You do not need an exchange account, and you do not need any crypto, to start with your own wallet. Some self-custody wallets let you buy with your own currency through an on-ramp provider: you pay the provider by card or bank transfer, and it sends the coins to your own address. The provider, not the wallet, takes the payment and checks your identity.
What an on-ramp is and who does what
An on-ramp is a service that sells crypto for regular money and delivers it to an address you name. Regular money, such as euros or dollars, is called fiat.
| Who | What they do |
|---|---|
| You | Choose the coin and the amount, pay, and hold the keys afterwards. |
| The wallet | Supplies your address, shows the quotes and opens the provider's page. |
| The on-ramp provider | Sets the rate and the fees, takes the payment, checks your identity and sends the coins. |
| Your bank or card issuer | Moves the money and can add charges of its own. |
"Without an exchange account" does not mean anonymous. The provider follows know-your-customer rules, as an exchange does. The difference is where the coins go: straight to your wallet, with no balance held for you on a platform in between.
The steps
- Install a wallet from the official store and create a wallet.
- Back up the recovery phrase on paper before you buy. Nobody can reset it for you. What is a self-custody wallet explains why.
- Open the buy function. Choose your currency, the coin and the amount. Read the network label of the coin, because some tokens exist on several networks.
- Compare the quotes by the amount of crypto you receive after all fees.
- Continue to the provider's page and check the delivery address. When you start from inside a wallet, the wallet supplies the address.
- Verify your identity if the provider asks.
- Pay with a card or an account in your own name.
- Wait for delivery. The provider confirms the order and shows its status.
- Check that the coins have arrived in your wallet.
What it costs
A purchase has up to three cost parts: the provider's fee, the exchange rate it applies, and the network fee for sending the coins to you. MoonPay shows its own fee as a line item when you start and when you confirm an order, and lists the network fee as a separate line. It says the fee varies with the payment method, the currency and the location, among other things.
Card payments usually cost more than bank transfers. Mt Pelerin publishes a lower fee range for bank transfers than for card payments. The trade-off is time. Mt Pelerin says a card payment reaches it instantly. A transfer arrives when your bank has processed it.
Both providers list a minimum fee, so a very small purchase loses a larger share.
Rates and fee tables change. The reliable number is the quote: it shows the rate and all fees before you pay.
Identity checks and limits
The provider runs the identity check on its own page. What it asks depends on the provider, the payment method and the amount.
- MoonPay asks for a government-issued ID and a selfie or liveness check, and in some cases proof of address. Its limits rise step by step: the more you buy, the more documents it requests.
- Mt Pelerin asks only for an email and a phone number for bank transfers up to a monthly limit. Card purchases need a verified identity first.
Each provider sets its own limits per purchase, and the quote tells you when your amount is outside them.
Availability by country
Each provider decides which countries, currencies and payment methods it serves. Mt Pelerin, for example, states that it cannot accept US persons or residents of a list of countries.
Consumer protection also depends on where you live. The UK regulator FCA tells consumers that crypto is high risk, that they should be prepared to lose all the money they put in, and that compensation schemes are unlikely to cover them.
Selling back to regular money
The reverse service is called an off-ramp: you send crypto to the provider and it pays out to your own account. It is offered only where a provider supports it for your country and asset.
On-ramp or exchange?
| Aspect | On-ramp into your wallet | Buy on an exchange, then withdraw |
|---|---|---|
| Price | One quote with the provider's fee included. | A trading fee plus a withdrawal fee. Can be cheaper for large or frequent purchases. |
| Speed | By card, the coins follow shortly after the payment. By transfer, once your bank has sent the money. | Deposit, trade, then withdraw. Some exchanges hold withdrawals for a time after a card purchase. |
| Identity check | By the provider. | By the exchange. |
| Who holds the coins afterwards | You, from the moment they arrive. | The exchange, until you withdraw. |
| Room for error | The address comes from your wallet. | You choose the network and paste the address yourself. |
If you buy large amounts regularly or want limit orders, an exchange can be the cheaper tool. How to move crypto from an exchange to your own wallet covers the withdrawal.
Common mistakes
- Buying before the backup is done. If the phone breaks that day, the coins are gone.
- Comparing fee percentages. Compare the amount of crypto that arrives.
- Paying with someone else's card or account. Providers expect the payment to come from you.
- Picking the wrong version of a coin. USDC on one network is not USDC on another.
- Buying because a stranger told you to. That is a scam pattern.
- Typing the recovery phrase on a payment page. A provider needs your address, never your phrase.
How it works in THORWallet
THORWallet works with two providers, MoonPay and Mt Pelerin. It does not process the payment itself. It compares their quotes and sends you to the one you choose. Get the app on the download page.
- Open Wallet and tap Buy. Stay on the Buy tab.
- Choose the fiat currency and the crypto asset, and enter the amount.
- THORWallet loads the quotes and shows a provider with its fees. Tap the provider to open Top Providers and compare.
- Tap Next. The provider's page opens inside the app. Complete the payment there.
The provider sends the crypto directly to your wallet address. Each provider sets its own rate, fees and limits, and the app says when an amount is below or above them. The fees page lists these fees as set by the provider. If no provider serves your country, the app says the feature is not available in your region. Selling is on the Sell tab of the mobile app, where a provider supports it. The web app offers buying only, through Mt Pelerin.
The full steps and the error messages are in buying and selling crypto with fiat.
How to do it in THORWallet
Step-by-step articles from the help center, checked against the current app.
- Buying and selling crypto with fiatHow to buy crypto with your local currency in THORWallet and sell it again, which providers handle the payment and what to do if it is not available.
- Getting started with THORWalletSet up THORWallet in a few minutes: install the app, create a wallet, back up the recovery phrase and receive your first funds.
- How to create a wallet or add another walletCreate your first THORWallet wallet step by step, add a second wallet, switch between wallets, and rename or remove one.
- How to back up your recovery phraseBack up the 12-word recovery phrase of a THORWallet seed wallet, find it again later in Settings, and learn what you must never do with it.
- How to receive cryptoFind your address or QR code in THORWallet, share it with the sender and check that both sides use the same network.
Sources
- ethereum.org: where to get ETH
- MoonPay support: how to buy cryptocurrency with MoonPay
- MoonPay: pricing disclosure
- MoonPay support: how to verify your account
- Mt Pelerin: buy crypto, payment methods, fees and limits
- FCA: cryptoassets, information for consumers
Reviewed on 12 Nov 2026. Statements about THORWallet were checked against the help center, and the sources above were opened on that day. This guide explains how things work. It is not financial advice.