This article will guide you through the process of exchanging your fiat money for crypto currencies, specifically XBY.
Selecting an exchange to deposit your money
One of the most commonly-used exchanges to start depositing your fiat money on is www.coinbase.com. You’ll need to make such deposits in order to exchange your fiat money for cryptocurrencies. Other alternative exchanges are www.kraken.com and www.okex.com. Depending on which exchange you use, you'll typically have to register an account and (usually) verify their identification with an exchange.
Currently, it is quite some work to buy cryptocurrencies outside the ones listed on the exchange you deposit your fiat money to. It requires sending one of the listed currencies to a different exchange that hosts XTRABYTES, after which it needs exchanging to get your wanted currency.
We will cover how to buy and transfer crypto currencies using coinbase (EUR) in this guide:
After registering your account and verifying your identification, you’ll need to link your bank account to your coinbase account by depositing money. You can do this by going to “Accounts” in the bar up top and selecting “DEPOSIT” under your EUR wallet (or USD wallet or whatever currency is allowed on coinbase).
Disclaimer: These pictures are in Dutch with an already linked bank account - some steps may vary when first connecting your bank account.
Coinbase will now generate a referral code which is linked to your account. You’ll need to check the box at the bottom saying “I copied or wrote down my reference number” (picture) before you can continue:
At the next window, you will need to confirm that the name listed is the name appointed to the bank account.
Initials and surname must match. After you’ve checked this is correct, click the checkbox at the bottom again (This name is equivalent to bank account holder’s name) and input the amount of money you want to transfer in the box saying “Amount” above the account holder’s name. When you finish, click continue.
In the next window, verify all the details one last time and make sure you leave this open to copy the exact reference number. Initiate the bank transfer from your bank account with the reference number and all the required details that are listed on the coinbase webpage. Do not forget to add the reference number!
Next, confirm your deposit by sending the funds from your bank account and clicking the blue button saying you’ve transferred the funds on coinbase. Now wait for your money to clear (this usually takes a business day or less, depending on the time of the transaction. Keep in mind there are no international transfers during weekends yet).
In the next step you’ll receive an e-mail from Coinbase saying that your funds have been received and are now available.
You are now ready to purchase your first cryptocurrency!
The fastest way to currently buy XBY, is to buy Litecoin on Coinbase and send it to your cryptopia wallet. On cryptopia you can sell your Litecoin for Bitcoin (this is needed because only XBY/BTC exists as a trading pair) and then purchase XBY from Bitcoin you received from selling your Litecoin.
Purchasing Litecoin can be done by going to Buy/Sell on Coinbase and purchasing the amount of Litecoin (LTC) you want. You then need to withdraw your Litecoin and send them to your cryptopia wallet address. To obtain this address, go to cryptopia and hover over the Balances button (Bitcoin logo) at the top, followed by selecting deposit and searching for Litecoin (LTC). Click next and Cryptopia will show you your address.
Copy this and paste it at your coinbase withdrawal address. Double check if it’s correct and click withdraw/send once you’ve verified. This Litecoin transfer usually takes between 10 and 30 minutes and requires a small transaction fee from Coinbase.
You can check the process by clicking the transfer on the Coinbase dashboard and by clicking the transaction ID. Once that shows 6+ confirmations, your Litecoin has cleared and you should be able to spend it on cryptopia.
Now you have access to your Litecoin on cryptopia, go to the Exchange -> Markets tab and find the LTC/BTC trading pair (under the BTC header). Sell however many LTC you want to sell on the right side for a price you feel comfortable with. If you just want to sell instantly, click the top listing under the “Buy orders” and it will automatically fill in the prices. All you need to do now is change the amount of Litecoin you want to sell. If you want to sell everything, click the white numbers next to “Available” to automatically fill in the order. Next, press sell LTC and your Litecoins are sold. If you were slow, the order at that price could’ve been filled already and you now are selling at this rate. Your litecoin might not sell if the market is moving rapidly. If this happens, click the top listing under Buy orders again and repeat the process.
Now you’ve exchanged your Litecoin for Bitcoin, you can start buying your XBY’s. Go to the XBY/BTC pairing on the left. If you want to instantly purchase what’s available, click the top listing under “Sell Orders” and specify the amount you want to buy. If you want to buy all you can, click the white numbers next to available BTC and hit “Buy XBY”. Your order should now fill, or it could’ve been filled at this price already. For the latter, click the top sell order again and repeat the process.
Congratulations, you are now a holder of your first XBY! It’s not recommended to keep large amounts of any coin on an exchange. Always use 2-factor authentication (2FA) or use an encrypted desktop wallet to store your coins!