How to use the BitMart exchange
In today's article we will show you how to use the BitMart exchange.
It is a medium-sized exchange that listed the PBX token. This exchange supports several hundred cryptocurrencies, including bitcoin, ethereum, and now PBX.
Using the exchange is quite simple. You can buy PBX directly with fiat, either by bank transfer or payment card.
In this article, we will go through several issues, including how to register on the exchange, how to verify your identity, and how to buy cryptocurrencies with your card through this exchange.
We will also show you how to trade the PBX token itself, i.e. how to buy and sell it. The demonstrations were recorded before the listing took place, so other cryptocurrencies are used instead, but the principle remains the same.
So let's get started!
1. How to sign up to BitMart
Registration on the BitMart exchange is very simple. Simply visit the website www.bitmart.com and click on "Get started". In the next step, enter your registration email and password. Then correctly solve the puzzle so that the exchange sees that you are not a robot. Then enter the verification code that you received in the email you provided during registration.
Afterwards simply close the pop-up window that welcomed you, and you are logged into BitMart.
2. How to verify indentity on BitMart
Now you need to verify your identity. This process is relatively simple. In your account, click on your email in the upper right corner and then select "Verification". Then complete the verification process. Level 1 is sufficient for depositing fiat and buying on the exchange.
Click on "Verify now" and then select the "country that issued your identity card" and enter your name, surname, and date of birth. After confirming these steps, you will see the deposit option directly.
If you want to buy cryptocurrencies, select the "Deposit via Card" option.
3. How to buy cryptocurrencies on BitMart
To buy cryptocurrencies, visit "Buy and Sell" section.
Here you can choose the currency you want to use for purchase, and then select which cryptocurrency you want to buy. In the section where you have selected the currency you want to use for the purchase, enter the amount you want to spend on the cryptocurrency. The page will offer you the available payment methods. In our case, we have only "MoonPay" to choose from.
Select MoonPay, confirm the terms and conditions, read thoroughly before, and click "Continue".
The next step is to register with MoonPay.
Enter your email and click on "Continue".
In the next step, enter the code you received from MoonPay in your email. If you cannot find it, check your SPAM tab.
Then select your deposit method. In this case we have chosen a bank card. In the next window, enter your basic details. Enter your first name, last name, date of birth and nationality.
You will then be prompted to enter your card address, i.e. the address to which the card is registered, and then click "Continue".
In the next step, enter the card number, the expiration date, the CVV code and click "Continue".
In the following steps, the page will verify several times that it is really you who wants to perform the operation and that no one is trying to cheat you. This part takes a bit longer, but it is important for your safety.
Choose the option that suits you best out of the four possibilities. In our case, we will choose the second option that the purchase of cryptocurrencies is encouraged by a support of a well-known company. Then click on the "Continue" button.
In the next step, the page will verify again if you want to send the transaction. You have the option to click the "Stop my purchase" button if you want to stop the purchase, for example, if you feel that someone is trying to cheat you. If you want to proceed with the purchase, check the box that you are aware of the risks associated with fraud, and click on "Continue anyway".
In the next step, the platform will check again whether you are being unfairly led to the purchase. By clicking "Yes, I am being guided", you will stop the purchase. If you want to continue with the purchase, click "No, I am doing this alone".
In the next step, a recap will be displayed. Check if you agree with the purchase and conditions, and click on "Pay...".
The platform will once again ensure that this is not a fraud. Note that you should only perform a reverse purchase of cryptocurrencies if you know what you are doing. If you want to continue, click "Confirm order".
The platform will then redirect you to the payment gateway.
In our case, my bank sent me an SMS code that needs to be entered into the "Enter code" field and click on "Submit". Your interface may look different depending on your bank.
Then my bank asks me to enter the name of my pet. It may look different in your case.
And that's it, now just wait for the purchase and transfer to be processed. This is a blockchain transaction, so it may take several minutes or even hours.
You will find the purchased cryptocurrency in your account in the "Assets" section under the "Buy and Sell" subsection.
