Navigating a cryptocurrency exchange for the first time can be daunting. This guide provides a clear, step-by-step walkthrough for executing fundamental operations such as buying crypto with fiat, trading, and moving assets on one of the prominent platforms.
How to Buy Cryptocurrency
The most common way to acquire your first digital assets is through the over-the-counter (OTC) or 'fiat trading' section of an exchange.
- Access the Fiat Trading Section: After logging into your account, locate and navigate to the "Fiat Trading" area.
- Select 'Buy': Within this section, you will find a list of sellers offering various cryptocurrencies, often paired with stablecoins like USDT. You can see their asking prices and accepted payment methods.
- Choose a Seller: Browse the list and select a seller whose price and terms meet your requirements.
- Create an Order: Enter the amount of cryptocurrency you wish to purchase and confirm the buy order. This action creates a formal purchase agreement.
- Make the Payment: Once the order is created, you will receive the seller's payment details (such as bank account, Alipay, or WeChat Pay). Transfer the exact fiat amount within the stipulated time limit. It is highly recommended to include any provided payment reference number in the transfer notes.
- Confirm Payment: After successfully sending the payment, click the "Payment Completed" button on the exchange interface to notify the seller.
- Receive Your Crypto: The seller will confirm receipt of your funds. Upon their confirmation, the exchange will automatically release the purchased cryptocurrency to your exchange wallet.
Important Tips:
- Always ensure the seller is online and responsive before sending any money.
- Complete the "Payment Completed" step immediately after transferring funds.
- If you have paid but the seller is unresponsive, use the order dispute function before the timer expires.
How to Trade on the Exchange
After acquiring crypto like USDT via OTC, you can move it to the spot trading platform to trade for other cryptocurrencies.
- Transfer Assets: From your main account page, find the "Assets" or "Funds Management" section. Locate the function to transfer assets between your OTC and spot trading accounts.
- Initiate Transfer: Select to transfer from your OTC account to your trading account. Choose the currency (e.g., USDT) and the amount you wish to move. Confirm the transfer; this is usually instant and free.
- Start Trading: Once the transfer is complete, navigate to the "Spot Trading" or "Exchange" section.
- Choose a Trading Pair: Select the market you want to trade in, for example, BTC/USDT if you want to buy Bitcoin with your USDT.
Place an Order: You have two main options:
- Limit Order: Set the specific price at which you want to buy or sell. Your order will only be executed when the market reaches your specified price.
- Market Order: Execute a trade immediately at the current best available market price. You only need to specify the amount you want to buy or sell.
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How to Sell Crypto and Withdraw Fiat
Converting your cryptocurrency back into fiat currency (like CNY) follows a process inverse to buying.
- Deposit Crypto to OTC: If your crypto is in your spot trading account, first transfer it back to your OTC/fiat account using the asset transfer tool.
- Access the Sell Page: In the "Fiat Trading" section, click "Sell." You will see a list of buyers offering to purchase your crypto.
- Select a Buyer: Choose a buyer based on their offered price and payment method.
- Create a Sell Order: Enter the amount of crypto you want to sell and confirm to create the sell order.
- Provide Payment Details: The buyer will pay you in fiat. You must provide your correct receiving account information (bank details, etc.) to the buyer through the exchange's chat.
- Confirm Fiat Receipt: Wait for the buyer to send the payment. Check your bank account to confirm you have received the funds.
- Release Crypto: Once you have confirmed the fiat payment is in your account, return to the exchange order page and click "Release Crypto." The platform will then transfer the cryptocurrency to the buyer, completing the trade.
How to Deposit Crypto
To deposit cryptocurrency from an external wallet (like a personal hardware wallet) to your exchange account:
- Locate Deposit Address: In the "Assets" section, find the currency you want to deposit (e.g., BTC) and click "Deposit."
- Use the Provided Address: The exchange will generate a unique cryptocurrency address for you. Use this address as the destination when initiating the withdrawal from your external wallet.
- Wait for Confirmations: The transaction will require multiple network confirmations. Deposits are typically credited within 10-60 minutes, depending on the network congestion and the fee paid.
Critical Warnings:
- Only send the exact type of cryptocurrency to its corresponding address. Sending BTC to an ETH address, for example, will result in permanent loss of funds.
- Be aware of the minimum deposit amount; smaller deposits will not be credited.
- Your deposit address may remain the same for a long time, but always verify it before each transaction.
How to Withdraw Crypto
To send cryptocurrency from your exchange account to an external address:
- Add a Withdrawal Address: For security, you must first whitelist withdrawal addresses. Go to "Withdrawal Address Management" and add the new external wallet address.
- Complete Security Verification: Adding a new address typically requires multiple forms of authentication, such as SMS, email, and Google Authenticator codes.
- Initiate Withdrawal: Once the address is saved and verified, go to the "Withdraw" section for that cryptocurrency.
- Enter Details: Select the whitelisted address, enter the amount you wish to send, and confirm the transaction. You will see the withdrawal fee deducted from the total.
- Pass Security Checks: The exchange will process the withdrawal. For security, withdrawals to new addresses may undergo manual review, which can involve identity verification or a customer support call. Never give your passwords or 2FA codes to anyone.
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Frequently Asked Questions
What is the difference between limit and market orders?
A limit order allows you to set a specific price for buying or selling, giving you control over the execution price but not guaranteeing the trade will happen. A market order executes immediately at the current market price, guaranteeing execution but giving you less control over the exact price.
How long does a typical OTC trade take?
A smooth OTC trade, from order creation to the crypto being released, can take anywhere from 5 to 30 minutes. The speed depends on how quickly both parties communicate and process their sides of the transaction (payment and confirmation).
What should I do if my OTC trade goes wrong?
If you've paid but the seller hasn't released crypto, or if you've released crypto but haven't received payment, do not leave the order page. Use the platform's built-in "Appeal" or "Dispute" button immediately. Exchange support will mediate the situation.
Why is my cryptocurrency deposit taking so long?
Cryptocurrency deposits require confirmations on the underlying blockchain network. During periods of high traffic, transactions can be slower. You can often speed up the process by paying a higher transaction fee from your external wallet.
Is it safe to leave my crypto on an exchange?
While major exchanges have robust security, the principle "not your keys, not your crypto" applies. For large amounts or long-term storage, it is safer to withdraw your assets to a private wallet where you control the private keys.
What are the fees for withdrawing crypto?
Exchanges charge a network fee for withdrawals, which varies depending on the cryptocurrency and network conditions. This fee is displayed before you confirm the withdrawal and is deducted from the total amount you are sending.