Making deposits as well as withdrawals on Sorare can sometimes be difficult for those who are still new to it, especially if you are new to the concept of cryptocurrency.
In fact, the platform uses Ethereum as its general currency, which can be daunting and seem like a barrier to entry for new players. So we will see together how to make deposits and withdrawals on Sorare in the easiest ways possible. If you still don’t know what Sorare is, hurry up and read our definitive guide to the fantasy soccer game of the moment!
Credit Card Deposits
The easiest way to use money on Sorare is to bid on or buy kicker cards using a debit or credit card. If you try to purchase a collectible card not already having Ethereum in your cryptocurrency wallet, this will be the default option that will be displayed to you directly on the webpage.
The process is quite simple as it works like any other purchase made with a credit or debit card, but there are a couple of things to keep in mind before proceeding.
Deposits made with your card during auctions can occasionally cause problems with banks unexpectedly freezing the direct transaction to the Sorare site (this can happen for example if a number of bids are made in quick succession).
If you deposit via this method to participate in Sorare’s transfer market you will be charged a 10% transaction fee. You may also incur currency conversion fees, which will depend solely on the rates charged by your banking provider.
Deposits with Ramp
Another decidedly easy way to make purchases on Sorare is to make your own deposits using Ramp, a crypto app built into Sorare (which is kind of like the crypto version of Paypal).
You’ll find the Ramp option within your Sorare wallet so you don’t have to leave the site in order to make money deposits. Keep in mind that you have to be verified with your personal account before you can start using this kind of method.
For many users, the introduction of the Ramp payment method has been an absolute turning point. With just a few clicks players can fund their account with a debit card or a bank account connected to the app without any problems. That doesn’t mean there aren’t potential issues to be aware of, so let’s take a look at them below.
To get started, click the blue Your Balance button in the top right corner of Sorare’s website. Clearly, the option we’re going to look for will be the one named as “Ramp – fund by credit card or bank transfer”. After selecting it, we’ll find ourselves in the Sorare-Ramp dialog box with every step-by-step explanation on how to proceed.
At this point, users will be able to select the amount of currency they wish to deposit or how much Ethereum cryptocurrency they wish to purchase.
Guide to depositing with Ramp
When you click on your Sorare portfolio, and select “Fund With Ramp”, the first thing you need to do is to choose the amount and your currency that you intend to deposit into the site.
Enter your email address and verify it as usual by visiting your inbox. Select and add your payment method and confirm it from the screen you will see.
Once this is done, the funds will appear on your Sorare wallet in a few minutes, and in a period of time that varies depending on the payment method you have pre-selected. Thanks to Ramp, Sorare managers can fund their accounts with direct deposits without ever having to leave the website to perform secondary or additional operations.
This will drastically reduce any inbound barriers for new users and purchases are made really easy for anyone. Ramp supports bank transfers, credit and debit cards, open banking, Apple Pay and other local payment methods. You can view a full list here.
Rates and commissions of Ramp
Ramp has fees that are easily calculated and clearly displayed to the user without the risk of any unexpected surprises. Depending on the amounts you decide to fund, Ramp may also ask you for personal identification.
The main fee to worry about will be Ethereum’s “gas” fee, essentially this represents the cost that covers the movement of Ethereum cryptocurrency into the blockchain, and that goes to the miners who support the famous smart contracts platform.
It is a cost that is not dependent on Sorare and is unavoidable. Gas rates can vary greatly throughout the day or week, so it’s worth keeping an eye on it and looking for cheaper times to move your money (you can use a very useful app called ‘What Gas Is It’ to identify which times will be most conducive to such trades).
Gas rates are a flat rate, and are not calculated as a percentage of your purchase, so it makes sense to move as much money as you can at once, rather than making multiple micropayments, as this method will be cheaper for you and save you quite a bit of money.
Gas fees will be higher when Ethereum’s blockchain network is congested with other users, so high gas fees and slow transactions go hand in hand (cryptocurrency rarely moves instantly and sometimes transactions can take hours).
Ultimately, Ramp is a method designed to provide another truly intuitive option for resource deposits and one that can cater to millions of people even those unfamiliar with cryptocurrency. Many tend to use Ramp for most of their deposits, just because of how easy it is.
Their customer service is also very good, so if you have any problems, you can contact them via the live chat feature present on their website.
Direct Cryptocurrency Deposits
The most complex way to make deposits of funds is to purchase your cryptocurrency via one of the multitude of exchanges on the web such as Coinbase, Binance, Kraken, etc. and transfer it directly to your play balance.
