Metamask uses Transak as the primary fiat on ramp into both the mobile app and the browser extension. We love using Transak because it is reliable, with a high geographic coverage, and they are attentive and supportive to our needs. Together we have onboarded hundreds of thousands of users from fiat to crypto and generated millions in shared revenue.
Metamask + Transak
Why Transparency Matters: A study of aggregate on-ramp models
Overview
Metamask has built an aggregator user flow to show end users the best quote from multiple on-ramp providers.
The reason behind sharing this information are the various hidden methods used by our competitors to hide fees with a single aim to charge higher fees.
Jacob Cantelle
Ways competitors hide fees
Example:
Price quote given before the fees are applied.
Quote is based on the cheapest possible payment method instead of the user selected method. (Even if user has used a different one in the past or is in-eligible for the cheapest option).
Add fees on top of the quote. If a user selects $100 of crypto, to appear better, quotes of $100 are shown but then fees are added later bringing the total order to $100 + fees on top for the same amount of crypto.
Additional slippage.
Zero or low fees but high quote price. Advertise cheap fees to the user, but due to the slippage and conversion rate the user actually overall pays more fiat for the same amount of crypto.
Why Metamask loves Transak
Accurate pricing and transparent fees
Transak has no hidden fees and will always display the final amount the user will receive.
Transak will always show accurate fees and pricing, based on the user-selected payment method.
Transak will deduct the fees from what the user has input, making it easier for users to control their spending.
Transak will not use slippage to manipulate quotes or pricing.
Transak promises to always be transparent with fees, pricing, and quotes.
Transak Fees Example:
Here are the 4 reasons why MetaMask says
Transak is the easiest on-ramp to integrate
Integration
- Metamask has used our SDK integration for their mobile app.
- For the extension they are opening Transak in the browser and passing query parameters in the URL.
Transak API
- Metamask pulls coverage data on countries, cryptocurrencies and fiat payment methods. Based on the user’s selection they use this information to control whether to show Transak as an option or not, so only those that Transak is able to serve have it as an option.
- Metamask pulls quote data to display up-to-date calculation of the total amount of crypto the user will receive for their selected fiat amount. This makes sure that users get the best overall deal for their chosen crypto, fiat currency and payment method regardless of the breakdown between fees and slippage.
- Metamask pulls order data for their own internal analysis.
Query parameters:
- As Metamask has built their own UI for users to select their region, fiat currency, payment method, fiat amount plus cryptocurrency and blockchain network they pass all of these selections as query parameters so users don’t need to re-enter their selections.
- Metamask also passes the user’s wallet address as a query parameter plus sets it so the initial exchange screen and wallet address entry screen are skipped as the user doesn’t need to see them as the selections have been passed as query parameters. This saves unnecessary data entry and screens.
- As Metamask doesn’t collect user’s personal information they don’t pass it as a query parameter. If you do collect the user’s email address or other personal information this is helpful to pass, again to save user’s unnecessarily reentering information.
- Metamask pulls order data for their own internal analysis.
Events and webhooks:
- Metamask is using the Javascript SDK events to update the UI when it’s processing, succeeded or failed.
- They could alternatively have used Transak’s webhook to track the status of the user’s order.
Conclusion
Transak has been a longtime partner with MetaMask because of Transak’s ease of use and the excellent user experience. MetaMask has utilized Transak in their browser extension, mobile application, and portfolio dapp because they find Transak’s integration to be easy to set up, with many query parameters and customizations available. Transak has provided an unmatched user experience through accurate and transparent quotes and pricing.
Why users love Transak
I used Transak with Maiar wallet, and it was a very cool and simple to use. Thanks for this efficient and wonderful experience.
Worked great, got my crypto in under 4 minutes! Purchased with Transak with less fees. Went well & got my crypto really fast.
The experience was great. I love the way it all went down. No hassle at all just clear & in a few simple steps I was able to buy crypto.
See Other Use Cases
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