Earlier this week, we released on article on “How To Buy Bitcoin For Beginners” which included digital wallets, BTC exchanges, P2P exchanges, Bitcoin ATM’s, and cash. In this article, we wanted to highlight buying bitcoin on an exchange, as that is what most investors do. Digifinex is a leading cryptocurrency trading platform with over 300 digital assets including bitcoin. The core team of Digifinex come from large tech companies including Tencent, Baidu, and Xunlei. They are headquartered in Singapore.
How to Buy Bitcoin on Digifinex
Each cryptocurrency exchange offers different ways of buying bitcoin. This guide shows you how to buy bitcoin on Digifinex. You can buy bitcoin on the exchange via:
- Merchant trade
- General trade
- Credit/debit card
- Escrow trade
- Block trade
You need to apply to become an over-the-counter legal currency transaction (OTC) merchant. The prospective merchant should either have WeChat, Alipay, or domestic bank card as a supported payment method. Merchants still need to complete real-name verification and dual authentication and submit these authentications for review. When the review is complete, the merchant can advertise on the OTC platform.
Credit and debit card
You need to have a registered account to buy bitcoin with a credit/debit card on Digifinex. Visa and Mastercard cards are accepted.
For the process to go through, you should buy bitcoin worth between $50 and $20,000. The transaction is powered by Simplex. The bitcoin you purchase will be sent to your Digifinex wallet. The credit card fee is 4.5%.
Block trades are for large orders (whales). Initiate the trade by sending an email to firstname.lastname@example.org to inquire about the large trade. Digifinex will not approach you first with this offer. If you see this offer before you send it to the exchange, be careful as it could be scammers posing as Digifinex. The support block range is 100BTC to 1,000BTC.
Escrow (C2C) trading is similar to peer-to-peer trading. Customers advertise the price and amount of bitcoins they are willing to sell. The sellers are matched with buyers on Digifinex, which acts as escrow to protect the interests of both parties.
This article is not meant to be trading advice or an endorsement. It is for educational purposes only.