How to Use Bity

What is Bity?

The firm behind the Bity cryptocurrency exchange began its trading journey all the way back in 2014. The exchange was established with the belief that blockchains or other decentralized technologies would eventually have profound social implications, and that is something the firm wishes to take part in.

To that end, Bity offers financial products and services pertaining to cryptocurrencies, which businesses and individuals throughout the globe can have access to. Moreover, the exchange is also one of many that aim to bridge the gap between fiat currencies and cryptocurrencies, all through the blockchain. This implies that one can find both cryptocurrency-to-fiat and cryptocurrency-to-cryptocurrency trading here. However, it appears that only EUR and CHF are supported at the moment.

And, as a result of that “bridge,” the exchange is also fully regulated by the relevant Swiss authorities, i.e., the DFCA, or the Swiss Digital Finance Compliance Association.

How to Use Bity? 2 Main Features

How to Buy on Bity?

If you feel like using the services provided by this exchange, you will have to first register for an account and then deposit some tokens or even fiat. However, in this guide, we will instead place more emphasis on trading than onboarding. Hence, here we will be looking at how one can place an order on this exchange. Still, one thing warrants mentioning. Unfortunately, Bity isn’t like your standard cryptocurrency exchange, which provides spot trading, derivatives trading, and much more. So do not expect such options here.

Step 1. Select Cryptocurrency

Start by logging into your account at Bity. One thing to note here is that if you haven’t gone through its KYC process already, then do so, as you won’t be able to withdraw beyond the $1100 limit that has been set.

So, once you have logged in and had your account verified, navigate to the Buy and Sell section and choose the cryptocurrencies and amounts you want to exchange. Also, the rate that you will see is more of an estimate until your order has been executed.

Step 2. Choose Wallet

Then, choose a cryptocurrency wallet, such as Ledger, if you happen to have one. On the following page, a few details will then be added automatically; otherwise, simply select Other.

Step 3. Fill in Address

Fill in your cryptocurrency address here, which would essentially be the wallet address that you’d like to send your funds to.

Step 4. Transfer Payment

After all that, you will have to transfer the payment for your order to Bity’s bank. Also, the payment reference will be mandatory, so please do not forget to enter it within your wire details; otherwise, you will have your funds automatically sent back with fees possibly being applied.

Step 5. Confirm Payment

All that is left to do now is simply confirm the payment that you have made. You can then check your order’s status if you want to know about its confirmation. And that’s it; you’re set now, and once Bity has received your payment, they will transfer the cryptocurrency to your wallet after processing your order. You can then select Transactions within your account if you wish to view the complete list of the orders you have made.

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How to Sell on Bity?

In this section, we will look at how you can sell your cryptocurrencies on this platform, which, again, like buying, doesn’t function in the same manner as your standard cryptocurrency exchange.

Step 1. Choose Cryptocurrency

So, if you are looking to sell your tokens here, then start by logging into your account and navigating to the Buy and Sell section. Choose the amounts and cryptocurrencies you want to exchange, and again, the rate that will be shown will be an estimate until your order has been placed.

Step 2. Select Wallet

You will have to select a cryptocurrency wallet then, such as Ledger, for instance, in case you happen to have one. On the following page, some details will then be filled out automatically; otherwise, just choose Other.

Step 3. Fill in Bank Details

Here, you will need to fill in the details pertaining to your bank account. Alternatively, you can click on that drop-down button, which you will find beside that IBAN field, if you wish to utilize accounts that you have previously bookmarked. There will also be fields for an email address and an external reference, which are optional.

Step 4. Transfer Your Funds

Following that, you will have to transfer your funds to Bity. To maintain guaranteed rates, it’s vital for you to follow some conditions. Firstly, make sure your transaction is carried out in a timely manner, or in a 10-minute window, to be more specific. Secondly, enter an accurate amount, one that you would expect to receive. If you fail to meet these conditions, then, during your order’s execution, the exchange rate will be recalculated.

Step 5. Confirm Payment

Now, all you have to do is simply confirm that you have, in fact, made the payment, which is optional. If it is taking longer than usual, you can check your order’s status to know the time left for its confirmation. And that’s it. As soon as Bity has received your funds, your order will be processed, and the wire to your bank account will be executed. Again, following the execution, click on Transactions within your account if you want to view the list of orders that have been completed.

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