As with what we’ve seen with Ramp, Ethereum gas fees are a decisive factor to take into account because you may end up incurring some really unpleasant fees using this method of funding, although you may also be able to calibrate your purchases to take advantage of any positive fluctuations in Ethereum’s value.
Binance is one of the most user-friendly choices in this respect. If you choose Coinbase instead, note that the commission on the purchase of Ethereum will be considerably cheaper using the Coinbase Pro interface than the instant purchase made with the standard version of Coinbase. Once you’ve registered, you’ll be able to use both.
As it stands, withdrawals must be directed to an Ethereum address, which means you’ll need to set up an Ethereum wallet on your target exchange and then from there direct your funds to the Ethereum address linked to your personal Sorare account.
Deposit with the Metamask web wallet
MetaMask is first and foremost an Ethereum wallet, however, it does not present itself as a classic app or dedicated hardware device.
Metamask is nothing more than a simple web browser plug-in, which can be added to Firefox, Chrome and other browsers. It is installed in the same way as any other plug-in and its configuration does not take more than a few minutes.
It was created with the express purpose of making the Ethereum blockchain accessible to anyone without much difficulty. Indeed, it presents an interface that greatly simplifies the interaction with the Ethereum blockchain, when using other methods is not always so intuitive.
MetaMask supports all ERC-20 tokens and you can even add custom tokens with it just like the ones that act as kicker cards in Sorare. Also, what makes MetaMask really special is that you can use it to interact with many other Ethereum dApps.
Let’s get down to business. In the top right corner we can access our Ethereum account and wallet. From the options here you’ll be able to select the Metamask payment method. You won’t be able to connect Metamask to Sorare from your mobile device, so the first time you do it, it’s advisable to use a desktop PC or laptop to set it up optimally.
Installing Metamask on your computer
If you want to install Metamask first you need to connect to metamask.io and choose the browser extension you are using. You will then need to click on the extension and create a unique Ethereum network wallet address.
Once MetaMask is set up, you’ll be able to view all your past transactions, as well as be able to send and receive cryptocurrency with your new wallet.
As we mentioned, one of the key features is that you’ll now be able to visit any of the sites dedicated to Ethereum dApps and interact with the related blockchain.
When you visit a reference site for decentralized applications such as Sorare, and you want to interact with it directly from your browser, MetaMask will ask you to confirm the address for any input or transaction you want to confirm in the blockchain. After such confirmation, the interaction will become, as is natural when it comes to blockchain, irreversible.
The security of Metamask
MetaMask has not suffered any particular hacking attempts so far and is considered a relatively secure wallet. All local keys used are kept encrypted by a proprietary security system, and malicious agents are unable to access these keys.
It should be kept in mind that regardless of the security of the wallet you are going to use, there is no definitive inherent protection against phishing attacks when using MetaMask. You should always use caution with any tool that manages risk capital. As a result, always avoid giving your private keys to anyone who asks for them, and exercise the same caution you would use with any other cryptocurrency wallet.
Make sure to back up your password and the 12-word seed phrase you will see displayed on the right side of the screen on a piece of paper as it is essential to keep your funds safe and never lose access to your Metamask account.
Keep this kind of data well because if you lose it no one will be able to help you recover it in case your device gets compromised or damaged and you won’t have a backup seed phrase to use to restore it.
What is MyEtherWallet?
If you have installed the MetaMask plug-in, you will now be able to connect and exchange information directly from your MyEtherWallet profile.
MetaMask provides enough functionality to make the pairing with MyEtherWallet extremely effective. Moving from one to the other is a breeze.
In addition to acting as an Ethereum wallet, MetaMask also allows you to manage more than one identity. For example, you can log into an App (such as Sorare) using a specific Ethereum address, and later go to a different App and access it with a completely different address. Using MetaMask can therefore keep your identity relatively private as well as your data differentiated between one App and another.
Concluding remarks on Sorare deposits
After completing the transactions to fund your personal account on the site, you will receive a confirmation that the transfer of funds is in progress. Ethereum transfer times can depend on market volatility and how expensive it is at any given time to record transactions on the blockchain. In our experience, the time frame can range from 2 minutes to a few hours.
If you plan to regularly deposit via Ramp, please be advised that the payment method via Revolut is currently not authorized by Ramp (it has not yet been approved). If you can only bank with Revolut, you will need to find an alternative means of depositing.
No matter how well prepared you may feel, know that there could always be some kind of delay before the Ethereum cryptocurrency reaches your personal Sorare balance. Therefore, we recommend that you always keep an active Ethereum balance in case you need it quickly so that you don’t miss out on auctions or offers that you don’t want to miss out on.
