Buying and selling cryptocurrencies has become an incredibly massive business in just the last few years.
This is partly helped by the increased access to technology and the fact that cryptocurrencies have managed to permeate through into the public consciousness. Even if you know nothing about the blockchain, you’ve likely heard of cryptocurrencies!
Because of the increasing relevance of cryptocurrencies, there are also more platforms than ever on which users can buy and sell them!
One of the most popular of these is Crypto.com, a central hub for all things crypto. You can also set up your own wallets on the platform. But how do you set up a fiat wallet on crypto.com?
If so, there’s no better place to look than right here! Today, we are going to take a look at how you can set up a fiat wallet on crypto.com! Read on below to get started right now!
What Is A Fiat Wallet?
Luckily, a fiat wallet is quite easy to describe. Put simply, a Fiat wallet is a centralized place where an individual can gather up their Fiat currency in one place. It is very similar to an online bank account, except, of course, dedicated to Fiat currency.
Fiat wallets are very useful for those with plenty of fiat currency, as not only do they help individuals to keep track of their fiat currencies, but they also allow individuals to get to buying and selling crypto with the currency in no time at all!
This is because simply depositing fiat currency in a standard way on an exchange will cause a delay while the currency is validated.
What Is A Fiat Currency?
Don’t worry if you are still slightly unsure exactly what a fiat currency actually is! Put simply, a fiat currency is an official form of currency that is issued by a government, very similar to some of the world’s major currencies.
Fiat currency is differentiated slightly from most ordinary currencies, in that it is not backed up by any form of commodity like gold or silver!
How To Set Up Fiat Wallet On Crypto.Com
Luckily, setting up your Fiat wallet for use on Crypto.com is incredibly easy, but how it is done can differ slightly depending on whether you have previously set up a fiat wallet or not!
If you have previously set up a Fiat wallet before, you will need to start by heading to the “Accounts” page, which can be found at the bottom of the navigation bar on the Crypto.com website.
Once you have done that, head down to the “Fiat Wallet” button, click it, and then click on the “US Dollars” button that shows up after that.
From here, you will be given the option to start setting up. Simply click on the “Set Up” button in the ACH Transfer section of the page.
This will bring up a list of instructions that you will need to follow, as well as some short terms and conditions that you will need to agree to.
Simply follow all of the instructions that you see on your screen, and accept the terms and conditions, and this will cause the setup process to begin!
If you have never set up a Fiat wallet on Crypto.com before, then you will want to follow a slightly different set of steps!
You will need to start by making sure that you have access to your Social Security Number and your residential address, provided it is based within the United States.
Once you have access to those things, what you then need to do is head to the “Accounts” menu from the navigation bar at the bottom of the website.
From there, click on the “Fiat Wallet” menu option. Once you have done that, you will want to find and click the “+Set Up New Currency” button.
Once you have done that, find and click the “US Dollars” menu option. This will bring up a list of instructions to follow and terms and conditions to agree to.
From here, it’s very easy, as you simply need to follow the instructions as best you can, and then submit your address and Social Security Number! This helps to validate that the Fiat wallet belongs to you so that you can begin using it right away.
Setting up a fiat wallet for the first time on Crypto.com takes a little more time than if you have already done it, as your application will need to be personally reviewed and approved by the Crypto.com team.
To Wrap Up
There you have it! Setting up your Fiat wallet for use on Crypto.com is actually remarkably easy, and takes very little time at all!
Not only is it easy to set up the wallet, but it is also very beneficial because it helps you to avoid lengthy delays that are caused by directly depositing fiat funds onto the platform through anything other than the fiat wallet.
Using fiat currency without the Crypto.com fiat wallet causes delays while the deposit is verified!
Frequently Asked Questions
Does Crypto Com Have A Fiat Wallet?
Yes! One of the many features that have made Crypto.com such a highly popular platform is the fact that you can access so many different currencies with ease, and fiat currencies are no exception!
Crypto.com makes it easy to access a fiat wallet whenever you need it.
How Long Does It Take To Set Up A Fiat Wallet On Crypto Com?
Luckily, the process to set up a fiat wallet on Crypto.com is remarkably short. However, if you are setting it up for the first time, then you will need to wait a few days for the team to personally verify your wallet before you can use it.
How Long Does Crypto Com Take To Verify Fiat Wallet?
At most, it will take around 7 days for Crypto.com to verify your fiat wallet application, though most users find it takes as little as 1 to 2 days.
Paul Martinez is the founder of BendingDestiny.com. He is an expert in the areas of finance, real estate, and eCommerce.
Join him on BendingDestiny.com to learn how to improve your financial life and excel in these areas. Before starting this blog, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.