Welcome to MyBTCForums.
>>>>>IMPORTANT!!! Please take the utmost care in understanding what you are doing before you spend a large sum of money. If you are new, it is recommended you spend a week trading actively with $100 or preferably less to get a feel of the market behavior. We know people who had lost a lot of money jumping in big when still new. Please read the posts in the How-To section as it will help you if you are a beginner.
>>>>>Thank you and we hope to share as much information with everyone in the community as much as possible. Please do not hesitate to reach out to the admins or moderators if you need some help and advice.
>>>>>Disclaimer: Advice here not professional in nature. They are experiences, ideas and strategies shared by active members of the crypto currency trading community. Please take the advice given at your own risk. Please contact the forum admins and moderators if you notice any wrong advice or misleading information. Thank you very much.

How to start buying cryptocurrencyTurning your Fiat money into Cryotocurrency

Beginners & Help. First steps into cryptocurrency investing / trading.
User avatar
wyukig
Site Admin
Posts: 4
Joined: Sat Nov 25, 2017 3:42 am

Turning your Fiat money into Cryotocurrency

Postby wyukig » Sat Nov 25, 2017 5:16 am

For Australian Users

Sign up for an account on one of both of these crypto currency exchanges: ***See section on full exchanges as it is recommended that you register for those at the same time***

You will need to verify your account after you've registered.
Follow the instructions and provide your ID and address details, you may even need to take a selfie with verification information.
It may take a couple of days for your account to become verified.
You can start depositing money to trade, but you will not be able to withdraw your money before you are verified.

Deposit Money
Look for the "Deposit" link to enter the deposit page.
Choose to deposit money using BPay which is fee free.
It will take about 1-2 business days excluding weekends for your money to appear on the exchange.

Full exchanges
Domestic exchanges only allow you to trade on the big-3 or 4 coins, Bitcoin, Ethereum, Litecoin, Ripple, Ethereum Classic.
Also, domestic exchanges are less competitive compared to the international full exchanges due to small community size.
As such you may find that the prices are quite unfavourable for buying.

Therefore, sign up to any of the following full exchanges in order to gain access to a larger range of Alternate Coins:
(This list is not exhaustive but they are some of the more popular ones)
Now what
Once you have registered and verified yourself, you can start trading.
Transfer funds via BPAY into the domestic exchanges
Full international exchanges either do not accept fiat deposits or charges a hefty fee for fiat deposits.

Therefore, it is recommended to deposit fiat into domestic exchanges for free, they convert your fiat into crypto currencies.
It is also recommended to convert your fiat into a crypto currency that is "light weight"(has low withdrawal fees) like Etherum or Ethereum Classic. Pretty much anything apart from Bitcoin.
The reason for this is because you will be transferring the crypto currency out into one of the other full exchanges you registered.
(Be sure to check the market average price of the crypto currency which you are converting your fiat into as prices can be inflated on domestic exchanges).

Good luck, learn hard and be successful~!



User avatar
Ultimatebtc
Site Admin
Posts: 53
Joined: Sat Nov 25, 2017 3:52 am

Re: Turning your Fiat money into Cryotocurrency

Postby Ultimatebtc » Wed Nov 29, 2017 1:58 am

For Singapore traders

There are 2 types of bitcoin exchanges.
1) Fiat to crypto (they only have a few main coins like btc, ltc, eth):Coinhako, Coinbase (not recommended as it has several history of crashes) and Quoinex
2) Crypto to alternate coins ("full exchanges" as we'll like to term it): Binance, Hitbtc, Bittrex, Bitfinex, Qryptos

Typically the setting up of account and verifying your personal information will take around 3-7 days to complete.

Second step after you have created your Fiat account is to deposit your Singapore dollar (SGD) into these exchanges in 1) above. There are a few providers and we recommend Xfers.io for several reasons. One (and also primarily), it is 0% fees for depositing SGD (as of this date of writing 29-Nov-2017). Another is, Xfers is a singapore based company. In the event it got hacked or something, we got someone / somewhere to turn to? You can then use the money transferred in Xfers to buy bitcoins in Coinbase. Your handphone registered with these 2 portals are linked and will show up in your Coinbase account.

Is the above too complicated? Then you might want to just register an account with Quoinex and they have a step by step guide to change your fiat into bitcoins.

With that said for Quoinex, this is the latest update [20-Dec-2017]. Quoinex deposit and withdrawal system takes around 10 working days for it to confirm. It is personally too long a time for me. So I would recommend friends to sign up GDAX. It is using the same backend (database) with Coinbase, but without the exorbitant fees! Watch this video on the step by step on how to deposit for almost 0% fee! https://www.youtube.com/watch?v=lcCIjIAqM-4

Once you've dipped your feet into the bitcoin trading realm and ready to explore the myriad world of alternate coins, then transfer your bitcoins into those various exchanges. It's really volatile and exciting, so good luck to your trading with Bitoins in Singapore!! 8-)
Buy in fear. Sell in Greed.

User avatar
Ultimatebtc
Site Admin
Posts: 53
Joined: Sat Nov 25, 2017 3:52 am

Re: Turning your Fiat money into Cryotocurrency

Postby Ultimatebtc » Thu Dec 14, 2017 1:11 pm

For those stucked while waiting for Xfers.io to resume accepting fiat / SGD, try https://www.tenx.tech/. Though a disclaimer is that I personally didn't use it before. So any comments or feedback here would be appreciated.
Buy in fear. Sell in Greed.

Jokerssd
Posts: 1
Joined: Fri Dec 29, 2017 6:22 am

Re: Turning your Fiat money into Cryotocurrency

Postby Jokerssd » Fri Dec 29, 2017 6:23 am

For the grad option
How can I get pass the “bcc/usd is not avail In ur region” lock?


Who is online

Users browsing this forum: No registered users and 1 guest