Once you have registered and verified your exchange wallet account, you can start buying Bitcoin. This consists of two steps: (1) funding the exchange wallet (via your card or bank account) and (2) using those funds to purchase Bitcoin.
Many sites have high limits, with most allowing up to $10,000 in Bitcoin purchases per day. These starting limits can usually be raised by completing added verification.
Steps for Buying Bitcoin
Not every exchange site is the same, but in general, the steps are very similar.
- Hit the button marked ‘Buy’ or ‘Buy/Sell’
- Enter the requested details (amount, cryptocurrency type)
- Enter your payment information
- Hit ‘BUY’, ‘Confirm’ (or similar) to complete the purchase
The time frame for completing the transaction can vary depending on the type of method you use. (Longer for a bank wire or bank transfer to be confirmed, much quicker for credit/debit card).
Once the account is funded, the actual buying of Bitcoin only takes the standard amount of time required for the blockchain to confirm the transaction, usually 10-30 minutes.
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