How do I buy digital currency using Fiat currency or ZAR?
Last Updated 5 months ago
Buying digital currency could not be easier. All you would need to do is simply deposit money from your bank account into your ChainEX account, then you would use that Fiat currency/ZAR that you had just deposited to trade on the markets to obtain digital currency.
Below, I will explain step-by-step, in detail, how to buy digital currency using Fiat currency or ZAR.
- Firstly, You would need to sign up with ChainEX, if you are not too sure how to sign up then take a look at this easy to follow, step-by-step tutorial on how to sign up with ChainEX here.
- To buy any digital currency you will need to make sure your ChainEX account is on Verification Level 1. So once you have signed up and are currently logged in to ChainEX (not sure how to log in to ChainEX, then click here - How do I log in?), you will then need to make sure that you verify your account. Need help verifying your ChainEX account? - Click here. For more information on why your ChainEX account needs to be verified, read the following article - What does my profile verification level mean?
- Now you have reached the step where you will need deposit Fiat currency/ZAR from your local bank account into your ChainEX ZAR wallet. Head over to the Balances page and find your ZAR wallet. Click on the ZAR Deposit icon and enter the required details. Once that is done, you will receive a reference number. Head over to your online banking and create an EFT deposit with all the required information including the Deposit reference number you just received from ChainEX and make the deposit (At this point it will take 1 - 2 business days for your deposit to reflect into your ZAR wallet). For a step-by-step tutorial on How do I make a Fiat currency deposit - click here.
- Once you have received your ZAR deposit, head over to the Markets page. On the top left, you will notice that you are in the BTC/ZAR market place, which is where you want/need to be. From this point, you will take a look at the Order book on the right-hand side of the Markets page. For a step-by-step tutorial on how to use the order book, Click here. This is where you will buy your digital currency with ZAR, this is where you will trade your ZAR for the digital currency you want.
For a simpler version, follow these steps to buy digital currency:
- Log in to ChainEX (chainex.io)
- Deposit money into your ZAR wallet (If you are not sure how to generate a wallet then click here to learn more)
- Once you have Fiat currency in your ZAR wallet, go to the Markets page.
- Place a buy order and perform a trade on a ZAR market (For more information on how to perform a trade click here)
PLEASE NOTE: Banking charges incurred on ZAR cash deposits made to ChainEX will be deducted from the amount allocated to your ZAR wallet
Please take a look at these YouTube videos for more information:
How to Buy Bitcoin using ChainEX
How to Place a Maker and Taker Order