Resource Retrievals from Sorare
Have you started playing Sorare but still don’t know how to convert your Ethereum amounts back into euros or dollars? We will now see together a simple overview of how to cash out your accumulated rewards on Sorare directly into your bank account.
Send cryptocurrency to the exchange
In order to turn your received game rewards into Ethereum and convert the related Sorare profits into a traditional fiat currency, you will have to make a preliminary step at a cryptocurrency exchange such as Coinbase, Binance, Bittrex and many others. For all Sorare users who are new to crypto we recommend Coinbase for this ease of use.
The first thing to do is to locate the Ethereum address connected to your personal wallet within the exchange you have chosen. On many exchanges, simply go to the deposit section, select the cryptocurrency Ethereum and at that point you should see your public address appear, often paired with a QR code to facilitate the “copy-paste” process. Copy the code sequence that identifies your personal Ethereum address.
Next, access your Sorare wallet and click on the “withdraw” option. Paste your Ethereum address that you had previously copied from the exchange into the fields provided and type the amount you decide to transfer from Sorare into the exchange. Then click Send.
You should now receive a confirmation email from Sorare asking you to accept the fee associated with the transaction. Confirm the transaction by clicking the link you will see in the email. The Ethereum amount will consequently be sent now from Sorare to your internal wallet on the exchange, it usually takes about 10-20 minutes to confirm the transaction on the Blockchain. This depends as usual on the time of day and how busy or not the Ethereum network is at the time of the transaction.
Converting cryptocurrency within the exchange
After sending your Ethereum funds from Sorare to your internal wallet address within the exchange, you should see the corresponding transacted amount appear, adding to your personal account balance in the crypto exchange site.
At this point you then need to purchase euros or dollars using the amount of Ethereum you just sent within the exchange.
If you’re using Coinbase for example, it’s simply a matter of logging into your Ethereum wallet and clicking the “Sell” button, choosing the fiat currency you want to receive and selecting the amount of Ethereum corresponding, which will be completed instantly automatically by the exchange itself. After clicking Sell, returning to your portfolio page, you should see the fiat currency obtained in exchange for cryptocurrency. At this point you have successfully converted your Ethereum. Now for the important part, enter it into your bank account!
On Coinbase you can also find the interface “Coinbase Pro”, better known previously as GDAX, which is nothing but the professional trading platform provided by the same company. Dedicated to more experienced users, it provides a number of tools that allow traders to buy/sell cryptocurrencies and tokens by placing more complex orders (MARKET, LIMIT and STOP). Operating with Coinbase Pro, no spreads will be applied but only commissions based on trade volume.
Withdrawals from Binance
If instead you are using Binance you must click the button “Exchange” located in the upper left of the screen (first option of the nine square button).
At this point, a screen will appear with on the left side of the screen the buy and sell orders on all the Binance circuit and on the right side of the screen a square dedicated to the 4 cryptocurrencies in which you can trade.
Selecting the coin Ethereum previously deposited, it will open a list of all altcoins that you can buy with the coin in question, including fiat currency Euro. Once you’ve selected the one you’re interested in, you’ll need to set the amount you want to sell and click the red “Sell” button at the bottom of the screen. You will then be spending Ethereum to buy Euros.
There is no fee for cryptocurrency deposits, which instead happens for the relative withdrawal and that necessarily varies from crypto to crypto (also because as we know each cryptocurrency has different fees to interact with the mother blockchain).
Send funds from the exchange to your bank account.
The final step is to withdraw your Euro currency to your personal bank account. Locate the local currency you converted your Ethereum to in the list in your exchange wallet.
Select the amount you wish to withdraw to your bank account and click Continue. Coinbase will now ask you for additional bank details identifying the destination to which you intend to send your funds. After entering the bank details, the money should be in your account within a few hours.
To withdraw from Binance you will have to log into your account, go to the ‘Wallet Spot’ section, and select ‘Withdraw‘. Binance supports over 60 different fiat currencies with as many different payment methods.
Once logged in, from your Wallet Spot select from the list which fiat currency you want to withdraw, which will be the counter value of Ethereum previously converted in the trading view. Select the fiat currency you want to withdraw and the preferred payment method. Binance supports credit cards, debit cards, bank transfers and cash balance. Enter the required bank details following the step-by-step instructions on the website.
As a final step you will have to type in the confirmation code received by email, your trading password, and, if you have activated the service, also the code for two-factor authentication (2FA).
That’s it! At this point, you have successfully converted your collected Ethereum on Sorare and you will have available directly in your bank account the respective economic value converted into Euro.