If you are on the precipice of the journey to buying/trading in Bitcoin, it is recommended that you use the instant exchange. As the word instant implies it is fast in terms of executing your buy/sell, although the fees you might be charged are likely to be higher when compared to using the full order book exchange. However, the order book exchange can appear impossible to use for first-time users.
If you think that using an instant exchange is an indication that you are a learner, not to worry more people are on the same path as you. Also, experienced Bitcoin traders use it to execute their buy/sell orders because of the speed. The speed in buying/selling Bitcoin could make the difference between making a profit or a loss.
To get you started here are the steps to take
Here are the steps to buy/sell cryptocurrency
- Go to Quidax.com and click ‘Create Account’ in the menu
- Fill in your details, submit and verify your email via the link in your email
- Once you verify your email, your Quidax account is open
However, at this stage you can only receive and send cryptocurrency, you won’t be able to buy/sell with naira.
You will need to verify your identity just like at the bank. The next set of step will guide you through the process
- Click on account and then ‘Verify identity’. Upload the requested documents and submit. In 10 minutes or less, your account will be verified. Once done you are good to go
- To make your first buy click on Wallets, it will open to the Deposit tab showing your Naira wallet
- Select the method (Bank Deposit or Card Payment) you want to fund your wallet.
- Once your wallet is funded click on Instant Buy/Sell in the menu
- When the page loads Click on “Buy”.
- Then, select the currency you want to buy with.
- In the amount to spend, enter the amount for the currency you are buying with. Example: If you want to buy N50,000 worth of BTC, type 50,000 in that field. (Please, take note of the selected currency).
- You can alternatively switch to “amount to buy” using the double arrows to the right of that field. In this case, type in the amount of the asset you want to buy. Example: If you want to buy 0.5 BTC, type 0.5 in that field. (Please, take note of the selected currency).
- Confirm all the details.
- Click “Buy”