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How to buy and sell Bitcoin

How to buy and sell Bitcoin

Explainers Trading

03 Oct 2022

You always want financial transactions to be as cheap, fast and reliable as possible. We recommend using our AAX crypto trading exchange for this purpose, which offers a wide range and rich functionality of trading tools described in detail in the article.

Also, read how you can buy or sell Bitcoin with us and what you need to do first. You will also learn why you should buy this cryptocurrency in the first place.

What is Bitcoin (BTC)?

Launched in 2009, Bitcoin was the first cryptocurrency and remains the number one crypto asset, in terms of value. Bitcoin is digital money that runs on the Bitcoin blockchain. Powered by its users, this peer to peer payment network requires no central authority to operate.

Read the Bitcoin whitepaper.

Step 1: Create a free account on the AAX website or in the app

The registration form is called from any page by clicking on the "Get started" button. It is initially set up to register via e-mail, in addition to which the password is necessarily set and the agreement with the rules of the exchange is noted, then click "Sign Up":

It's also possible to set up an account through your Google account. And if you want to register to a cell phone number, you should switch the form by clicking on "Mobile":

In this case, first enter the phone number, then click "Send code", it is entered in the "Verification code", set a password, check the agreement and click "Sign up".

Important! In Mobile mode, registration via voice verification is available.

The same form is used when trying to register an account via a mobile gadget - it is displayed after pressing the "Create" button, which appears after launching the installed application. You can download it from the official Android and iOS marketplaces.

You are now officially registered as an AAX client. Depending on the method of creating the account, it will be assigned as a login:

  • e-mail;

  • google account address;

  • phone number.

You can use it and the password to log in to the exchange account, but to use its features without restrictions you will need to confirm (verify) your identity. To do this, select the "Identification" command from the "Personal profile" menu:

On the loaded page, click "Complete KYC verification" or "Verify":

A panel will appear in which you need to select the verification method, and for each one, there will be a list of required documents. If they are available, then click "Verify", and then they need to be sent, having previously answered some questions about the intended activity on the exchange. The consideration of the verification application usually does not last more than a day.

Step 2: Choose how you want to buy BTC

There are several options available, but in this guide to buying cryptocurrency on the AAX cryptocurrency exchange, we'll take apart the three that are most commonly used. With each of these options you can buy Bitcoin both from your phone and from a website - we'll look at working on a web resource through a browser.

Option 1: how to buy Bitcoin with a credit card now

To do this, select the "Third-party gateway" option in the "Buy" menu:

A form will open, originally set up to buy BTC for U.S. dollars. But you can also choose any other payment currency. After entering its given amount below you will see a list of payment gateways capable of executing the transaction - in it you need to select the appropriate option, which has at least one of these icons as a payment method (Visa and MasterCard).

Having made a choice, in the "Account" area you will see the conditions under which through this payment gateway you can buy Bitcoin online for rubles, euros, dollars and other fiat debited from a bank card. Now it remains to click "Place Order", after which the page of the payment gateway will open and further actions are carried out in it.

At certain time periods no payment gateway cooperating with AAX can have enough liquidity to satisfy a transaction. In such situations a message "Does not work in the region" will be displayed.

In that case, you can convert an unsupported currency, such as the U.S. dollar - many cards are multi-currency. Another option is to buy digital currency, which transactions with the desired fiat are available - you can convert rubles or other currency, for example, to USDT and buy Bitcoin for this token (more details in "Option 3: buy BTC using other cryptocurrencies").

And another option how you can buy Bitcoin is through "P2P deals" (the option is in the "Buy" menu).

The form must be in "I buy" mode and BTC is specified as the quoted currency. Also selects the base currency - by default it is USD, but clicking on the ticker leads to the opening of a list of fiat, which is suitable to buy Bitcoin for cash, having previously deposited it on the card.

Option 2: buy Bitcoin by bank transfer

In this case the actions described in the previous section are repeated until the payment gateway selection stage. Choose from those options that have such an icon among the payment methods:

This indicates the possibility to buy Bitcoin through them by bank transfer and after clicking on "Place Order", it remains to follow the instructions of the selected payment gateway.

Option 3: buy BTC using other cryptocurrencies

At the end of the 22nd year on the AAX exchange, Bitcoin purchases are only available in the following tokens:

  • USDT;
  • USDC;
  • GERA;
  • ETH;
  • PAXG;
  • LTC;
  • EOS;
  • BCH;
  • LINK.

In advance, any of these tokens must be transferred to the balance of the exchange wallet (for example, from another cryptocurrency wallet) or purchased on the exchange for other digital currencies.

Bitcoin is bought in the terminal, which opens with the command "Spot Market" of the "Trade" menu. Now the cursor is hovered over the ticker of the active pair, which will open a panel where you have to type "btc" in the search field. This will display pairs with Bitcoin as the quoted currency:

Bitcoin can also be the base currency, for example in pairs with USDT and USDC - they are selected through these switches:

Let's say we have USDT, then we click on BTC/USDT and the terminal will switch to work with this pair. Purchase is made in the panel, called "Place Order".

Since the crypto we are buying is basic, the panel is set to "Buy" mode (for pairs in which Bitcoin is quoted, it is set to "Sell" mode). And then:

  • "Market" is selected among the options of execution;

  • the price field is set to "Market";

  • in the "Amount" field specifies the amount of BTC to be bought.

