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Your ultimate guide on Exchanging Bitcoins

Your ultimate guide on Exchanging Bitcoins

by January 17, 2020 Cryptocurrency, Guide, Tips

Do you want to exchange Bitcoins? It could be that you want to convert it into an alt coin or some currency. The best way to exchange Bitcoins is through a Bitcoin exchange. If you want your national currency against Bitcoins, look for a local exchange. If you need a foreign currency, go for an international exchange. Also, international exchanges generally promise higher liquidity compared to local ones. Here is a step by step guide on how to exchange BTC.

But, before you go for exchange, you need to buy Bitcoins. So,how and where to buybitcoin? There are different ways to buy Bitcoin. You can buy Bitcoin from P2P exchange.You can ask for payments in Bitcoin while selling something or while receiving a balance amount against a payment. Then, of course, there are many cryptocurrency exchanges that offer Bitcoin against fiat money. After you buy Bitcoins, you should save them in a wallet,preferably a cold wallet.

Now, let’s check out the steps to exchange your BTC.

Step 1

Register with a Bitcoin exchange

Look for a regulated and licensed crypto exchange that houses a vast number of coins and currency pairs. Your exchange will ask for ID verification. This is an important step and any exchange which doesn’t follow it can’t be trusted. The ID verification process will take 3-4 days. After you pass the ID verification test, you will register with the site and create your account

Step 2

Link bank account

After you create your account with the exchange, link back account as this is where all your withdrawals will be sent.

Step 3

Transfer Bitcoin

Then, go to your wallet where you have stored your Bitcoins. If you want to exchange the coins through the exchange, you would have to deposit your BTC coins to the exchange site.After you transfer the coins, wait for confirmations. You will have to approve multiple confirmations and the process would take around two hours to complete. On busy days, it might take two days as well.

Step 4

Go to Exchange section

We have almost reached at the final step of the process. Look for the “Exchange” section on the exchange website menu. Click on it a new page will come up. There will be two sub-sections. One will be a space for the coin or currency you want to give. The other is for the coin or currency you wish to receive against it. So, select “Bitcoins” in place of the first sub-section. Then, go to the second one and choose the currency or alt coin you wish to receive from the drop-down menu.

Step 5

Withdraw the sum

After you have exchanged your Bitcoins into your desired currency, it’s time to have the min bank account. So, look for “Withdraw” section on the exchange website menu bar and click on it. A new page will open up. Look for “bank wire” option and click on it. Do a double check to ensure each data that you have entered is perfect. After you are done with the checking, click on “Withdraw” tab to complete your transaction. The funds will directly reach your bank account.

In case you do not receive your fund within 7 business days, you must contact the exchange directly. A reliable exchange is supported by a strong customer care team who will help you to sort things out