Now that you are familiar with the basic structure of your crypto account, you need to start using it.
Lesson 1.0.0. Practical Steps on Fiat Currency Deposit
In many countries around the world, there are crypto exchanges that allow users to deposit their local fiat currencies. Therefore, to deposit your local currency in your crypto account, look for such an exchange via the internet using search engines like Google, Yahoo, etcetera, and open a crypto account with it.
If you know anyone that deals with cryptos, you can ask the person which exchange he uses.
Binance is a good example of a fiat-deposit exchange. You can deposit US dollars, Euros, Nigerian Naira, Ugandan Shillings, and a number of other fiat monies in Binance.
However, note that the number of fiat currencies allowed for deposit in Binance is continuously being reviewed to conform with specific regulations in countries around the world.
To deposit a fiat currency in a crypto account, here are the steps:
Step 1: Login to your exchange account
Step 2: Click on Asset
Step 3: Click on the Deposit button of the Fiat Currency such as US Dollar.
This will open up the various deposit options for the particular fiat currency you want to use. Such deposit options can include:
• Direct bank deposit
• Electronic Fund Transfer (EFT)
• Card (Visa or Mastercard) deposit.
Step 4: Follow the on-screen steps.
Once you have succeeded in making the deposit, the money will reflect in the asset section.