How are you supposed to complete the KYC process when you have no cash in your fiat wallet and you can’t add money to your fiat wallet until you complete KYC?
Here’s what I did:
- Sell something in the user marketplace.
- Use a portion of the USD proceeds in your FIAT wallet to pay the $5 KYC fee.
KYC is only required to withdrawal money from your FIAT wallet to your bank/financial institution. You can accrue USD in your FIAT wallet prior to completing KYC.
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Another very important note - there is no such thing as adding money to your FIAT wallet.
It serves as a temporary holding place for USD prior to withdrawal to your bank.
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So if you want to buy something without selling anything, you can’t because there is no way to complete the KYC process. Seems like a gap to me.
In other words, there should be a way to add money to your fiat wallet and / or complete the KYC process without having to sell PAX first.
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For clarity in case anyone else has questions:
Purchases on the user marketplace are via credit card / Paypal. The process works exactly like purchasing licenses, airports, and airplanes from SimFly.
The FIAT wallet is a holding place for the USD you accumulate through user marketplace sales. Once you have at least $50 USD in the FIAT wallet, you can request a withdrawal to your bank/financial institution provided you have completed KYC verification and configured banking information.
The $5 cost of KYC verification will be withdrawn from your FIAT wallet. KYC verification must be performed once per year.
You cannot use the FIAT wallet to purchase items on the user marketplace.
You cannot use the FIAT wallet to purchase items from the SimFly bank (licenses, airplanes, airports, etc.).
You cannot deposit USD into the FIAT wallet.
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Thank you @Kyndra for the clarification. The last news video also clarify this point: https://youtu.be/uUN9B07tJLo?si=fgLq5m-zmIUT84NE
Everything Kyndra explained is correct.
We also remind you that by clicking on the “i” information icons, you can view the basic details related to each section.
We’re currently working on completing all the information in a more detailed way on the official Wiki, so that everyone can better understand how each part of the system works.
As soon as it’s ready, we’ll make an official announcement.
Hi,
here are the newly published guides available on the Wiki:
-
User Marketplace Guide
https://wiki.simfly.io/docs/user-marketplace-guide/ -
Fiat Wallet
https://wiki.simfly.io/docs/fiat-wallet/ -
PAX Wallet
https://wiki.simfly.io/docs/pax-wallet/ -
Assets on Sale
https://wiki.simfly.io/docs/assets-on-sale/
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