As the world adapts to cryptos, everyone slowly accepts digital currencies as an alternative to cash and credit cards. Some even say that cryptos might become the official global currency someday. But we’re still a long, long way from that happening. And we all know how complex it is to even purchase cryptocurrencies, especially for beginners.
Furthermore, the discovery of blockchain and cryptos unlocked an entire economy where businesses are being built. One of the most prominent blockchains, if not the most, is Ethereum. And with thousands of NFT and crypto projects built within its blockchain, there’s no denying that Ethereum is thriving more than its other competitors. And the success of many different projects created within ETH’s blockchain network is a tribute to it.
The more reason why Ethereum is one of the top cryptocurrencies today. Hence the ETH token’s popularity and the ever-increasing demand for it. But how can you purchase Ethereum? We’re aware that there are tons of other alternatives to buying ETH. Still, we also know that the hassle involved when purchasing it is utterly outrageous as if cryptos aren’t complicated enough. Why is it so hard to buy cryptos? Well, it doesn’t have to be complicated. In fact, the process is now easier than ever. And this is where DeFi payment platforms come into play.
Why You Need DeFi Payment Platforms
These platforms were created not only to bridge the gap between your money and digital currencies but also to allow a faster transaction for a much cheaper fee. Because transactions that are done through your bank take days and deduct an average of 4% to 6% interest, which is a significant amount if you’d think about it.
So people eventually looked for other options to perform transactions to minimize the extra expense and time needed. Thus, organizations and other companies took the initiative and created alternative platforms, which came to light and became well-known in the blockchain and crypto space.
In this article, we’ll discuss what these platforms are, how they work, their fees and functions, and everything there is to know about them. And by the end of it, you’ll find out which is the best option for you based on their features, fees, and other important factors. So buckle up, and let’s get down to it!
Buying Ethereum – Wyre, Transak, or MoonPay?
Buying ETH has never been so easy nowadays as there are different methods and platforms you can use to purchase Ethereum. Crypto wallets also exist for you to safely store your cryptos and even NFTs. And the highly recommended crypto wallet for the job is MetaMask.
MetaMask lets you buy and store not only cryptos but NFTs as well, especially since almost all major NFTs are built on Ethereum. And using DeFi payment platforms together with MetaMask is like a night and day difference.
What is Wyre?
Wyre is a payment company founded in 2013 that allows crypto purchases and withdrawals within its app without needing an external crypto exchange. Wyre also lets you integrate it with crypto wallets like MetaMask, Aave, and Trust wallet, allowing you to hold cryptocurrencies.
This app has a simple UI that makes crypto transactions much easier, especially for beginners. They also pride themselves on fast-occurring transactions that only take less than 6 hours and a meager fee of less than 1%. And it shows that it’s a far better alternative than other banks that take forever to complete the process and charge ridiculous fees.
Payment methods: Users can use basic payment methods like Google pay, Apple pay, and credit cards.
Pros
- Fast transaction speed
- Zero fees for domestic transfers
- International charges are only 0.75% per transaction
- Users can set-up recurring or scheduled payments
Cons
- Only available in limited states in the US
- Only available in limited countries (Check out this link for the list of geographic restrictions.)
User feedback and reviews: Many people commended how simple the app was and how easy it was. However, I’ve also seen comments from users complaining about their service, verification process, and others who were having trouble using some of its features. Overall it received a 3.6-star review on Trustpilot.
My Verdict
Wyre is definitely a great alternative platform to purchase ETH and other cryptos without the hassle of lengthy processing and high fees. It is undoubtedly one of the best DeFi platforms that you can get today.
What is Transak?
Transak is also a DeFi platform that allows users to purchase cryptos with their app or website. And just like Wyre, Transak allows users to buy crypto directly through their wallets like Metamask, Polygon, Trust Wallet, and Aave.
They also accept payments by credit and debit card or bank transfer. Furthermore, Transak supports more than 100 countries, supporting over 60 currencies, allowing them to pay using their local currency. Transak is compatible with all major blockchains, though their fees are on the pricey side, ranging from 0.99% to over 5%, depending on the payment method.
Payment methods: Users can use basic payment methods like Google pay, Apple pay, and credit and debit cards.
Pros
- Available in over 100 countries
- It supports over 60 currencies
- It supports all major blockchains
- Simple UI, making it easy to use
Cons
- High fees (See the full list of available payment methods and their corresponding fee)
User feedback and reviews: Most of its users were satisfied with Transak, stating that the app is simple, easy, and fast. But there are some users who are having problems sending and receiving ETH. There are also people complaining about the delayed transactions. But the overall score for Transak is 4.2 Stars on Trustpilot, which is not bad, and the positive reviews clearly drown the negative ones.
My Verdict
Transak has a reasonably easy KYC process that takes no longer than an hour. And it has a few selling points that others don’t have. However, its drawbacks are apparent such as fees and availability for different countries.
What is MoonPay?
Like the other two DeFi platforms mentioned above, MoonPay aims to make purchasing and investing in cryptos simpler. And your location and the type of currency you use should never be an issue.
MoonPay supports a wide variety of cryptos like Ethereum, Bitcoin, Solana, Cardano, and more. Including SAND tokens for The SandBox, a metaverse gaming platform. Moreover, MoonPay supports over 75 cryptos and over 30 fiat currencies.
For the fees, MoonPay sits on the pricey side because it charges 4.5% fees for every transaction or a minimum of $5. And needless to say, MoonPay is not ideal for small transactions because it has a minimum fee.
Payment methods: Users can use basic payment methods like Google pay, Apple pay, Samsung pay, and credit and debit cards.
Pros
- It supports over 160 countries
- It supports over 80 currencies
- Simple UI, making it easy to use
- It supports all major blockchains
Cons
- High fees
- Hard KYC
- Only available in limited states in the US
User feedback and reviews: MoonPay received over 50,000 reviews on Trustpilot, and most of the users were delighted with this platform. People were commenting on how excellent the service was and how easy it was to use it. Though there are also people who were confused with some of its features, and a number of them also complained about MoonPay’s difficult KYC process. But overall, MoonPay got a 4.1-star review, which is pretty decent.
My Verdict
MoonPay is a bit more expensive compared to Wyre and Transak. But it does make up for its wide variety of cryptos available and other features. In terms of security and ease of use, I’d say it’s on par with Wyre and Transak.
Which is Better?
It’s probably obvious that there’s no single right answer for this because everyone has different circumstances. One could be better than the other, but what if ain’t available to your country? You must also consider other factors such as fees, the mode of payment you prefer, and so on. So only you as the user can answer this question. So, which do you think is better? We’ll let you be the judge!
Conclusion
DeFi payment platforms offer far more options for everyone to purchase cryptos, making it easier to get your hands on digital currencies now widely used and acknowledged by companies and businesses online.
Thus, the growing demand for safe, secure, and easy platforms that would bridge that gap between fiat and digital currencies is apparent. Hence, why many DeFi payment platforms like Wyre, Transak, and MoonPay were established and became famous as a medium for purchasing cryptos.
Disclaimer: This article is not sponsored by any of the platforms and organizations mentioned. Our goal is to deliver informative, educational contents that you might find valuable as you dip into the waters of cryptocurrencies. And please be advised that this article, by any means, is not financial advice. You must do your research and don’t be swayed by any information you find online. And if you wish to seek advice, get one from a professional who understands your financial situation.
