> ## Documentation Index
> Fetch the complete documentation index at: https://docs.onboard.xyz/llms.txt
> Use this file to discover all available pages before exploring further.

# How Exchange Works

Onboard Exchange enables seamless fiat-to-crypto (onramp) and crypto-to-fiat (offramp) transactions.

Compatible with any EVM-compatible dApps or wallets, Exchange allows anyone get onchain in less than 3 minutes, supporting micro-transactions of as little as \$0.5 at near zero-fees

Let's explore how an end user experiences an Onboard trade, from start-to-finish.

## Transaction lifecycle

<Tabs>
  <Tab title="Onramp (cash to crypto)">
    <Steps>
      <Step title="Start in Your dApp or Wallet">
        Alice, a user in Kenya, wants to purchase USDC to deposit into a DeFi protocol. She opens her Web3 wallet (integrated with Onboard) and selects the **Buy Crypto** option.
      </Step>

      <Step title="Select offer">
        Alice inputs her desired amount (e.g., 5 USDC) and chooses her fiat payment method (M-PESA). Her wallet connects to Onboard, which either:

        * Matches her with the best available offer for her amount and trading pair.
        * Or shows a list of offers, sorted by rate, availability, and completion time.

        Alice selects Bob’s offer, which she believes has the best rate.
      </Step>

      <Step title="Initiate transaction">
        Alice confirms her wallet address and the transaction details. The order is initiated, and Bob’s 5 USDC is locked securely in Onboard’s escrow.
      </Step>

      <Step title="Make payment">
        Alice views Bob’s payment instructions on-screen, and via her M-PESA app, transfers the equivalent amount in Kenyan Shillings (KES) to Bob's account.
      </Step>

      <Step title="Crypto released">
        Once Bob confirms receipt of the KES, Onboard releases the 5 USDC from escrow directly to Alice’s wallet. Alice is notified that her transaction is complete.
      </Step>
    </Steps>
  </Tab>

  <Tab title="Offramp (crypto to cash)">
    <Steps>
      <Step title="Start in Your dApp or Wallet">
        Let's assume Alice has earned USDC in her wallet (integrated with Onboard) and now wants to withdraw it as KES for daily expenses. She selects the Sell Crypto option.
      </Step>

      <Step title="Select offer">
        Alice enters the amount she wants to sell (e.g., 10 USDC) and her preferred fiat payout method (M-PESA). Onboard matches her with a best offer, or shows a list of offers where merchants are buying USDC for KES. Alice selects an offer from Bob, who supports fast payouts.
      </Step>

      <Step title="Initiate transaction">
        Alice initiates the order, and approves for the USDC to be locked in to Onboard’s secure escrow via her wallet.
      </Step>

      <Step title="Receive funds">
        Bob deposits the equivalent amount in KES into Alice’s M-PESA account. Alice confirms receipt of the payment.
      </Step>

      <Step title="Transaction complete">
        Once Alice confirms receipt of funds, Onboard releases the USDC from escrow to Bob. Both parties are notified, and the transaction is marked complete.
      </Step>
    </Steps>
  </Tab>
</Tabs>

## Process flow

* Diagram