How does the new format for buying crypto in MetaMask work?

Note

This new feature is only available on MetaMask Mobile, from v5.2.0 onwards. As soon as it's accessible on desktop, we'll update this information. Extension (desktop) users looking to buy crypto should check out this article instead.

In this article:

What is the new way of buying crypto on MetaMask?

It's been possible to buy crypto on MetaMask for a while now -- however, this major upgrade is part of our ongoing strategy to make it easier than ever to access all that Web3 has to offer.

For better or worse, we all know you can't do much with an empty wallet. That's why we've built a platform that will connect you with the best-value provider for your location whilst enabling you to use conventional payment methods to fund your wallet as simply as possible. 

Previously, you could buy crypto on MetaMask with fiat (e.g. USD, EUR, GBP, etc.) using platforms known as 'on-ramps' through a handful of external providers. What we've built for this upgrade is an aggregator of on-ramp providers, making the process more accessible, faster, and more scalable.

See here for more background information and discussion of the benefits the feature brings. 

How does it work? 

MetaMask already allows you to buy crypto through the 'Buy' button, where you select your preferred provider up-front, and then input how much you want to buy to view the associated fees.

With the new and improved version of this feature, the order is more or less reversed: first you state how much you want to buy, then we present you with options. 

When you enter how much of a token you want to buy, MetaMask's integrations with our vetted providers will spring into life, and fetch you quotes from each. These quotes automatically refresh every 10 seconds to account for gas price fluctuations, minimising the potential for failed transactions (if gas prices rise after submitting the transaction, your quoted total may be too low to cover transaction costs by the time the transaction is picked up by the network). 

Since you input your region and currency during the process, the quotes you're presented with are automatically configured for your circumstances: so no need to worry about whether you'll be able to use the available payment methods in your region, or whether your region is supported by that provider. If it appears on the quote list, you will be able to buy as quoted. Easy. 

How do I use it?

Note: Mobile only!

As we mentioned above, the upgraded way of buying crypto is only available on MetaMask Mobile v5.2.0 and later. As soon as we're able to bring it to desktop, we'll be updating these instructions.

  1. Head to your wallet homepage and find the blue, round 'Buy' button, located in between the 'Receive' and 'Send' buttons in the center of the screen. Make sure you're currently on the network you want to buy on. Tap it to proceed.
  2. Select your region. From the drop-down menu, search or scroll until you find the country where your payment method (card/bank account) is registered. US users will then be able to select their state. If your region is not currently covered by at least one of our providers, we'll let you know at this point. You can read more about other ways to purchase crypto here.
  3. Select your payment method. Choose from Apple Pay/Google Pay (this will adjust according to your device), debit/credit card, and bank transfers (with the mechanism adjusted according to your region: e.g. ACH for the US and SEPA for Europe). Make sure you're comfortable with the estimated duration and payment limits detailed next to each option. 
  4. Input your preferred amount, i.e. the value (in fiat) of the token you want to buy. Here you can also change:
    • The account you're buying for
    • Your region
    • Your payment method
    • Your token -- whether the network's native token or a stablecoin.
  5. Choose your quote. After a brief wait, you'll see the quotes available to you based on your preferences. They're arranged in descending order based on how much crypto you receive, with the best-value at the top. Quotes refresh every 10 seconds.

    When you pick a provider, you may have to complete KYC if you've never used their service before.

FAQs

What networks are supported?
  • Ethereum mainnet
  • Binance/BNB Smart Chain
  • Polygon
  • Avalanche (C-Chain)
  • Fantom
  • Optimism
  • Arbitrum
  • Celo
What providers are available?
  • Wyre
  • Transak
  • MoonPay
What regions/countries are covered?

We aim to provide users in as many countries as possible with at least one option to buy crypto. 

At present, users in 170+ countries will be able to buy crypto through at least one provider.

I entered $__. Why did I only receive $__?

The fiat value you input into MetaMask will always be more than the value of crypto you end up receiving.

This is because you have to pay a few different fees for each transaction. In addition to the fee that MetaMask charges, you also need to pay the provider's fee and the gas fees for the transactions required to get the purchased crypto into your wallet.

You can see the provider's fee listed as 'processing fee' on the quote. This number includes the fee that MetaMask charges for the service. Gas costs are listed on the quote as the 'network fee'.

Does MetaMask make money from this?

MetaMask charges a 1% fee on every transaction, calculated as a percentage of the fiat value you request.

So if you input $100, we will calculate our share of the fees as $1.

The 1% fee is consistent across all regions, payment methods, providers, and tokens.

Who am I actually buying from when I use this feature?

MetaMask does not fulfil the transactions you order: it is the provider (e.g. MoonPay, Wyre, etc.) that receives your request and executes the necessary steps.

MetaMask is an intermediary in this process. All that MetaMask is doing is compiling quotes, enabling you to select one, and then allowing you to order your chosen amount of crypto through the provider.

How long before I receive my crypto?

In order to get your ordered crypto into your MetaMask wallet, the provider you choose must execute transactions on-chain. This means that, as a minimum, you will need to wait for as long as it takes for the transactions to be processed by the network (block time).

Once you submit your request, you can see the pending transaction in your MetaMask activity.

What do I do if my transaction fails?

Since MetaMask does not execute your transaction, it’s likely that the provider will be better placed to support than our team. In these situations, we recommend you contact their support teams first.

For any issues you encounter with MetaMask itself (such as problems selecting your region or currency, or with the buying process), get in touch with MetaMask Support via the 'Start a Conversation' button on the Support page.

If you're facing problems using a provider's platform, such as payment limits, payment methods, or KYC, we recommend you get in touch with their support teams directly.

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