Onramping & Offramping
Onramping is the process of converting fiat currency (like AUD or USD) into cryptocurrency. Offramping is the reverse — converting your crypto back to fiat. This guide covers both directions in detail.
What is onramping?
Onramping is the bridge between traditional finance and crypto. It's the process of converting fiat currency — like AUD, USD, or EUR — into cryptocurrency that lands directly in your Vault wallet.
Vault partners with regulated third-party onramp providers to handle the conversion. When you buy crypto through Vault, you're interacting with one of these providers behind the scenes. They process your payment, execute the exchange, and deliver the crypto straight to your wallet.
How it works
Choose an asset and amount
Select which cryptocurrency you want to buy and enter how much you'd like to spend in your local currency.
Select a payment method
Pick from the available options — bank transfer, debit card, or credit card depending on your region and provider.
Complete verification
First-time users may need to verify their identity with the onramp provider. This is a one-time step required by financial regulations.
Crypto arrives in your wallet
Once the payment is confirmed, your crypto is delivered directly to your Vault wallet. Should be noted delivery times may vary depending on first time user, region and payment method.
Buying crypto with fiat
This walkthrough covers the full purchase flow from start to finish. The entire process takes about two minutes for returning users, or a few minutes longer if it's your first time and identity verification is required.
On the sidebar, open Trade and then Buy & Sell
From the Trade sidebar option, select Buy & Sell. This opens the trade form and routes to the built in onramp.
Select your fiat currency
Choose the currency you'll be paying with for example AUD, USD, EUR, or GBP.
In this example we'll be using AUD.Enter amount and choose crypto
Type the amount you'd like to spend in your chosen fiat currency, then select which cryptocurrency you want to receive.
In this example, I've chosen to spend $250 AUD for USDC on the ethereum mainnet.Choose a payment method
Select how you'd like to pay. Options are dependent on the chosen fiat currency.
For simplicity, I've chosen to pay by Card. You may also see that I now have a filled out quote, I'm receiving 174.75 USDC.Review and submit
Click the Fees to see the total cost of the transactions, we do not charge any additional fees, but because I've chosen to pay by Card, there is a small processing fee.
Once happy, read and confirm the third party terms and conditions, then click Buy to submit your order.Complete provider verification
You'll be handed off to the onramp provider's interface to finalise payment. First-time users will need to complete a quick identity check (KYC) — this will involve uploading a photo ID and a selfie. Returning users skip straight to payment confirmation.
Offramping — converting to fiat
Offramping is the reverse of onramping — it's the process of converting cryptocurrency back into fiat currency (like AUD, USD, or EUR) and withdrawing it to your bank account.
Just like onramping, Vault partners with Banxa to handle the conversion. When you sell crypto through Vault, Banxa processes the exchange and sends the fiat proceeds directly to your nominated bank account.
How it works
Choose a crypto asset and amount
Select which cryptocurrency you want to sell and enter how much you'd like to convert.
Select your payout currency
Choose which fiat currency you'd like to receive — for example AUD, USD, or EUR depending on your region and provider availability.
Provide bank details
Enter the bank account where you'd like the fiat deposited. First-time users may need to complete identity verification with Banxa if they haven't already.
Fiat arrives in your bank account
Once the crypto is received and the exchange is processed, fiat is deposited into your bank account. Processing times vary by region and payout method.
Step-by-step walkthrough
This walkthrough covers the full sell flow from start to finish. If you've already completed identity verification during a previous buy, the process is even quicker.
On the sidebar, open Trade and then Buy & Sell
From the Trade sidebar option, select Buy & Sell. This opens the trade form — switch to the Sell tab to access the offramp flow.
Select your payout currency
Choose the fiat currency you'd like to receive — for example AUD, USD, EUR, or GBP.
In this example we'll be using AUD.Choose crypto and enter amount
Select which cryptocurrency you want to sell from your wallet, then enter the amount you'd like to convert.
In this example, I'm selling 50 USDC.Select a payout method
Choose how you'd like to receive your fiat. Options are dependent on the chosen payout currency, due to AUD currency I've gone with payID.
You'll also see a filled out quote showing the fiat amount you'll receive after fees.Review and submit
Click the Fees to see the total cost of the transaction. Vault does not charge any additional fees, but the offramp provider may apply a processing fee.
Once happy, read and confirm the third party terms and conditions, then click Sell to submit your order.Complete provider verification and bank details
You'll be handed off to the offramp provider's interface to finalise the sale. First-time users will need to complete a quick identity check (KYC) — this will involve uploading a photo ID and a selfie. You'll also need to provide your bank account details for the payout. Returning users skip straight to confirming the transaction.
Complete the transfer of crypto to the offramp provider
Once you've submitted the order to Banxa, you'll need to complete the transfer of crypto to the offramp provider.
You just have to click the Highlighted send funds to complete button.