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.) Select the currency you wish to sell for fiat, and then tap 'Swap' on the currency page. If the swap option is not available, then this currency cannot be sold for fiat within the Arculus app.

2.) Ensure the correct local currency (for example, USD) appears in the “Amount to” field. 

3.) Input the desired amount of crypto currency to sell in the “Amount from” field and the conversion to fiat will be displayed.

4.) Click “Buy / Swap.”

5.) You will be asked to allow your Arculus wallet to use your location – the transaction will not be completed if location is not enabled.

6.) Our liquidity partner, Onramper, will complete your transaction, and they will ask you to enter your information. You can also select between different offramp options and payment methods at this stage.

7.) Proceed through the Know Your Customer (KYC) compliance process for whichever offramp option you chose and input required information to complete the transaction. Camera access may also be required to verify identity for KYC.

8.) Enter your PIN-code and sign the transaction.

9.) Your crypto will be converted to fiat and sent to the credit or debit card number you provided.