Note: This is a beginner guide.
Soaring Cryptocurrency values have a lot of potential traders wondering how exactly they can get in on the action.
The simplest answer to that question is that they need to get their hands on some crypto of course, but that’s often easier said than done – especially for someone just starting out in the trade, it can be rather confusing.
Since cryptocurrency values change all of the time you need a service that will allow you to buy Bytom easily and the fastest way to do that is by using your debit card or your credit card. ( although it can be more expensive than bank transfer )
In this article we’re going to provide some useful guidance for first-time buyers of Bytom. Little exchange services allow direct purchase of Bytom using fiat, so normally if you would like to purchase bytom using fiats, you will have to going through a few steps.
You may also need to consider a few things before making your first Bytom purchase. Each exchange has its own rules and regulations depends on the location where it is based. As a result of this some of the verification documentation they require may be different and this might impact your decision as to what service to use as your medium of transaction.
For example, one of the major things that many new traders have to be on the lookout are fees charged. When buying Ethereum using your credit card or debit card / bank transfer you have to be wary of the fees associated with the transaction, some of which can be quite large. Another thing to consider on top of this is the identity verification requirements. These differ from service to service but you can almost be assured that any exchange will require some kind of identification to proceed if you are purchasing a large amount.
Note: Start from Step 1 if you are trying to purchase Bytom coins using Fiats. If you are looking to purchase Bytom using other cryptocurrencies like Bitcoin / Ethereum, starts from Step 2.
Step 1: Buy Bitcoin or Ethereum
Option 1: Coinbase
In terms of some of the best, most secure services that accept credit card and debit card payments / allow bank transfer in exchange for cryptocurrency, Coinbase is among the world’s foremost and largest.
With availability in 32 countries, Coinbase is also almost universally accessible for most cryptocurrency traders and allows the buying and selling of Ethereum (among others) as one of the pillar currencies on its service. Best of all, Coinbase offers web-based and app-based access with easy-to-read layouts and tons of valuable information right at the user’s fingertips. Boasting 11.4 million customers and over $20 billion in transactions, Coinbase is also one of the largest networks for cryptocurrency exchange in the world.
And purchasing cryptocurrency on the service couldn’t be easier. Using it as a basic example, we’ll walk you through the process new users must complete in order to begin buying Ethereum instantly with their debit card or credit card.
First, of course, you need to sign up for a new account either on Coinbase’s website or by downloading the app. Part of the sign up process includes identity verification which can be accomplished through uploading a government-issued photo identification card. This process should be relatively quick and is typically done for tax purposes. It is not impossible to buy Ethereum without verifying your identity, but the tradeoffs you make in security features often scare some would-be buyers away. The best thing about Coinbase is that you have a range of options for your payment method including having Coinbase take it directly out of your bank account.
Once you have gone through the verification process, purchase either your desired amount of Bitcoin or Ethereum. ( depend on how much Bytom you want to exchange later. )
Option 2: Coinmama
Another service similar to Coinbase is Coinmama which is widely available (226 countries at last count) but doesn’t have an app functionality. Yet one advantage of Coinmama is that you do not have to verify your identity for purchases under a certain amount. Though tiny, this might be a killer feature for some users but one caveat to keep in mind - fees. Even if you have the ability to buy small amounts and stay private while doing it, you don’t want to spend all of your money on transaction fees which are quite high on Coinmama. Another thing that makes it a little more attuned to advanced users is that Coinmama does not offer an online wallet meaning users will need their own offline storage ability for their cryptocurrency.
Option 3: CEX.io
CEX, for its part, is competitive with Coinbase and Coinmama’s services but also offers an app like the former. It does have identity verification procedures that new users have to complete, including an up to 48-hour wait for credit card or debit card usage but CEX is a hugely popular exchange nonetheless that offers competitive fees and excellent customer service - a true rarity among cryptocurrency exchanges.
Overall, no matter what service you choose to use to buy your Ethereum / Bitcoin with a credit card or a debit card / bank transfer, be sure you know what you are getting into and that you pick a service that you are comfortable with for the long haul. For most new users, Coinbase is great but for many advanced users it might not have everything they need. Just keep this in mind while shopping around.
Let's proceed to the next step once you have got your hands on some Bitcoin / Ethereum.
Step 2: Sign Up An Account On Bibox
There are plenty of exchanges out there that offer the trading of Bytom but we are using Bibox in this article as an example.
The steps to sign up an account on Bibox are almost identical to Coinbase. Once you have successfully registered an account on Bibox and subsequently click on the link in the confirmation email, you’ll then be directed to your Bibox account. Once again, enabling the Google 2-Factor Authentication (2FA) is always advisable for the sake of your account security. It can be a good idea to store the 2FA code in perhaps more than one personal device ( which ONLY you have access to ) . Losing your mobile device which your 2FA Authenticator is on could mean losing access to Bibox ( or any other exchanges that you are using ) and hence your fund. Recovering your exchange account will be a long and dreadful process that you wouldn't want to go through. A few of the exchanges, however, does provide you with a one-time-use backup code which could come in handy during times like this.
Step 3: Transfer Your Bitcoin / Ethereum
Transferring your cryptocurrencies is almost analogous to traditional bank transfer. Each cryptocurrency is stored in its very own wallet ( just like a bank account ) with its own address ( just like a bank account no. ). Using the address, you will be able to transfer your cryptocurrency from one wallet to another ( In our case, from Coinbase Bitcoin /Ethereum wallet to Bibox Bitcoin/Ethereum wallet ). The process is quite straightforward. First, we need to figure out your Bitcoin / Ethereum address on Binance. Navigate to Fund --> Master Account. Locate Bitcoin/Ethereum from the long list of coins and click on deposit. You will subsequently see your BTC/ETH wallet address displayed as a long string of numbers and alphabets. Copy the address to your clipboard and then head back to Coinbase
In Coinbase, navigate to the Account tab and locate your BTC or ETH wallet. In the recipient field, paste your address that you have copied from the bibox BTC or ETH wallet. Choose the amount that you would like to send and hit the continue button
Step 4: Buy Bytom Coin
Your funds should arrive at your bitcoin or ethereum wallet on Bibox in less than around 30 minutes ( Might take longer for Bitcoin ). Navigate to Token Trading --> Basic on Bibox. Locate BTM/BTC or BTM/ETH pair from the drop-down list on the top left corner.
You can then place buy order by entering the amount of bytom that you would like to purchase and the price that you would like to purchase it at. Hit the green button after you have filled up the amount and price. Sit back and relax and wait if anyone take up your order. You will receive a notification if you order has been taken up. Congratulations. You now own your first bag of Bytom!
Storing Your Bytom Coin
Although you do not strictly have to do this, it is highly recommended that you store your cryptocurrency in an offline cold wallet especially when the amount is considerable. ( Check out Top 3 Best Hardware Wallets To Store Your Bitcoin / Cryptocurrencies Securely ) Coinbase & Bibox guarantees its users that it is highly secured and insured but too often tales of tragedy begin with such surety. As many cryptocurrency exchanges around the world grapple with security intrusions and subsequent thefts, it is always advisable to transfer your funds to your own cryptocurrency wallet ( preferably offline ) to ensure that it is safe and sound away from the ill-intentioned individuals.
Read More:
- Top 6 Best Wallet To Store Your ERC20 Token In
- Top 5 Lisk Wallets / Best Ways To Store Your LSK Coins
- Top 5 EOS Wallets That Supports EOS Mainnet
- Top 7 Best Bitcoin & Cryptocurrency Payment Gateways
The post Where & How To Buy Bytom ( BTM ) Coin appeared first on Cryptoverze.
