You can complete your transactions and examine financial markets with different wallet types in EgeMoney. In this article, we will explain 2 different wallet types available.
What is FIAT?
FIAT refers to the official currencies that are given by governments. Currencies such as the US Dollar, Euro, Japanese Yen, British Pound, and Turkish Lira are accepted as FIAT currencies. Moreover, they are not backed by gold or any other valuable metal. Instead, they are managed by the monetary policies determined by governments. These policies are used to control the money supply, manage inflation, determine interest rates, and regulate the economy.
FIAT currencies can be used either digitally or physically. Physically, they can be in the form of banknotes or coins. Digitally, they can be used through electronic payment methods.
Spot Market: What is it? What is its purpose?
The spot market is a financial market where transactions are executed instantly. In this market, the price of traded assets is determined based on current supply. Also, the transaction is executed immediately.
The assets traded in the spot market are usually financial instruments such as currencies, commodities, stocks, and bonds. The delivery of the traded assets is typically completed within two business days in this market. Therefore, transactions executed in the spot market are also referred to as “T+2”.
The operation of spot markets is based on direct matching of buyers and sellers. The prices of assets traded in this market can change based on various factors such as market supply and demand, economic indicators, political events, and natural disasters.
Spot markets form the basis of other financial markets. For example, futures and options markets operate based on the prices of assets traded in the spot market. Additionally, spot markets can be used for risk management by investors.
What are Spot Wallet and Fiat Wallet?
In EgeMoney, there are two different balances in the Wallet menu: Spot Balance and Fiat Balance. Spot Balance can be used for transactions in the spot market. You cannot use Spot Balance to trade in another market. So, you cannot communicate with another wallet type in the spot market. You can transfer your Spot balance to different wallets with EgeMoney Rapid Convert feature. This feature allows you to transfer your current funds to other markets.
Fiat Balance is the Fiat equivalent of your digital or crypto assets. This equivalent can be in currencies such as Dollar, Euro, Turkish Lira, as explained above.
How can I view my Spot and Fiat wallet?
To view your Spot wallet and Fiat wallet:
- Firstly, log in to the website.
- Secondly, click on the “Wallet” tab from the top menu. Secondly, choose the “Fiat and Spot” option.
- Your Spot, Fiat and other balances will be displayed.
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