4. How to transfer funds on BitMart
Transfer of cryptocurrencies from the "Buy and Sell" wallet to the "Spot wallet".
If you purchased cryptocurrencies by card or bank transfer, they were credited to your "Buy and Sell" wallet. If you want to trade or send these cryptocurrencies away from the BitMart exchange, you must first transfer them to your "Spot wallet".
First, visit the Assets section and go to "Buy and Sell". Here, simply click on "Transfer" for the cryptocurrency you want to transfer to the Spot wallet.
Make sure you have set the transfer from "Buy and Sell" to "Spot".
Then choose how much cryptocurrency you want to transfer to the Spot wallet and click on "Transfer". This transfer is instant.
Now you can trade or withdraw cryptocurrencies from your Spot wallet.
5. Trading cryptocurrencies on BitMart
We will show you how to trade cryptocurrencies on the BitMart exchange.
Once you are logged in to the main page, you can click on "Trade now".
A simple interface will appear. You enter your commands in the lower half.
There are 2 types of commands for purchasing tokens.
Market and Limit.
You can find the cryptocurrencies you want to trade in the search field in the upper right corner.
5a - Market
Market means that you want to buy cryptocurrencies right now at the current market price.
Let's say you want to buy for 100,000 USDT.
This command automatically buys BTC from the market for 100,000 USDT at the prices at which the sellers want to sell.
Not every BTC will be purchased at the price that is currently most advantageous for you. Some sellers wanted to sell for a higher price than was currently on the market.
Your order will buy BTC from the price that is best for you, up to the price that is a little worse, until BTC is bought for 100,000 USDT.
All you have to do is click on "Market" in the command entry table in the lower section and then enter the amount of "USDT" you want to spend, and then click on "Buy BTC".
You can check that the trade has been completed by going down and clicking on the "Order History" section.
Selling works similarly, you just select "Sell BTC".
Limit order means that a pending order is set.
With this order, you are saying: I want to buy BTC for 100,000 USDT, but only at this price. If the price is worse, I don't want to buy it.
Fulfilling this order may take some time because the price may not reach this level.
Alternatively, you may have purchased for only 3,000 USDT and because the price has risen, this order waits until the price drops to the price level where you are willing to buy.
In the same section, simply click on "Limit". Then write the price you want to buy in the "Price" section. For purchases, your pending limit order should be lower than the current market price. (You want to buy when the price drops a bit).
Then just enter how much BTC you want to spend in the "Amount" section. Or you can enter the USDT value you want to spend in the "Total" section.
Then just click on "Buy BTC" and the order for the pending order will be recorded. You can find it by scrolling down to the "Open Orders" section.
Selling works the same way but in reverse. Your BTC will always be sold whenever the price rises to the chosen level.
Withdrawing cryptocurrency from BitMart exchange to a Probit account and depositing PBX tokens into Stayking is very simple.
Simply go to the "Assets" section at the top right and select the "Spot" subsection. Click on "Withdraw" for the cryptocurrency you want to withdraw.
Then a table will appear, in which you need to select the blockchain on which you want to make the withdrawal. PBX is only withdrawn on the BEP20 blockchain, so select BEP20 for PBX. Note that this is very important! If you choose a different blockchain, you will lose your PBX.
Then enter the withdrawal address. If you want to enter the address of your Probit backoffice account, you can find it in your Probit account under "Buy, Deposit". After clicking on "PBX", copy the address displayed there. It should start with the number 0x.
Then paste this address into "Address for withdrawal".
You can skip the note and just select how many tokens you want to withdraw, and click "Withdraw".
You will also need to confirm the withdrawal code in an email. Click the "Send" button at the top right to receive the code in your email for confirmation of withdrawal. If you have set up verification via Google Authenticator, enter this code as well.
Then click the "Send" button.
The transaction will be sent. Processing may take some time as it is a blockchain transaction. However, it should be processed within a few minutes.
And that's it.
We have gone through all the important functions needed to operate the BitMart exchange.
How to create an account, verify our identity, buy cryptocurrencies, and trade with the PBX token. Finally, we have shown how to withdraw PBX directly in the Probinex back office.