After these manipulations the amount of payment will be calculated in the "Total" field. You can also set the amount of payment, then the corresponding amount of Bitcoins will be calculated. It remains to click "Buy BTC" and after confirming the transaction, there will be an instant settlement.

Step 3: How to sell Bitcoin

All options listed in the previous section can be used for this purpose. The only difference is in setting the forms of placed orders to "Sell" mode (for pairs where BTC is quoted - to "Buy" mode).

Step 4: What are you able to do with BTC

In addition to paying for goods and services, there are many ways to spend this cryptocurrency. Let's take a look at a few that are gaining popularity in 2022.

Option 1: donate Bitcoin

The ease of handling cryptocurrency has made it a convenient means of making donations. In this case, directing funds to charity exempts them from taxation, unlike cashing them out. In order to transfer a donation, you need to know the recipient's wallet address and the network they use. If you know this information, you need to click "Withdraw" in the "Financial Account" of the "Wallet".

Option 2: send BTC to your friend

The reasons for this can be very different:

  • congratulations;

  • repayment of debt;

  • borrowing.

To send, you need to know the address and network of your friend's cryptocurrency wallet, to which the withdrawal is made - its process is described in the previous section.

Option 3: exchange Bitcoin

If the exchange means the conversion of BTC into another financial (fiat or digital) asset, then on the AAX exchange it can be done:

  • on the spot market;

  • P2P-trading;

  • via third-party channel;

  • quick buy/sell.

But in the "Buy" menu there is also an option "Convert", the choice of which leads to the opening of such a form:

It switches to "Crypto->Fiat" mode, in which BTC is already the default exchangeable cryptocurrency.

The fiat currency to which the crypto is exchanged is also set - it is selected from the list of available options that appear after clicking on the ticker of the current fiat.

Now enter the amount of BTC to be exchanged and click "Learn Price" (note the "$0 Commission" tag above this button - this way you can both buy and sell Bitcoin without commission). This will get the current market quote and calculate the amount of fiat to be exchanged. It remains current for a few seconds, counting down from the "Exchange Now" button, which you should click on if you are satisfied with the offered conditions.

Fiat for crypto exchange is credited to your AAX exchange account balance.

What makes Bitcoin valuable?

The most valuable property of this cryptocurrency at the moment is its function as a medium of exchange. That is, it is accepted as payment for services and goods, including other monetary means. Bitcoin is quoted against a variety of fiat and digital currencies, which can be exchanged between them on the AAX Crypto Exchange and many other online venues.

The strong demand for BTC has led to the high liquidity of the cryptocurrency - you can sell and buy it at any time in any volume. And the presence of stable interest from investors and traders keeps the value of Bitcoin at a fairly high level. In addition, Bitcoin is the oldest crypto, which has been in circulation in the global economic sphere for over 10 years, and there is no indication of any problems in the future.

Why should I buy Bitcoin on AAX?

Most often it is bought by traders whose job is to make a profit from exchange rate movements. In some cases, they may make hundreds of trades during a trading day (for example, when the market is very volatile or scalping strategy). Other reasons to both buy Bitcoin on the AAX exchange and exchange it for another asset include:

  • need for online payment in cryptocurrency;

  • desire to cash out cryptocurrency received as a reward or gift (sometimes it is advisable to exchange it for BTC in advance in order to withdraw it into fiat later);

  • creation of a potentially high-yield (but also high-risk) investment.

How do I know the price of BTC now?

Quick access to all quotations is provided from the spot terminal - to select the desired one, the cursor is pointed at the current ticker, and in the search field of the panel displayed, enter "btc", and in the line below select the quoted currency (USDT, USDC or BTC).

Important! In relation to USDT and USDC, Bitcoin is the base currency (i.e., the quote is the value of 1 BTC in the quoted currency), and in relation to other cryptocurrencies - the quoted currency (i.e., the quote is the value of the base currency in Bitcoin).

As a result, a tabular list of quotes will be displayed - the current one for each pair is listed in the "Last Price" column (it changes in real-time). For example, if you want to know how much you can sell Bitcoin in Litecoin, you must divide 1 by 0.00267744 and you will get 373.55 LTC.

Secure trading with AAX

The most important task of a crypto exchange is to provide security to its clients. From our side, the protection is implemented through the use of a reliable trading platform - a full analogue of the software serving the London Stock Exchange. The correctness of the AAX platform is constantly monitored by specialists, so we do not have any failures or malfunctions.

It is equally important to maintain security measures for our clients. Passwords, verification, and authentication are the tools for that purpose. We recommend actively using all of these account security tools.

Store or use your Bitcoins on AAX

The ways you can passively use your BTC to earn money are listed in the Finances menu - these are Staking and Saving.

Saving Bitcoin options are shown (enter "btc" in the search bar) with a fixed lock-up period. You can also see offers with flexible lock-up - for that you need to click "Flexible".

To join a suitable offer, you need to click "Subscribe" and then specify in the form the subscription amount and some other parameters of the deposit. All that remains is to click "Confirm Subscription."

This article has covered only some of the options where you can buy and sell Bitcoin on the AAX exchange - new ones are appearing regularly and the possibilities of those already offered are expanding. By starting to use our crypto marketplace now, you will always have access to the latest and most efficient tools for trading, exchanging, and storing digital assets. With us, any of these operations are profitable, safe, and quick!

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