Thursday, 11 February 2021 08:53

How to start using the BitBay cryptocurrency exchange?

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BitBay cryptocurrency exchange BitBay cryptocurrency exchange

Are you aware of the potential Bitcoin and would like to have this currency in your virtual wallet? Nothing simpler - one of the places where you can buy it is the BitBay cryptocurrency exchange. Find out about the steps you will need to complete to complete your first transaction.

 

Why is it worth buying Bitcoins on the cryptocurrency exchange?

Bitcoins can be purchased in various places, but one of the safest is the cryptocurrency exchange. It is related, inter alia, with the need to authenticate the personal data provided by the user at the time of creating the account. Strong competition between cryptocurrency exchanges, of which more and more operate from year to year, translates positively into the quality of service. Customers get their questions answered in no time.

One of the largest and most recognizable cryptocurrency exchanges on the Polish market is BitBay - it has been operating since 2014. It gives credibility to its activities with a license obtained in Malta, where the cryptocurrency market is regulated - only recently have several acts regulating the activity of e.g. in. issuers and technology companies. As you can read on the website of this exchange, it currently has over 800,000. active users who carry out 125 transactions per minute, resulting in the annual volume of 547 thousand. Bitcoin.

The above reasons are not the only reasons why you should buy Bitcoin on a cryptocurrency exchange. For users - especially those who consider buying Bitcoin as an investment - costs are also important. The largest cryptocurrency exchanges, such as BitBay, offer commissions at a relatively low level, acceptable to users.

Step one - registration and verification of personal data

Setting up an account on BitBay is extremely simple. This cryptocurrency exchange uses a mechanism similar to those used by various websites. The user must enter his data and then confirm the intention to create an account by clicking on the activation link sent to his e-mail address.

Unlike many cryptocurrency exchanges operating on the market, BitBay requires users to authenticate entered into individual fields of personal data. How is the verification performed? The person who created the account must send a scan of an ID card or passport and a document confirming the address (e.g. electricity bill, letter from the office). A user who fails to do so will not have access to the full functionality of the website (express deposits and withdrawals).

BitBay also allows the creation of business accounts. In other words, this cryptocurrency exchange enables economic entities to trade cryptocurrencies. More informations about this cryptocurrency exchange and also about other the best bitcoin exchanges You can find at website bitcoin-exchange.uk

Step two - fund your personal wallet

To buy Bitcoin (or other cryptocurrencies available on the exchange), the user needs to fund his wallet. It is not a complicated task - the platform was created with the convenience of people investing in cryptocurrencies in mind and therefore it is intuitive to use. After logging in, just go to the "Wallets" section, and then specify the currency in which the account will be topped up. Later, the only thing left is to make the transfer.

An individual wallet can be topped up with amounts in several currencies. Users from Poland do not have to use only funds in zlotys - they can transfer to their virtual wallets, among others US dollars or euros. This is good news for those who are interested not only in cryptocurrencies, but also trade currencies, e.g. on the Forex exchange.

Beginning investors, after setting up an account, do not have to carry out transactions immediately - they can use the base of educational materials, including webinars. By gaining knowledge, they will make more accurate investment decisions.

Step three - first BitBay transactions

Both buying and selling owned Bitcoins are extremely simple. Right after topping up the personal wallet, the investor can make the first transactions on the stock exchange - all he has to do is go to the "Stock" tab. For time-sensitive users, the "Quick transaction" option has been created. By using it, you can quickly finalize the purchase or sale of your cryptocurrencies - the system will automatically show the amount that will be credited to your individual wallet.

The BitBay cryptocurrency exchange also gives users control over the rate at which the transaction is carried out. This is what the "Make an offer" option serves. In her case, the person selling or buying the cryptocurrency independently determines the rate that he is willing to accept. This solution allows you to make a transaction on more favorable terms, but not always immediately.

Before making your first transaction, it is also worth reading the current table of fees and commissions. The BitBay cryptocurrency exchange does not charge fees, incl. for creating and disabling an account. The good news for investors is that the stock exchange rewards the most active - the more transactions a user makes, the lower the commission he pays.

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