There are hundreds of cryptocurrency exchanges around the world. However, only a few of them stand out as credible intermediaries.
Bit.com is another revolutionary exchange that’s continued to impress investors with its perpetual swaps and options trading features. It’s a unique exchange which offers various trading opportunities, including spot, USD margined, perpetual, block trades, and RMM strategy.
With monthly visits of around 270,000 per month and a trading volume of $500 million, the exchange is quite popular. Indeed, all of these statistics are pretty impressive for a platform that was founded in August 2020.
Nevertheless, if you’re one of the new users (or about to register) starting out on Bit.com, here’s how you can sign-up and use Bit.com.
Use the special Coin Labs referral code below to sign up for Bit.com.
Step 1. Register for Bit.com
You can sign up using your email address or phone number. The process doesn’t require much additional information initially, which is why many people register on the platform conveniently. Follow the steps below:
- Click on the above link, which will take you to the Bit.com Sign Up page.
- You can enter your email address or toggle to Mobile to register via phone number.
- Now create a strong password. Make sure it is 8-20 characters long and has an upper case, lower case alphabet, and a number. Adding a special character will increase the security further.
- Tick mark the Terms & Conditions checkbox, and click Sign Up.
- You will receive a verification email or message (based on your previous registration method). Enter the Code in the next popup screen.
- Click Confirm, and enter your newly created account.
Step 2. Complete KYC
Next, you will need to complete KYC verification to get unlimited deposits, make trades, and increase withdrawal limits. Your daily withdrawal limit at the basic level will be $1 million, while at the advanced level, it will be $5 million. Here’s how you can complete KYC:
- Log in to your account. Hover over your profile icon and click Verification from the dropdown menu.
- In the Basic Verification section, select your country and click Verify Now.
- It will open a new window where you will upload your Government-Issued ID card photos.
- Next, you will have to go through Face Verification by providing a live photo.
- After completing the picture uploads, return to the Bit.com page and click Completed.
Wait until the information is processed. It usually doesn’t take much time. Once completed, you can further complete the level 2 (advanced) verification by providing address proof.
- Again, go to your Profile Icon > Verification > Verify Now under the advanced column.
- Enter your residential address and a picture of your address proof.
- Click Submit. After verification is processed, you will have maximum limits on your account.
Step 3. Deposit to your Bit Wallet
Depositing crypto or assets to your Bit wallet is also a simple process. You can deposit 70+ supported crypto coins on the platform. Remember, you can only deposit crypto to your account if you are KYC verified. Additionally, the verified users have unlimited depositing. Follow the steps below after verification:
- Log in to your account, and click Assets in the top right corner.
- Click the Deposit button from the Total Assets Value section.
- Select the Crypto Token you want to deposit from the dropdown menu.
- Select the Network of your crypto coin. It is extremely vital to select the coin and network carefully. Failure to do so will result in losing your assets permanently.
- Now open the platform’s wallet from where you are withdrawing to the Bit.com wallet, and fill in their withdrawal page.
- Copy the Deposit Address from your Bit.com page and paste it into the address box of the withdrawal platform. You can also scan the deposit QR code for convenience if you are using the mobile application of the withdrawal platform.
- After completing the process, check your balance on the Assets page.
Step 4. Buy crypto on Bit.com
Bit.com also allows you to buy crypto with various methods. The process is pretty easy and hassle-free. However, you can buy cryptocurrencies through the mobile application only. Currently, the website doesn’t support the crypto purchase option, but it will be featured soon. Anyways, follow the steps below to purchase crypto by different means.
Fiat currency
You will require a Banxa account to purchase crypto using fiat since Bit.com supports fiat purchases through this third-party platform. So, create a Banxa account and deposit some balance on the exchange. Also, complete your Bit.com KYC if you haven’t done so yet. After completing both processes, follow the steps below:
- Download Bit.com application on your mobile and log in to your account.
- Switch to the Assets section from the bottom right corner, and tap Buy Crypto.
- Select the Crypto Coin you want to buy from the top menu.
- Enter the amount you want to purchase, and tap Buy [Crypto].
- Select Banxa in the Payment Channel, and tap Pay on Banxa.
- Follow the prompts, enter the verification code, fill in the form, and finish the process.
- You will receive the confirmation email/message. Check your crypto balance in the Assets section.
Debit/credit card
Luckily, you can easily purchase crypto through your debit/credit card. Bit.com supports both VISA and MasterCard, which makes the process even easier. Follow the steps below to enter your card and buy cryptocurrencies:
- Launch the Bit.com mobile application and log in to your account.
- Go to the Assets page and tap on Buy Crypto.
- Select the Crypto Coin you want to buy from the top menu.
- Enter the amount you want to purchase, and tap the Buy button.
- Select the Credit/Debit Card option and fill in the fields to enter your card details before tapping Submit.
- Enter the OTP received in the next popup page for verification.
- Wait till the transaction is completed. You can check your crypto balance in the Assets tab.
P2P
Unfortunately, Bit.com doesn’t support Peer-to-Peer (P2P) transactions. So, you cannot exchange and get crypto by trading it with other users. However, you can convert your crypto from one coin to another in the convert section (discussed further below). Otherwise, P2P isn’t supported yet.
Step 5. Choose trade
Since Bit.com is relatively new, it doesn’t support many trading options, like others. You can only perform spot and perpetual trading, but their fees are quite affordable. Below we will discuss how you can perform spot trading on the platform and convert the earned assets into other coins.
Spot
Spot trading is a famous type where many beginners start their trading career. Bit.com has made it easier with its detailed charts, valuable tools, diversified trading pairs, and easy placing of orders. Follow the steps below to trade spot on the exchange:
- Log in to your account and click Trade in the top left corner. It will automatically take you to the spot trading page. You can also hover over the button, then select Spot from the dropdown menu.
- On the left, you will have the chart with live trends. You can choose the Trading Pair from the button above the chart. Next to the chart is the order book of current market orders’ Buy/Sell position from the form on the right.
- Switch to the buy or sell tab, enter the price, amount of trading pair, and the amount you wish to invest in.
- After confirming all details, click Buy/Sell to execute the order.
Convert
You can convert your one crypto asset to another on Bit.com for free. The platform doesn’t charge you any fee, and the process merely takes a minute. Follow the steps below to convert crypto coins in no time:
- Log in to your account. Hover over the Trade button at the top left, and click Convert.
- Select the Crypto Coins you want to convert from, and into, from the dropdown menus.
- Enter the coin’s amount you want to convert from and click Buy [Crypto]. That’s it.
FAQs
What is the difference between Convert and Spot trading?
Spot trading on Bit.com is buying/selling of spots. It is instant trading completed as soon as the order is executed. Bit.com offers numerous spot trading pairs to place and close orders at affordable rates.Convert, on the other hand, is the conversion of one crypto asset to another within the platform. Bit.com enables you to convert your (say) Bitcoin to Tether or Ether without any cost. The process is free and impressively quick.
How is a Convert trade settled?
Convert trade on Bit.com is settled instantly on your unified account. The transaction is quick, free, and efficient.
Is there a fee for using BIT Convert?
No, Bit.com doesn’t charge you any fee for converting one crypto coin to another within the exchange. The transaction amount may differ a little as the crypto’s rate refresh every five seconds. So, you may observe a minor difference according to the exact market values. Otherwise, the platform’s conversion is entirely free.