Turning cryptocurrencies you own back into your preferred fiat currency is a crucial service that helps keep…
Learn how to easily purchase bitcoin on Coindirect
Buying cryptocurrency has not always been a straightforward process. Thankfully you’re now able to buy, convert, store and sell over 40 altcoins on the Coindirect platform. If you are living in any of the 24 supported countries, Coindirect offers a simple and secure solution. Keeping reading to see the coin buying process in full.
Create an account
By going through to our homepage and clicking ‘Sign Up’ you’ll be prompted to give an email address and a password of your choice. Once confirmed, you’ll need to fill in some basic personal information such as your name, address, mobile number and date of birth. This information is kept secure but is needed in order to comply with international best practices.
Get your identity verified
For buying bitcoin over a certain value (set based on the country you’re buying it in), Coindirect requires proof of identity. Some vendors on the peer-to-peer market will choose to only sell to verified users. This step can be bypassed if one trades under this value and there is a vendor willing to trade. The verification process is a way to protect buyers like yourself, as well as sellers, by following local and international compliance standards. This includes a clear copy of your proof of address (no older than 6 months), a government-issued identity document, and a selfie of your face next to that same identity document.
Creating a bitcoin wallet
Once you’ve set up an account on Coindirect.com, you’ll automatically have a bitcoin (BTC), US Dollar Tether (USDT) and an Ethereum (ETH) wallet set up in your wallets tab. South African users will also see a ZAR wallet where they can deposit, withdrawal or convert with a Rand value. Adding more wallets of other altcoins is free and will be automatically created once you buy or convert to that altcoin.
Click To Buy Bitcoin
Once you’re set up your account, navigate to your Wallets page. Click on the pink ‘Buy / Sell’ button above your wallets. You’ll be presented with the selection of coins currently available on Coindirect, simply pick the one you intend to buy. This will open a page where you are presented with the different options you have for buying. There is the Convert option that allows you to use an existing wallet balance to convert a chosen amount into bitcoin. There is the Peer-to-Peer option that allows you to buy directly from vendors using your local currency and banking methods. For South African users, there is also the option to deposit money directly using our new Bank Deposit feature.
This is a convenient option for customers who already have an existing portfolio of wallets and would like to simply convert from one altcoin back to Bitcoin, or vice versa. You can read more details about converting digital currencies on our blog post here.
For South African customers, the Bank Deposit option lets you deposit ZAR directly with a local EFT. You select the bank of your choice and follow the depositing instructions. The transaction may take up to 2 days to reflect in your ZAR Wallet. Once the Wallet is funded, you’ll be able to quickly and conveniently convert it to bitcoin at a competitive rate. For more details, you can read more about the ZAR Wallet here.
Peer to Peer
Clicking the Peer to Peer option will display the current offers from the vendor community. The offers include who you’ll be buying bitcoin from, their user rating, as well as their purchasing amount limitations. After selecting your preferred vendor, you can enter the amount you want to buy, your payment preference and then click ‘Place an order for bitcoin’.
Coindirect can facilitate PayPal and TransferWise transactions and has also set up local payment methods like bank transfers for each of the 20+ countries we support. Our peer-to-peer platform lets you buy from a community of sellers to ensure competitive prices. This means that as soon as you confirm your payment, the seller is able to release your requested coins. This can happen almost instantly in many cases but there is a 90-minute window to confirm and conclude the transaction. Coindirect has 0% fees on buying or selling Bitcoin on the peer-to-peer marketplace. For more information on our fee structures click here.
All transactions on our platform are escrow-protected to ensure both parties honour the agreement before releasing any coins. Our site utilises bank-grade security and is registered with the Isle of Man FSA, so its KYC and AML compliance is overseen in line with global standards.
How to sell your Bitcoin
The process of selling bitcoin with Coindirect is as simple as it is to buy it, and converting it into other altcoins available on our platform is even easier. The fees for selling Bitcoin on the Marketplace are 0% so you won’t be surprised by any additional fees after you decide to sell. For more details on how to complete the sell Bitcoin process click here.
Diversify your investment
The markets for bitcoin and similar altcoins are currently experiencing high levels of growth and are affected by speculation, therefore you should expect a fair amount of volatility. Just like more traditional forms of investment, diversifying your cryptocurrency portfolio can help to lower your risk. Consider doing additional research into buying other top cryptocurrencies that show the most promise such as Ethereum, Ripple, Litecoin, Monero etc.