If you’re interested in trading cryptocurrencies on crypto.com, then you’re going to need a fiat wallet.
These are handy virtual wallets that you can use to transfer and manage your virtual currencies with ease, and are a vital tool for any crypto trader.
But if you don’t know how to set up a fiat wallet, you might not know where to even start. Don’t worry, because we’ve got you covered!
In this handy step-by-step guide, we’ll take you through all you need to know about setting up a fiat wallet on crypto.com, so you can get started in a matter of minutes!
- What Is A Fiat Wallet?
- How To Set Up A Fiat Wallet: 6 Easy Steps
- Final Thoughts
What Is A Fiat Wallet?
First things first – what exactly is a fiat wallet? Well, it may come as no surprise that they are a place to store and hold fiat currencies.
Fiat currency refers to forms of currency that aren’t backed by ‘traditional’ commodities such as precious metals like gold and silver.
Instead, fiat currencies aren’t backed by tangible assets and don’t have a set value, while still being classed as a form of legal tender.
Fiat currencies are different from cryptocurrencies in that they are centralized assets tied to government-issued currency (for instance, the US dollar), while crypto is a purely virtual and decentralized form of currency that isn’t classed as legal tender.
As a result, fiat currencies are much more stable than crypto and are far less likely to be affected by the peaks and troughs that crypto is notorious for.
While fiat currency can sometimes refer to physical tender, this isn’t always the case – for example, online fiat wallets use a virtual form of fiat currency that is still recognized as legal tender.
Fiat wallets are used to store and manage your fiat currency.
One of the biggest benefits of a fiat wallet is that it removes the waiting period of depositing your fiat currency, along with making it easier to move and perform transactions with your currency.
Having a fiat wallet for crypto trading is incredibly useful, as you can hold your money for trading without having to worry about its value fluctuating (like you would with crypto), while also being able to trade your fiat for crypto quickly and easily when a good trading opportunity presents itself.
Basically, if you’re interested in trading in cryptocurrencies, you need a fiat wallet!
How To Set Up A Fiat Wallet: 6 Easy Steps
So now that we’ve established what a fiat wallet is and why they’re useful, let’s take a look at how you can set one up on crypto.com.
This simple step-by-step guide will walk you through the whole process so you can start storing your fiat currencies in no time!
Step One) Open Your Crypto.com Account
To start, you need to sign in to your crypto.com account. Open up the crypto.com app (if you don’t have it already, you can find it on the app store or through the crypto.com website), and enter your login details.
Once you’ve been logged in, you’ll be greeted with the home page – this displays your account balance, your favorited cryptocurrencies, and a list of options.
Step Two) Click ‘Transfer’ And Select ‘Deposit’
From here, select the ‘Transfer’ option near the top of the screen below your current balance. This will bring up a pop-up with options for ‘Withdraw’ and ‘Deposit’.
Click on the ‘Deposit’ option and you’ll see a new submenu, with options for Crypto and Fiat.
Select the Fiat option and you’ll get a prompt to Set Up New Currency; this is because there isn’t a fiat wallet already linked to your crypto.com account.
Step Three) Select The Correct Currency
Select the Set Up New Currency prompt to be taken to a new screen titled ‘Deposit fiat via bank transfer’.
Here, you’ll find a list of various currencies such as United States Dollars, Euros, and GBP. Click on the USD option (or whichever currency you’re using).
You’ll get a pop-up asking you to agree to some terms and conditions, along with some extra information about topping up a fiat wallet. Agree to the terms and conditions and click ‘Next’.
Step Four) Verify Your Identity
If you haven’t done so already, you’ll be prompted to verify your identity before you continue. To verify yourself on crypto.com, you’ll need to enter your residential address and your social security number.
Don’t worry, these will be kept completely secure and will only be used for security purposes.
Once you’ve entered your information, you’ll get a screen that says ‘Your bank transfer account is now ready to use’, along with a prompt to click anywhere to continue. Doing so will take you back to your home page.
Click the Transfer option at the top again, then click Deposit and Fiat on the next two menus, and you should see the option for United States Dollar has now appeared!
This might take a minute or so to update, so don’t worry if it’s not there straight away.
Step Five) Choose Your Deposit Options
You’re still not completely set up with your fiat wallet, however. If you click on the option for USD, you’ll be asked to choose your deposit option.
These are ACH Push, which is the standard method of transferring money from a bank account, and Wire Transfer. For most people, you’ll want to choose ACH Push, but you can find more details about each option on this screen.
After clicking on ACH Push, you’ll see a new screen with some information about setting up a transfer between your bank account and your fiat wallet.
Step Six) Link Your Bank Account To Your Fiat Wallet
This step can differ depending on which bank you’re with, and you’ll need to use the information on the previously mentioned page to link your fiat wallet to your bank account.
Open up your banking app and start linking a new account using the information from your crypto.com account and the information above. You’ll need the routing number and account number.
Once you’ve finished, you’ll have to wait for two small deposits to be made from your bank account to your fiat wallet; these will always be less than $1 each.
This can take 3-5 working days to go through, but once they’re done you’ll be able to start using your fiat wallet on your crypto.com account!
Setting up a fiat wallet on crypto.com can be confusing if you don’t know what you’re doing, but it’s a really simple process that takes just a few minutes to do.
As long as you use the information in this handy guide, you’ll be able to set up a fiat wallet and start transferring money to your crypto.com account in no time.
Good luck, and happy trading!
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.