Frequently Asked Question

What is a Fiat wallet and what is it user for?

Last Updated a year ago

A Fiat wallet enables you to deposit money from your bank account directly into your ChainEX account for trading. Just like you can generate a wallet for all of ChainEX’s supported digital currencies (Learn more here), you will also have a Fiat or Rand (ZAR) wallet which will hold all of your deposited Fiat currency.

This wallet can be used in the same way as digital currency wallets, i.e. provide the same functionality, but will differ in that it uses Fiat currency from your bank account. With a Fiat wallet, you can perform the following actions:

  • Deposit Fiat money from your bank account into your ChainEX account (Learn more here).
  • Use Fiat funds to purchase digital currencies on the market (Learn more here).
  • Withdraw Fiat currencies from your wallet to your bank account (Learn more here).

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