How to Buy BTC with Bitfada Fiat Wallet
To buy BTC or any currency on the Bitfada platform, the first step is for you to have a working account; and to verify your KYC with Bitfada.
When the two conditions above are met, then, you are set to buy or sell any kind of currency on Bitfada — be it Bitcoin, Eth, or USDT.
In this simple guide, my intention is to guide you on how you can buy BTC on Bitfada using Bitfada Fiat Wallet.
First, what is a Fiat Wallet on a cryptocurrency platform?
Fiat in any organization, like a bank is where liquid cash is kept for safety purposes; and for easy accessibility.
Fiat money is therefore given a legal value or authorized by the government to serve as a legal tender.
In cryptocurrency, a fiat wallet is a digital storage compartment where the user keeps his or her fiat currency which he or she intends to use for the purpose of accessibility any time he or she wishes to perform trading.
Your fiat wallet can be funded basically in two ways:
- You choose to retain the money you get through some of the coins you had previously sold – that money could be used to fund future transactions.
- You choose to transfer money from your physical bank account into your wallet with the aim of using the money to perform transactions either now or later.
Note that, merely having money in your wallet does not automatically translate to an increment in the amount you have in the account. For your money to increase, you must buy coins, and resell them at higher prices – that depends on your speculations.
Having known the meaning of Fiat money and Fiat Wallet, let’s consider how you can buy BTC with your Bitfada Fiat Wallet.
Type, www.bitfada.com in your browser, and log in to your Bitfada account. What you have in the image below:
To check the amount you have in your wallet, click on the wallet as shown below
To buy or sell BTC, click on Buy/Sell, and you will be brought to the next page When you are directed to the next page, make sure you select the currency you.
When you are directed to the next page, make sure you select the currency you want to buy, BTC, ETH, or USDT. In this case, we are buying BTC.
Select the amount of the BTC you want to buy. Let us assume it is N 50,000, select your country and the payment method.
Under the Payment method, choose Bitfada NGN Wallet since you are buying from your Biffada Fiat Wallet. Remember, you must have funds in your Bitfada wallet before you can perform the transaction.
Alternatively, from the below, see the list of sellers, and choose a seller to buy from. However, before you can buy from a seller, make sure that what you are planning to buy is within the limit of what he is willing to sell.
For instance, Adeniyi wants to sell the range of 1,749.01 - 52,470,425.16 NGN from his Bitfada wallet, the minimum he wants to sell is N1,749.01. If what you want to buy is less than his minimum limit, it means that you cannot buy from him. You will have to look for another seller whose limit can accommodate what you want to buy.
In our case, since we a buying N50,000 worth of BTC, it means that we can buy from Adeniyi because what we want to purchase falls within the range of what he is willing to sell.
Choose one of the sellers, whose conditions you have met. Let’s assume we are buying from Adeniyi, When you click on Buy in the front of his name, you will be redirected. You can either enter the proportion of BTC you wish to buy or rather, enter the amount.
You can either enter the proportion of BTC you wish to buy or rather, enter the amount as shown below.
When you click on Buy BTC, you will be redirected to the page where you will finalize your transaction. If you have money in your wallet, the exact amount will be deducted from your account. And your BTC wallet will be credited with the proportion equivalent to the amount of the money you paid.
We are not able to reach the last page because this is a demo account, and it has not been funded on Bitfada.
These are the simple steps of how you can make use of the Fiat currency you have in your wallet with Bitfada to buy BTC.
The interesting thing about this is the fact that you can buy on Bitfada and transfer your coin to the account you are operating on another platform. Usually, you buy cheaper on Bitfada and resell at higher prices on another platform.
Should you have any inquiries or clarification, contact your support team at [email protected]
Also, feel free to leave a comment in the comment box below.