Crypto Revolution

Creating High Vibe Prosperity

3 Ways to Transfer Fiat Into Your Crypto Wallet

BY DAVID KHAN
 3 Ways to Purchase Cryptocurrency Using Fiat Currency
In my own personal experience, I had to walk the most difficult route in obtaining cryp-
tocurrency. The banks in Canada (my home country) have banned crypto purchases
using debit or credit cards. Since I have lived abroad for many years, I was not able to
register with a 3rd party exchange either.
Therefore, I have found very clever ways to troubleshoot this problem and offer solu-
tions for anyone – including expats that are from a country that frowns upon cryptocur-
rency.
Below are three options for buying cryptocurrency that should be easy enough for any
skill level:

Option 1 – Buying Directly Through a Wallet, Exchange or 3rd Party

This is the simplest and most common approach for people. That is, if you live in a coun-
try that has not outlawed the purchase of cryptocurrency due to ‘volatility or the high-
risk of scams’ or whatever poor excuse the frightened institutions have come up with.
Buying crypto directly with your credit card or debit card is a safe way of obtaining cryp-
to from the major platforms such as Binance, Coinbase, Luno, or the 3rd parties offered
through Metamask or Trust Wallet.
You will need to complete a KYC identity verification and this option may not suit people
who want to remain more private about their crypto transactions. Therefore, consider if
you are comfortable with providing your identity documents to your wallet or exchange
provider prior to deciding on this option.

Option 2 – Buying Cryptocurrency Through a Crypto Broker

This option is one that is common in countries such as Canada and Australia where buy-
ing crypto directly with a debit or credit card is not always possible.
The way that this works is as follows: you register for an account with the brokerage
of choice, request to purchase cryptocurrency and then send a bank transfer to the ac-
count of the broker. They will then send the equivalent amount of the requested cryp-
tocurrency to the wallet address you have provided.
(Be sure to provide a wallet address that supports the type of cryptocurrency you have
requested!)

Crypto Revolution -2- Wallets, Exchanges and Buying Crypto

 Brokers will usually charge a fee of 0.5 – 2.0 % per transaction and also offer an unfa-
vourable exchange rate. So be prepared to pay a little bit more for this option.

Here are a few better known, reliable brokers in Canada and Australia that may be of
use:
Canada -
• PayTrie: https://www.paytrie.com/
• Newton: https://www.newton.co/
Australia -
• Swyftx: https://trade.swyftx.com.au

Option 3 – Buying Crypto Through Person to Person

This is my personal favourite option and is the most cleanest and communal! Person to
person (P2P) networks are sprouting up all over the world on Signal and Telegram. Of
course, you want to make sure you can trust the person you are buying from and that
you either personally know them or they come highly regarded from a friend.
How it works is that there are people in crypto that are looking to sell their gains for
fiat currency just as much as there are people looking to buy crypto. Therefore, they
have a common aim and can help each other out.
The other benefit of this is that the transaction is handled privately without KYC prac-
tices involved.

The way this works is as follows:

- You find someone that you can trust that is looking to sell crypto (a friend, family
member or colleague)
- You agree on an amount of fiat to exchange for a certain cryptocurrency
- You send a bank transfer to the seller and provide them your public wallet address for
the transfer
- They transfer the crypto as agreed
Exchanges such as Binance also offer an escrow service to add security to 3rd parties
transactions. This usually involves a small fee paid to the exchange.

Crypto Revolution -3- Wallets, Exchanges and Buying Crypto