Buy Cryptocurrency Online1st February 2019
So you’ve learned all about cryptocurrency, and now you want to buy cryptocurrency online. No problem! Buying cryptocurrency in the UK with the XCH4NGE platform is safe and simple. In order to purchase your crypto with us, you will first have to go through the user registration process. Once you have completed the registration process and received confirmation of your acceptance to the platform, you can begin to buy cryptocurrency.
The first step to buy cryptocurrency is to log in to XCH4NGE. This will take you directly to your user dashboard. On the top right hand side, there will be a button that reads “Buy/Sell”. Click this button, which will then take you to the Buy-side order book.
Requesting a Transaction
Once you can see the buy-side order book, you may now select your currency by clicking on ‘BUY’, located directly below the appropriate logo. Be careful when selecting your coin, as some logos can be very similar.
With your currency selected, you must now choose a seller to buy cryptocurrency from. Sellers are listed by username, accepted payment method, list price of their assets, and the amount of that digital asset they have to sell (limits). Once you have found a seller whose price, payment method(s), and limits are acceptable, it’s time to initiate a transaction to buy cryptocurrency.
Begin Your Transaction
Click the ‘Select’ button on the right side of the user name (making sure to double check that it’s for the correct seller). You should now be on the transaction page. Here you can set the quantity of cryptocurrency you’d like to purchase in one of two ways. You can either choose your total spend in GBP, or you can set the total amount in cryptocurrency you would like to purchase.
Whichever method you choose, the other currency field will auto-adjust to reflect the correct amount. Therefore, if I choose to buy one Bitcoin, the GBP field will automatically display the seller’s price in GBP for one Bitcoin.
Please note that you have a limited window of 90 seconds to complete this page. This mechanism ensures both buyer and seller are actively engaged with the transaction, and prevents users from spamming sellers with requests. Once you have filled in all the fields correctly, double check your order one last time and click the ‘submit’ button. You have now started the process to buy cryptocurrency!
Once you have initiated the payment procedure, an automatic message will be sent to the seller in the XCH4NGE transaction chat. This message will ask them to confirm that they are online and ready to begin the transaction. If they do not answer in the allotted time, you will be returned to the order book for your chosen currency.
If they answer yes, then you may proceed to the payment portion of the transaction. As with the order submission, this step has a time limit- buyer and seller have a 30 minute window to send payment and confirm receipt of payment before the system cancels the transaction.
If you are paying via bank transfer, the seller will then provide you with their nominated bank account sort code and account number in the chat window. You must then access your online banking or mobile banking app and transfer the full amount using the details provided.
When the seller has received the money (typically within 10 minutes for UK banks), they will confirm the payment. Once the seller confirms that they have received payment in full, XCH4NGE will release the cryptocurrency from escrow and into your XCH4NGE wallet.
Congratulations! You have successfully completed a transaction to buy cryptocurrency with XCH4NGE. Your cryptocurrency balance should now be viewable in your account wallet.
Raising a Dispute
Unfortunately, not every transaction goes smoothly. You may need to dispute a transaction when the following criteria are met:
- The seller has not confirmed the payment after you have sent the payment (unresponsive)
- The transaction has been marked as complete, but you have not received the cryptocurrency
- The seller is attempting to convince you to send the payment to a non-verified bank account
To raise a dispute, press the blue ‘Dispute’ button underneath the transaction chat window. Please note that if either party provides fraudulent information/documents in the dispute process, XCH4NGE reserves the right to immediately settle the dispute against the party in violation
Currency-Specific Buy Pages
Get Started with XCH4NGE by following the link below: