How To Buy Cryptocurrency in Zambia
UPDATE 09/02/2018: Updated the picture showing the withdrawal in USD option. UPDATE 24/08/2018: Updated images showing registration option. UPDATE 08/08/2019: We do not offer brokerage services as we are not licensed to do so. We do however provide guidance.
Ever since we offered to help people with getting familiar with cryptocurrencies, the most common question we’ve been asked is where to buy them from. This is what we hope to achieve in this article. Of course, this is specifically tailored to our fellow citizens of Zambia, but we’ll include some general information too.
Exchanges Are Your Friends
Ever walked into a Forex institution? Then you should already be familiar with purchasing other currencies. That’s practically the same way it works with cryptocurrency exchanges except it happens online. So which exchanges can you use to purchase Bitcoin and friends with your hard earned Kwacha? We highly recommend reading through this article to help with making your decisions. However, we and a few of our partners have opted for the two options below for ease of use and also speed of transfer. Please note that the links below are affiliate links and we get a commission from the respective platforms if you do decide to signup using our links.
As an example we will highlight how to signup with Cex.io.
Please be informed that at the time of writing this article (Jan 16, 2018), both Coinmama and Cex.io are not registering new users. UPDATE (Aug 24, 2018) Both Coinmama and Cex.io are now registering new users. If you need a one-on-one conversation or further guidance feel free to send as an email.
Step 1: Register
Firstly, click the register button in the top right corner and follow the instructions.
Step 2: Login
After signing up and confirming your email address, you can then sign in and then verify your identity. Fill in your login details and complete the captcha.
If you have setup Two-Factor Authentication (2FA)m you’ll be prompted for the code.
Step 3: Verify Your ID
Next, you’ll want to click on your profile ID and then verification in the top right corner.
You’ll be met with a new screen in which you can start your verification process. If you need help with this process click here to read Cex.io’s official documentation.
Step 4: Verify Your Debit/Credit Card
In this step, you’ll be verifying the card you’ll be using to purchase Bitcoin and other cryptocurrencies. Click cards on the navigation bar and then click add new card and follow the instructions given.
If you need help with this process, please read Cex.io’s official documentation on adding and verifying a card by clicking here.
If you follow all instructions carefully, your card should be verified soon.
Step 5: Deposit Funds Into Fiat Currency Wallet
By fiat wallet, we mean USD, EUR or RUB. If you only have Kwacha in your account, no problem it will still transfer. Click deposit in the top right corner, enter the amount you want to deposit and follow the instructions. Please take note of the commission taken by Cex.io.
Afterwards you’re ready to buy cryptocurrency.
Step 6: Buy Desired Cryptocurrency
In this example we will show you how to purchase Bitcoin using three different methods.
Buy Instantly
To buy instantly simply click ‘BUY/SELL’ in the top left corner in the navigation bar. Afterwards you should be presented with a screen on which you can make instant purchases.
Buying A Custom Amount
To buy your own custom amount simply scroll down on the same page. Please note that it has to be above the minimum amount as shown by the lowest instant purchase you can make. In this case, $100.
Buying from the Trading Exchange
To buy from the trading exchange, click ‘TRADE’ on the navigation bar a the top of the screen. On the next screen, you should see a chart of how the cryptocurrency has been performing on the market. Simply scroll down until you reach three tabs i.e Limit, Market and Margin trading. We will discuss Limit and Market because they are the lowest risk of the three options.
For Limit, you are simply setting a buying order or bidding the amount of Bitcoin you want to buy at your defined price. Of course, your price shouldn’t differ from the market price by a large margin. Your buying order will then be listed in the buying orders at the bottom of the page and will be fulfilled if someone buys Bitcoin at your set price. In the picture below, we have put incorrect values in the buying section and acceptable values in the sell section (if you ever want to sell Bitcoin for price slightly higher than the market price for that nice profit!)
For Market, you are basically buying a custom amount at the current market price. It’s not so different from buying instantly as discussed above.
The simplest method to buy Bitcoin on this page is to simply click on any selling order and accepting the exchange.
Step 7: Use Purchased Cryptocurrency
Now that you have purchased your Bitcoin, you can then do a number of things with it, some of which are the following:
- HODL
Ponounced HOLD. This spelling is practically a running joke in the cryptocurrency space after someone allegedly misspelled ‘hold’ on social media. This is basically, keeping your coin in a wallet — preferrably a wallet you own the private keys to. - Trading for Altcoins
Altcoins are simply any other non-major crytpocurrency. You can make an exchange on several exchanges such as Binance and Coin Exchange among others. (Affiliate link alert!) What you do with the Altcoins purchased is up to you. - Purchase Goods and Service
Some websites and companies accept payment in Bitcoins. You just have to check if they accept payments in Bitcoin. An example is Be Forward Used Cars Japan. (Yes, another affiliate link. The coolest part about this one is that rewards are paid in Bitcoin.)
To withdraw you Bitcoin from Cex.io in order to transfer it to a wallet elsewhere, click ‘WITHDRAW’ as shown below.
Next, choose ‘BTC’ in the top right section then input the Bitcoin wallet address you’d like to withdraw your Bitcoin to.
Step 8: Gimme My Profits!
So you have traded your Bitcoin for other Altcoins and used those Altcoins to make some profits. Now how do you get back your money into your card? Simple. Trade the Altcoins for Bitcoin an deposit your Bitcoin into your Cex.io Bitcoin wallet. Sell the Bitcoin on the Cex.io exchange and withdraw to your card (or bank account if you want to overcome some limits).
Next, click ‘COPY’ right next to the address. That’s the Cex.io Bitcoin address for your account. Send Bitcoin from your wallet to this address for it to reflect in your Cex.io account. Take note of fees.
Next, sell your Bitcoin using the ‘TRADE’ section of the Cex.io website and then withdraw your USD to your card.
After clicking ‘WITHDRAW’ you should see the screen below. Please take note of the commission fees.
What Next?
Never stop learning more about cryptocurrency. For information on how coins are performing on the market, we recommend Coin Market Cap and Trading View (non-affiliate links). In case you want to learn more about trading cryptocurrency, we highly recommend this YouTube playlist. Also, if you want to learn more about Bitcoin and cryptocurrency in general including wallets and other general information, we recommend this website. You can also send us an email for further queries or information.
Happy investing!
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Disclaimer: We are not your financial advisers. We are simply sharing our opinions concerning cryptocurrencies. Please do your own research and speak to a qualified financial adviser before investing in cryptocurrency, and anything really, and do not invest what you cannot afford to lose.
