If you are new to crypto the term fiat currency may be new; it just means any currency that is issued and backed by a government. The US Dollar (USD), British Pound (GBP), or Yen (JPY) are all fiat currencies.

In this brief guide I will describe how to acquire Ether (the cyptocurrency of the Ethereum blockchain) using fiat currency. The are three steps in the process:

Register on an exchange Verify your identity Purchasing Ether

There are a few exchanges that will allow you to purchase ether with fiat currency: Kraken, Gemini, and Coinbase are the most popular.

1. Register on an exchange

Registration on an exchange is as simple as completing a brief online form. Here you can find the registration forms for:

Gemini

Kraken (click Sign up)

Coinbase (click Sign up)

2. Verify your Identity

You may need to upload documents proving you are who you say you are. This is done to protect against fraud. Once you upload your documents you’ll wait for your account to be verified. Depending on the platform and how busy they are the verification process may take longer than a day.

Some Exchanges require proof of address and photo identification to carry out “Know Your Customer” (KYC) and Anti-Money Laundering checks. You must complete this step before depositing funds and prior to withdrawal.

More funding options and higher deposit limits may be available depending on the results of this verification process so try to provide everything required for the highest level of verification.

3. Purchasing Ether

Each exchange will offer their own purchasing methods which can be a mix of bank wire transfers, SEPA, credit/debit card and/or PayPal payments. The fees charged and the weekly limits will likely vary vary for each purchasing method so review the fees and limitations before picking a purchasing method.

Deposit Funds

If you choose to deposit funds before purchasing (as opposed to purchasing using a credit card or some other method) keep in mind that deposit times will vary from very fast to very slow depending on the exchange and the deposit method chosen.

It might take you a week or longer to verify your account and deposit funds.

Trade for Ether

Once your fiat currency has arrived in your exchange account (or you use a credit card or other payment option) the process for purchasing Ether is usually very simple but differs depending on the exchange you are using.

Kraken: Here you can see someone purchasing ETH with EUR.

Gemini: Purchasing ETH with USD

coinbase: Purchasing ETH with MasterCard Debit

That’s it! Exchanging Fiat for ETH is that simple. Keep in mind though you still need to move that Ether to a ERC 20 token compatible wallet. Read this article that includes a list of token compatible wallets.

If you have questions about this or Health Nexus and our token sale find us in our telegram group.

About SimplyVital Health:

SimplyVital Health is making decentralized technology accessible to the healthcare industry by creating Health Nexus, a healthcare-safe blockchain.

To participate in this project join our token sale here: https://tokensale.simplyvitalhealth.com/