You start off by signing up – you can do that with your crypto wallet by simply signing a message generated by our platform. Once you're in, you can start swapping.
First, decide on the price, amount and currency for the swap. The amount you see is the amount you will receive – there are no hidden fees charged by us, but as the person sending crypto you will have to bear the cost of escrow creation (i.e. pay gas).
What comes next is connecting your bank account. For you, this means deciding where you want to receive your funds; for us – the ability to verify that the payment took place without any shenanigans. It doesn’t mean we have any power over your bank account – you're authorising a licensed entity read-only access to your recent payment history. For now, we're limited to UK banks. But keep in touch – we're expanding at the speed of light.
Once the details of the swap are set, you will deploy the smart contract, which will hold the assets (currently DAI or ETH) until they are paid for by the other side of the trade. The trade is then set and ready for the receiver to pick it up.
You can choose who you trade with or post an open invite to the trade wherever you feel like it. The invitation alone will not disclose any of your personal data, so you can share it anywhere from a group chat to some forum.
If you are the receiver, your part starts here. You can receive an invite to the transaction via e-mail or link – makes no difference to the trade whatsoever. Once you decide to take up the trade, you need to go through the sign-up part – so, using your chosen wallet to sign a message. Once you're in, the details of the transaction are visible and the offer is ready to be taken.
As with the sender, you will be asked to connect your bank account. For you, this means deciding whcih account you want to use for the swap, for us – the ability to verify that the payment took place without any shenanigans. And it's the same as for the sender - it doesn't grant us any power over your bank account.
Now that you've claimed the transaction and connected your bank account, it's time to pay for the crypto. You will be shown the details for the transaction – sort code, account number, reference. Use these to execute a wire transfer to the person selling you crypto, and confirm on our app that you’ve made the transfer. Remember to use those exact details for the swap - it's essential for the swap to be successful.
Once it's done, we will look for the appropriate wire transfer, which will trigger the smart contract to release crypto. We're waiting for the bank transfer to go through, so sometimes it might take a while longer. If we don't find it within 7 days from claiming the trade by the receiver, the assets are unlocked, and the sender can return withdraw them back to their wallet.
This, in essence, is how a peer to peer, fiat to crypto transaction with Ramp Swaps works.