What is fiat?
Fiat money is a form of currency that is declared legal tender and is backed by a country's government. Most coin and paper currencies (US Dollar, Euro, Rupee, etc.) that are used throughout the world are fiat currency.
Which fiat currencies can I use in the Arculus Wallet?
Today, the Arculus™ wallet supports the use of USD, AUD, CAD, GBP and EUR for purchasing cryptocurrency in our app through our liquidity partner, Onramper. We anticipate supporting additional fiat currencies in the future. You can check back on this page or visit our legal notices, found here, for updates.
How can I exchange my crypto for fiat within the Arculus Wallet?
To sell your crypto for fiat in the Arculus wallet app, please follow the steps below:
1.) Tap on the currency you wish to sell (only currencies marked as 'yes' under buy/swap in this article can be sold for fiat).
2.) Tap 'Swap' on the currency screen. This will open the Buy/Swap screen.
3.) On the Buy/Swap screen tap on whichever currency is selected next to the 'Amount to' field and then select your fiat currency of choice.
4.) In the 'Amount from' field enter the amount you would like to sell. Your transaction fee will also be displayed at the bottom of the screen.
5.) Confirm the transaction on the next screen by tapping 'Sell Now'
6.) Enter your debit card information or select an already added card if you have one saved.
7.) Confirm your order. You will now be prompted to initiate the crypto transfer to Transak in order to complete the transaction. Tap the 'Proceed to send' button.
8.) You will be redirected to the send screen for the crypto you are trying to sell. All the relevant fields will be automatically filled out. Tap the 'Next' button to proceed.
9.) Enter your PIN-code and hold your Arculus card to the back of the phone to sign the transaction.
10.) Your crypto has now been sent. Once Transak has received it and approved your KYC, you will receive your fiat currency to your credit/debit card and an email notification will be sent to the email address you provided notifying you that the transfer has been completed.