Cách giao dịch trên sàn Bity

What is Bity?

Blockchain technology can have transformative potential concerning the functioning of economies. Founded on that belief in 2014, Bity started its operations in Switzerland to become the nation’s leading cryptocurrency exchange. To that end, you will find popular cryptocurrencies like ETH, BTC, and USDC here, alongside some fiat currency support, mainly EUR and CHF.

Consequently, it is also fully compliant with every international AML (Anti-Money Laundering) regulation, with KPMG auditing its operations.

Some of its more popular services include facilities where users can pay their bills online and even cryptocurrency ATMs. Other than that, they also provide API services along with OTC desks and some affiliate schemes.

How to Trade on Bity

Unlike your standard cryptocurrency exchange, Bity does not come with this massive suite of options. So, you won’t find any spot or derivative trading here. Hence, its functionality is similar to that of exchanges like Uniswap or Osmosis, which largely focus on swapping. Although they do provide staking options, which you won’t find here as well.

But you can still link your bank account here and engage in simple buying and selling and a bit of OTC trading too. However, to be able to do that, you need first to create an account and complete its KYC (Know Your Customer) process, which we will discuss below.

Please refer to the following link, if you want to learn how to use Bity.

Step 1. Register

As of this moment, there do not seem to be any mobile applications for this decentralized exchange, so you will not be able to register with your phone here. Therefore, we will direct our focus instead toward its website.

• So, open any desktop browser you are comfortable with and head over to the exchange’s official website. Once you have landed on its homepage, you will find the Sign Up button at the upper right. Click on it to begin the registration process.
• On the registration page, you will have to enter the email address you use and a password. Also, in contrast to other exchanges, it seems like you won’t be able to register using your phone number here. So, after adding your email address, you will need to enter a username as well, one that you would like to be known by on this exchange.
• You will then need to set a password, making sure that it is strong and unique. Strong, as in it must contain a blend of lowercase and uppercase letters, numbers, and some special characters. And unique in the sense that it would be better if the password were not being used anywhere other than this exchange. Also, the length should be at least 8 characters, but it can be more, and it’s better if it is.
• Following that, simply agree to its Terms of Service after properly going through them, and then enter the verification code that will be sent to the email address you added earlier.

Step 2. Complete KYC

While Bity may not function like your typical cryptocurrency exchange, what it does share with other exchanges is the fact that it does feature a KYC procedure, which is mandatory if you want to buy, sell, or swap amounts greater than 1,000 CHF or if you want to access some of the other features it offers.

• Start by logging into the account you created now and navigating to the Profile tab, after which select the button that says Personal Account.
• Following that, access the new onboarding page of this exchange by logging in once more.
• Select Start the identification process, and you will then have to follow the instructions outlined, like verifying your phone number, submitting certain documents, capturing a video, etc.

If you want to get done with the KYC process completely, consider it will take some time. Be content and proceed!

Step 3. Buy crypto

At Bity, you don’t deposit your holdings, and neither does the exchange have any control over your wallets, private keys, or funds. In other words, you cannot deposit or withdraw your funds here, as it doesn’t function like your typical decentralized exchange nowadays, which we mentioned earlier as well.

However, you can link your bank account and buy and sell cryptocurrencies directly from this exchange. Linking your bank account usually implies that fiat currencies will be involved. So, navigate to its Buy/Sell section to place any order you want once you have linked your bank account and connected your wallet.

Still, if you do not want to buy or sell cryptocurrencies using fiat or simply want to engage in crypto-to-crypto trading only, then you can use its swap feature.

• Debit/credit card
  • Unfortunately, at the moment, Bity does not support credit or debit card payments. Consequently, they only accept and support payment methods that involve bank transfers. However, the team behind Bity has stated that they are currently working to integrate some additional payment methods, which should be accessible in the near future.
• OTC Trading
  • While P2P trading is not supported, the exchange does offer OTC trading.
    • OTC, which stands for over-the-counter, is a type of trading where investors and traders are granted the ability to execute larger cryptocurrency orders conveniently, swiftly, and privately.
    • Moreover, OTC orders are directly made with other traders while being carried out off the exchange, which can aid in avoiding market manipulation that ends up having a negative impact on pricing and purchasing power.
  • Bity’s global desk provides private and personalized OTC services for users who are looking to execute transactions that would otherwise result in liquidity problems within the market. So, OTC trading here is accessible for various cryptocurrencies or digital assets, like ether, bitcoin, and augur.

FAQs