Buying and selling Bitcoin has to be safe fast. Some e-commerce platforms do have a Bitcoin payment method mentioned right next to the standard modes of payment. But how do you buy and sell actual Bitcoins? Read this article to know.
What is an Exchange Platform?
By saying ‘exchange platform’ we mean buying Bitcoin with cash or trading your Bitcoin in exchange for cash. It is important that you choose a platform that does both, buying and selling. There are multiple websites and applications that provide Bitcoin owners a platform to sell or buy their currency.
Websites to Buy and Sell Bitcoins
The most popular website to exchange Bitcoins is Bitcoin. We have mentioned some of the popular and secure websites on the internet. Also, there are details, mentioned below, as to how to create an account and start trading. You can also easily start the trading with Bitcoin Prime App.
- Bitcoin.com
If you do not have a Bitcoin wallet, you can create one for yourself by clicking the ‘wallet’ section on the top of the website. You will be asked to download the app version of this website and as soon as you create an account on the mobile app, your Bitcoin wallet will already be up and running. If you do have a Bitcoin wallet, follow these steps to start buying and selling.
- Simply visit the site that we have linked above and scroll down the homepage. You will see a section titled ‘Buy or Sell’.
- Click on the dropdown arrow to see the varied cryptocurrency the website offers.
- Click on Bitcoin and enter the amount you wish to spend in your local currency. As soon as you enter the amount you will notice the data in the next box changing.
- This box lets you know how much worth of Bitcoins you will be able to purchase with the amount you have entered in the previous box.
- Click ‘Buy’. If you aren’t logged in already through the website, you will have to go through verification.
- Local Bitcoin trading
This is another sub branch of Bitcoin.com that enables you to perform peer-to-peer trading. If you don’t have a running account, click on the ‘Create Account’ button. If you already have an account, simply log in and access all the data in your mobile app through the website. Here are the steps to complete peer-to-peer trading.
- Find an existing buying order of your choice or place a buying or a selling order if you are not able to find one.
- The logic is similar to buying stocks. It is only when the buyer and seller order matches, the transaction is a success.
- Depending on whether you are a buyer or a seller, once a seller or buyer is found, the payment initiates and the seller confirms the same.
- Within a few seconds, you will have your Bitcoin stock sitting in your wallet.
Remember, if you are buying, send the payment directly to the seller and if you are selling, send the Bitcoin Cash (BCH) to the blind escrow account on the website. Once the seller receives the payment, the BCH is then passed on to the buyer.
Mobile Applications to Use to Buy and Sell Bitcoins
You are not going to carry around your laptop wherever you go. Install these mobile applications to get up to date notifications and alerts on stock rates and your transactions. Wazirx is one of the most popular platforms in cryptocurrency in India. There are many noteworthy companies that have provided mobile applications to ease out the process of Bitcoin transactions.
- Wazirx
If you don’t have an account on Wazirx, you will have to create one and fill up various verification documents as well. You will be asked to fill the KYC (Know Your Customer) form.
- Enter your payment details carefully. The account activation takes about twenty four hours.
- Once your account is ready, you can transfer all your funds via IMPS to a virtual bank account provided by Wazirx.
- The maker and taker fee for Wazirx is 0.20% of the order amount.
- To know more about halving the brokerage rates,
It is very important to know the difference between a taker and a maker. So, here is the link wherein the website has explained, with examples, who exactly is a taker and a maker in a trade.
- Coinbase
Coinbase is one of the most popular and leading crypto exchange platforms. You need to create an account first if you don’t already have one. If you do, just enter the email ID and the app will search your account for you. It not only offers Bitcoin but also popular cryptocurrencies like Ethereum (ETH) and Bitcoin Cash (BCH). The app is available on both, android and iOS. All you have to do is:
- Create an account
- Link your bank account to the app by providing them with your bank details.
- Start placing your orders.
- Paxful
Paxful helps you pay, convert as well as invest in crypto. You can transfer all your funds to the Paxful wallet via IMPS transfer with a 0% commission fee. Just like the others, you will need to create an account in Paxful and enter your bank details to link it. Here are the steps to buy Bitcoin (BTC):
- Go to the buy Bitcoin link of Paxful.
- Select your payment method as in through which medium do you wish to pay.
- Enter the amount you wish to buy Bitcoin at.
- Click on ‘Show Offers’. The list that will come on your screen are the names of the vendors with their mode of payment mentioned below their names. The numbers that you see in bold are the rates of one Bitcoin that the vendor wants to sell it to you. Remember, it is the rate of one whole Bitcoin. We can buy less than one Bitcoin as well.
It is important to do a thorough background check of the vendors. Make sure you agree to their terms and conditions as in the world of Bitcoin, every owner has his or her customized terms you need to adhere to.
There are many more popular and rather secure companies providing Bitcoin exchange platforms. Some websites that you can checkout are Binance and Unocoin. They too have their respective mobile apps. We hope this article gives you enough information for you to finally start buying and selling Bitcoin. We wish you all the best, so you always make wise crypto decisions.