Buying BitShares for the first time might be a daunting task for anyone new to the cryptocurrency world.
However, you shouldn’t let those nerves stop you from making a potentially great financial decision. In fact, buying BitShares has almost the same process when it comes to purchasing other cryptocurrencies like Bitcoin and Ethereum. So if you’ve already had some experience buying cryptocurrency, then this will be a piece of cake for you.
For first-time cryptocurrency investors, don’t fret because we’ve created this guide for you to easily understand how buying BitShares works.
Here’s a quick rundown on how to buy BitShares:
- Look for a buy and sell cryptocurrency platform.
- Create your cryptocurrency wallet.
- Fund your wallet with fiat currency (aka US Dollar, Euro, etc.).
- Purchase Bitcoin or Ethereum.
- Directly purchase BitShares through BTS exchange.
Here are some of the exchanges where you can trade BitShares:
But first, let’s do a quick run-through of what BitShares is.
BitShares, or BTS, is one of the first token-generating cryptocurrencies that were developed. Its platform-based and trading BTS is fully decentralized. Meaning, you can trade the coin directly to other BTS holders without having a third-party authority.
BTS can also be traded with other cryptocurrencies like Bitcoin and Ethereum. There’s a determined amount of BitShares equated to another cryptocurrency depending on the state of the crypto market. Through this, you can essentially “convert” your cryptocurrency to and from BTS, provided that the trading platform you’re using has BTS listed on it.
Since BTS trading is fully decentralized, there are no cryptocurrency platforms that will allow you to buy BitShares directly from your wallet. Instead, you can only buy and sell BitShares peer-to-peer.
That entails having an extra step when buying BitShares. Nonetheless, buying BTS is relatively easy. Here is a quick guide for you:
1. Look for a cryptocurrency trading platform.
There are a lot of cryptocurrency trading platforms available online. Since crypto trading has constantly been gaining popularity, you can easily find the right platform that suits you.
So if you don’t have a current trading platform, sign up for one. This is essentially where your crypto trading begins.
2. Open a cryptocurrency wallet.
When opening a crypto wallet, your trading platform would usually have its own wallet for you to use or have affiliated third-party accounts. Choose a wallet that will suit your trading lifestyle.
It’s important to remember the security phrases, password, and username for your wallet. As much as possible, write down all the details and keep it safe. You don’t want to be locked out of your wallet!
3. Fund your wallet.
Before you can trade, you first need to have the money to do so.
Follow the instructions on your platform/wallet when it comes to depositing money. Most wallets allow you to deposit funds online through your bank, PayPal, etc.
4. Purchase Bitcoin or Ethereum using your wallet.
Once you have the funds, you can now use your money to purchase Bitcoin, Ethereum, or another cryptocurrency available on your trading platform. We highly recommend using the two cryptocurrencies because they’re the most common options when it comes to exchanging markets.
As we said, no platform offers direct purchase of BTS since the coin is decentralized. Instead, you have to look through exchanges that offer BitShares.
To purchase BTS, transfer your BTC or ETH from your wallet to the exchange. You’ll use your cryptocurrencies as a mode of payment whenever you’re buying BitShares.
Picking which exchanges to go to is another major decision when buying and selling BitShares. So, we discussed the most common BTS exchanges where you can trade BitShares below.
You can buy BitShares in major cryptocurrency exchanges available online. Take note that some exchanges only allow cryptocurrency as a deposit method, so it’s useful to already have a wallet with BTC or ETH ready.
Here are the most-used exchanges available online where you can buy BitShares:
Binance has an excellent reputation for cryptocurrency trading. It allows you to trade 304 cryptocurrencies on their exchange, covering 34 fiat currencies. The exchange’s deposit method is only limited to bank transfer (ACH). When it comes to fees, it charges 0 to 0.1% for trading and a withdrawal fee that depends on the amount withdrawn. However, there are no deposit fees.
Bittrex is one of the largest cryptocurrency exchanges in the United States. The exchange covers 273 cryptocurrencies and accepts USD as a fiat currency. You can deposit through bank transfer, credit or debit card, and cryptocurrency.
As for the feeds, Bittrex charges 0.25% flat. Withdrawal fees vary, but Bittrex doesn’t charge you for deposits.
Poloniex Digital Asset Exchange
Poloniex is one of the world’s leading digital currency exchanges. The exchange also allows you to trade on margin, which is something that not all exchanges have. Poloniex has 115 cryptocurrencies available on their platform and accepts over 36 fiat currencies.
You can use your credit or debit card, cryptocurrency, and Simplex to deposit funds. When it comes to trading fees, Poloniex charges 0 to 0.125% for makers and 0.04 to 0.125% for takers. There’s no deposit fee but exchange chargers for withdrawal that depends on the amount withdrawn.
Huobi is a global cryptocurrency exchange that allows you to trade 218 cryptocurrencies, including BTS. The exchange accepts 27 fiat currencies, and you can deposit using AdvCash, cryptocurrency, SWIFT, and wire transfer.
As for the fees, Huobi charges 0.2% for trading (both maker and taker) while there are no payments for deposit and withdrawal.
Buying BitShares is not as hard as you think. You just have to find the right cryptocurrency exchange that fits your financial strategy and plans. The decision on where you should buy BTS is yours alone. Still, we highly recommend doing thorough research of different exchanges to make trading uncomplicated and less expensive than necessary.