how to buy crypto on bitforex

To buy cryptocurrency on BitForex, users can follow the simple steps of creating an account, optionally verifying their identity, funding their account, finding the desired cryptocurrency, placing a buy order, monitoring progress, and subsequently withdrawing their assets.

Feb 01, 2025 at 12:43 pm

Key Points:

• Creating a BitForex account
• Verifying your identity (optional)
• Funding your account
• Finding the crypto you want to buy
• Placing a buy order
• Monitoring and managing your order
• Withdrawing your crypto

Creating a BitForex Account:

1. Visit the BitForex website and click on "Sign Up."
2. Enter your email address or phone number, create a password, and agree to the terms of service.
3. You will receive a confirmation email or SMS. Click the link in the email or enter the code from the SMS to complete your registration.

Verifying Your Identity (Optional):

1. Go to your account settings and select "Identity Verification."
2. Follow the instructions to provide your personal information, including your name, date of birth, and address.
3. Upload a copy of your government-issued ID and a recent selfie.
4. Once your identity is verified, you will have increased withdrawal limits and access to certain premium features.

Funding Your Account:

1. Go to the "Deposit" page in your account.
2. Select the cryptocurrency you want to deposit and generate a deposit address.
3. Send the cryptocurrency from your external wallet to the generated address.
4. Once the deposit is confirmed, the funds will be added to your BitForex balance.

Finding the Crypto You Want to Buy:

1. Go to the "Markets" page on the BitForex website.
2. Use the search bar to find the cryptocurrency you are interested in.
3. Click on the cryptocurrency name to open its trading page.

Placing a Buy Order:

1. On the trading page, select the "Buy" tab.
2. Enter the amount of cryptocurrency you want to buy.
3. Choose the order type: "Limit Order" for a specified price or "Market Order" for the current market price.
4. Click on the "Buy" button to place your order.

Monitoring and Managing Your Order:

1. Go to the "My Orders" page in your account.
2. Here you can view all your active orders, track their status, and cancel them if necessary.
3. You can also use the "Order History" to see all your past orders.

Withdrawing Your Crypto:

1. Go to the "Withdraw" page in your account.
2. Select the cryptocurrency you want to withdraw.
3. Enter the withdrawal address, which is typically the address of your external wallet.
4. Enter the amount you want to withdraw and the withdrawal fee.
5. Click on the "Withdraw" button to initiate the withdrawal.

FAQs:

What are the fees for buying crypto on BitForex?

• BitForex charges a trading fee of 0.2% for both makers and takers.
• Withdrawals incur a small network fee, which varies depending on the cryptocurrency.

What payment methods are accepted by BitForex?

• BitForex accepts deposits in a wide range of cryptocurrencies, including Bitcoin, Ethereum, USDT, and XRP.

How long does it take to withdraw crypto from BitForex?

• Withdrawals are typically processed within 24 hours, but it can take longer during periods of high traffic.

Is BitForex a safe platform to buy crypto?

• BitForex implements various security measures, including two-factor authentication, SSL encryption, and cold storage for a majority of its user funds.

Can I buy crypto on BitForex without verifying my identity?

• Yes, you can buy crypto on BitForex without verifying your identity. However, your withdrawal limits will be lower, and you will not be able to access certain premium features.