchange expansion, a store (to allow users to purchase their native token, , which can be used to discount transaction fees), release (you can use Blockport on your mobile browser currently), and more. Visit their for a look at their roadmap and to try their platform (again with deposit fees until October 1st). social-trading BPT mobile application website zero Pros Blockport has fee deposits until October 1st of this year. zero Bank deposits are available for use. instantly Low transaction fees on trades. The arbitrage provided ensures that you’re paying the and not a premium. best market price You can receive a on your trading fees in the future by holding their native token, BPT. discount The platform has an intuitive UI/UX that’s available mobile and via desktop. The provided on this platform is and you hold the private keys to it (you control the safety of your wallet). wallet decentralized user on-boarding. Easy Cons The platform is currently only available to users located in the . EU Blockport is still in testing, while it’s seems more than adequately tested, which could be a concern for users. beta COINBASE If you’re in the USA, Coinbase is your easiest platform to introduce new comers to the cryptocurrencies. It is intuitive and easy to use, with a similar UI/UX to Blockport. Here users can purchase crypto’s with fiat (USD and Euros) via bank deposit, bank wire, and credit card (beware that using a credit card not only increases your fee with Coinbase, but will add cash advance fees with your card provider). The token/coins currently offered are: BTC, BCH, LTC, ETH, while they have released an update that ETC (Ethereum Classic) is planned to be supported in the near future. Additionally, Coinbase announced future support for more tokens with no official list date. Read about it . here Coinbase UI/UX This platform is also good for entry into the market, but isn’t decentralized so there is a concern over safety of your currencies. The fees range around 4% for bank deposits and bank wire. It’s more to use a credit card. These fees do not take into account the fees charged by your financial institution (ex: cash advance fee charged for using a credit card or bank wire fees charged). Coinbase also recently announced Coinbase Pro and Coinbase Custody, which will tailor more so to institutions. This shouldn’t affect the user friendly application (Coinbase is also accessible via mobile browser and desktop). Visit to check out their application and to find the latest news. Coinbase Pros It’s the most accessible, user friendly fiat to crypto gateway for citizens of the United States of America. Coinbase has been around the of any of the other platforms mentioned in this article longest They also feature a more sophisticated exchange, Coinbase Pro, that you can transfer to for zero fees. The funds in Coinbase temporary custodial wallet (the crypto or USD in your wallet) are against any hacks. insured Relatively user on-boarding. easy For ACH bank deposits are made available for use. some users instant Cons The fees tend to be on the higher side when compared to most other fiat to crypto gateways. The cost of the coins/tokens on their platform is always than market rate when and always than market rate when . This puts you at a disadvantage. For example the market price of ETH could be 750 and Coinbase premium rate is 765, which is a 2% premium that puts you at $15 loss automatically after purchasing. higher buying lower selling The earlier this year broke the trust of many with Coinbase. credit card fiasco In addition to the higher fee you’re charged when using credit card on Coinbase, your credit card company may also charge you a hefty . cash advance fee Your funds are in a centralized wallet that you hold the private keys for, however the wallet is insured. do not I will be periodically updating this article as more fiat to crypto gateways emerge. , Monday August 6th 2018