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Fiat to Crypto to Decenomy Coins
This guide is an introduction to get from Fiat into Crypto, in this case bitcoin, and then to one of Decenomys Coins.
The main purpose of this tutorial is to guide people who want to be involved in crypto currencies but don't know where to start.
To start with, let's navigate to Binance from Google.
Always make sure you have the correct URL.
It should be binance.com or alternatively just type the URL straight in, to be sure.
From here, if you already have an account set up, then please Log in, for those that don't, please follow the next few steps to register.
Once you click "register", we then go to "sign up with phone or email".
We can now put in our email address and a password of our choice. We then have to click on the Terms of services and Privacy Policy checkbox. Please feel free to read these first.
The next is optional, should you wish to receive marketing mail, then please click the box. Finally, select "Create Personal Account".
We can now return back to the main page and Log in, where we can enter the email and password we used to register.
With the account we are using here we already have 2FA set up, if you have just registered
your account then it is an important security step to have.
Once we enter the log in details it will ask us to complete our 2FA that is in place. In this instance, once we click "get code" we will receive a 6 digit code to our phone.
Following this once we click submit we will then shortly be brought to our main Binance dashboard page.
From here we get a brief overview of what coins we have and what sections we have our money in, as well as a number of options along the top tab bar.
If you have just registered then it is best to get your verification set up early as it will limit the amount of things you can do. This will also allow you to sign up for a Binance card which is very useful.
To complete verification, navigate over to the icon as shown and scroll down to "identification".
You will then be given a list of items needed to complete the verification such as passport details, address details and a selfie for identification purposes.
It may take some time to get verified but once you do you can see here some of the other benefits.
Once complete we can then go back to the main page, and on the top bar we can see "buy crypto". From the dropdown menu we have various methods to do this, including bank deposit and credit or debit card which is the one we will be looking at for this tutorial.
Once selected, we are given options of how much we want to spend, and in what currency, as well as what crypto we want to buy and how much. For now let's purchase 100 euro of Bitcoin.
To do this, as you can see we need to add a new card to our account.
Once we click on "Add Card", we are prompted to enter the card details, as well as other required information such as address and postcode etc.
When you have filled all this information in, then just hit confirm and you will see the card now added to your account.
Next just click "continue".
It will now ask us to confirm the purchase. However, as the price of Bitcoin is constantly changing we only have 10 seconds to confirm it otherwise we will need to hit "refresh" so the price will update again to match the market price.
When you are ready then click "confirm".
Allow the system a few minutes to run through processing your card and shortly you will see "Purchase Complete" and the amount of bitcoin you now have.
Next select "go to wallet".
Allow the system a few minutes to run through processing your card and shortly you will see "Purchase Complete" and the amount of bitcoin you now have.
In order to buy Decenomy Coins we now need to withdraw the Bitcoin to Birake exchange.
Once we select withdraw, it then brings us to the withdrawal page, but here we can see, we're in the withdraw fiat page, we can change this by selecting "withdraw crypto" up the top right.
Should you wish to withdraw fiat at any stage, just simply switch back.
At this point we now can see BTC is already selected as the coin we want to withdraw.
We can also select bitcoin from the network dropdown.
However, at the moment we don't have a BTC address we want to withdraw to, so let's head over to Birake exchange and set up an account there.
On the URL bar, we type trade.birake.com or alternatively go to birake.com and navigate to the exchange that way.
We now want to go to "create account".
Fill in a username and email of your choosing. You will then see an auto generated password, this password cannot be changed and it is the private key to your birake wallet. It should be written down and kept in a safe place. To continue we can copy the password and paste it into the confirm password box when ready.
We then need to run through some additional checks of importance. Once you are happy and understand these, then hit "Create Account".
This will then prompt an additional screen again making sure you have written down your password in a safe place as it is extremely important.
Next click "Take me to the Dashboard".
From here, like with Binance we need to complete some verification steps. From the dropdown menu on the top right select "verification".
A checklist of the documents needed is then displayed. Once you have these ready then click the two check boxes if you agree with them, and select "Start KYC".
Once completed, it may take up to 48 hours to become verified but usually less.
Now back on the exchange we can see we can go to Deposit and withdraw section.
From here we now need to select BTC from the dropdown list. Always double check the correct coin is selected, as transactions cannot be reversed.
Now we can see the BTC address to deposit to. We can select "Copy Address" or highlight the address and copy it that way, just be sure the complete address is copied.
Now that we have the address copied we can go back to Binance and paste it in there.
Then double check we still have bitcoin selected as the network.
Next we can input how much we want to withdraw. In this case, we will select "MAX".
You can then see the amount we will receive down the bottom less the fees.
When you are happy to continue, select "Withdraw".
Binance regularly runs through additional checks from time to time like this questionnaire. In this instance we could select A or B as we have the private key to our Birake wallet or it is also an exchange.
The next part is just some additional acknowledgments to be aware of. Once complete select "submit".
You now need to go through the security verification. This is standard every time you want to withdraw from Binance and is for your own protection against fraud.
Initially at this point you may be asked to add additional 2FA if you haven't done so already.
Once you have filled in all the details click submit.
You will then be returned to the withdrawal page, down the bottom here, you can see the transaction is being processed and awaiting confirmation.
The time it takes for the transfer to happen can vary greatly with bitcoin. Usually, if sent from binance, you will get an email to say it has been completed.
After a while we can go back to our deposit account on Birake and we can see the bitcoin has arrived.
Now if we go back to the main exchange page and on the top right we can see the "show markets" tab.
Once selected we get a list of all the coins available on the exchange.
We are going to select the Decenomy Coin called Mobic. Just click on the name and we will be brought into the Mobic market.
The market consists of "Buy orders", people who want others to sell them coins at a particular price, and "Sell orders", people who want others to buy their coins at a particular price.
If we wanted to buy coins straight away, we could. Simply check how much is for sale and at what price. We can see our BTC down the bottom. Working off this amount we can see that if we buy all the coins for sale at 698 and 699 sats we would still have BTC left. So in order to buy as much as possible, we would have to use the balance to then buy the rest from the 700 sat line. This is called a market buy. Alternatively we can set a buy limit, this is where we post a price up that we want to buy coins at and the amount we want.
If we click on the top line of the buy orders you will see that price entered into the buy box below. If we then click on the BTC it will then show us the amount we can buy with the BTC we have, at this price. However, as there is already an order at this price that person's order would need to be filled first before ours could be. So instead, we can click on the top line again and change the 675 sats to 676 sats, and then click on the BTC again to change the quantity. Now, once we hit "Buy" this time we will see our order highlighted above the rest. At this point we can just leave it there and hope someone will sell us their coins.
We are going to do a market buy. So I can cancel the order we have posted, then I can click on the 700 sat line, click on the BTC to get the quantity and select buy.
It is worth noting that while we have selected the 700 sat line, that was just to complete the buy in one go. We do actually get the coins above it for the price they are at, within the same order.
Immediately we will see we now have Mobic coins in our wallet, by the figure on the bottom right.
Now, if we go back to our Deposits and Withdraws and select Mobic, we can see the coins here also.
From here we can now withdraw the coins to our local wallet, or wherever else we require them.
To do this select the Withdrawal button next to deposits and then select Withdraw now.
Once the popup box comes up, all we have to do is click on the amount of Mobic coins up the top and you will see them automatically entered into the box, or we can type a particular amount we want to send somewhere.
The gateway fee is the amount we will pay for the transfer, which will be taken away from the total amount sent. Then all we need is the address we want to send them too.
And that's it. You have successfully got from your fiat money all the way to bitcoin and invested into a Decenomy coin.
Last modified 3mo ago