How to Buy Bitcoin Part – 2
So another platform I use as CoinSquare. This is similar to Coinbase in the fact that they are a brokerage they take fees for converting feet traditional money you know Canadian U.S. dollars into cryptocurrency.
They’ve recently increased their fees. They’re pretty similar to what Coinbase charges. They are a Canada based company and therefore as you probably guess selling your cryptocurrency back to Canadian dollars U.S. dollars is a lot easier in this program.
There are a few other ones but I’ve had success with coins where you sign up do the same kind of thing go through username verify your account you have to upload kind of the similar stuff you know your passport and thank statement and whatnot.
COINSQUARE ACCOUNT DASHBOARD
Once you have your account set up and if you’re in Canada do a quick like $30 transfer just to make sure it’s working. Don’t start off with a big amount that has a small fee I believe. And from there you it’ll be in your account and you’re good to go. So once you’ve create an account it’ll look like this. This is where you can do quick trades.
You have the dollar amount that you’ve deposited. You can change the currency here to Canadian euros. You know Australian dollar bitcoin for example. So we can just keep it to USD for now. You can fund your account. You can see the major changes in the you know Dash BTC, Dogecoin LTC which is like going and then down here if you click Show. You can see the other markets where they sell other cryptocurrency as well as silver coins silver bars. You can see over here how it’s changed in the past 24 hours. This is the change in the last 24 hours the low the high the current price in the currency you’ve set
GRAPH OF COINS
So that’s pretty cool if you click each one. It will open up the market and you’ll see a similar graph to what we saw in big racks. You can change it to you know one month three months, six months and so on and that’ll happen to all of them. Even though gold bars are.
You have your account it’s been verified. And the way Coinsquare works is they want to also make sure that you’re doing this legit. You are a real person so they’ll take some time to verify your documents. And also once you transfer over your box. it will be put into your account and they’ll take the fee. The remainder will be in your account. And then once that happens your money will be locked in here for I believe seven days. That means you can’t withdraw for seven days in that time you can still transfer and keep things in Coinsquare but you won’t be allowed to withdraw anything for seven days.
So to fund your account you can click here in Europe to fund.
You can choose how you want to fund. So it’s a CAD. you can choose how you want to fund and pick the different currency you want to transfer in. So right now we have USD and you can choose a voucher or a money order bank draft wire transfer wire transfer is or obviously for a very large amount so you do not want to start with just that. If you’re from the States Bank dresser always good. Then, If you want to withdraw, you’ll see here that there’s nothing to withdraw because I have nothing in the account. If you do have your $30 new account or more and it has been seven days then this will still show zero after the seven days this will pop up and you’ll be able to withdraw the full amount. So keep that in mind. Your money isn’t lost it’s just hasn’t passed the seven day market. All right so let’s change this over to BTC which is Bitcoin and you can see here fund your account or withdraw funds.
So again I have nothing in here so I can’t withdraw but if I wanted to fund my account with Bitcoin. So if I wanted to fund this account with Bitcoin, I can go to get address. It will give me this unique address. In this case because we’re funding it. This is the platform that provides us with the deposit address so since we’re funding the account we go to rehab our funds. We click on withdraw. Then in there we’d have to enter in the deposit address from the other platform which in this case is Coinsquare. So we take this we copy it, we go to the other platform we put it in the withdraw. Eventually we would show up here as a USD amount. Or if you switch the BTC would show you the BTC amount.
It’s also important to understand that the address we copied the Bitcoin deposit address that is not your private key. That your private keys are completely different and Coinsquare actually hold them for you. Just like a lot of the other exchanges do. So when you transfer your bitcoin out into your hardware private wallet that’s where you get Access to your private keys and that’s when you’re storing your private keys because you’ve transferred your bitcoin out of coins into your hardware wallet and then you own your Bitcoin and private keys as opposed to you keeping your bitcoin including Square where they obviously have your bitcoins. And that means they have your private keys and not to confuse that your address here is just your deposit address that is not your private key.
DEPOSIT INTO COINSQUARE
All right so once you do a deposit into Coinsquare your holdings will show up here and you’ll see a list of all the currencies you have available. Each currency such as BTC or ETH. Those are considered their own wallets. There is a different wallet for every single currency and this is the same for other exchanges like Bittrex or even the other brokerage Coinbase. And that’s also very similar to traditional banking where you have a USD account as well as a CAD account for Canadian dollars. So if you’re Canadian will have a few other options which I like a lot right. Transfer is extremely helpful and easy and it takes about 24 hours to go through. So you can do a minimum of 100 or max three thousand transfers are direct from your Canadian bank account and all the major banks in Canada offer this.
So this is how I choose to fund my Coinsquare account. This works great from there I converted to Bitcoin and transfer Bitcoin at and from there I transfer it out to either you know Bittrex to do some trading or I can even just transfer it straight to my hardware wallet. Once you’re ready to withdraw they’ll have fewer options. I believe a wire transfer is the way to go. This will work for USD as well as CAD. But again you’d have to have a minimum of ten thousand to do that. And we’re in this seriously for the long run. Chances are you’re at the end of it you’re going to have an accumulation of more than 10000. And if you have more than 300000 that’s fine you can just do it in multiple sends. Just keep in mind you need a minimum of 10000 in order to get a wire transfer.
There’s also another Web site called Bitpay which is a really cool way to spend your bitcoin. It’s basically a wallet that stores your Bitcoin and a lot of places such as Shopify which is a giant e-commerce store. Microsoft accepts it and as time goes on we’re going to be many many more companies around the world that accept Bitcoin and as you can see here the big pay car that’s Ulo dollars using any Bitcoin wallet. Zero fees get instant withdrawals from Visa combatively DM’s and spend with any visa emergent. So yeah this is a really cool options. You’re going to learn more and then click on how it works
BITPAY ACCOUNT DASHBOARD
Then you’ll see here you can order your card and pay the order fee once your ID has been verified will ship your card to your home address when your card arrives in the mail. Activate the card loader card with dollars using any Bitcoin wallet or via direct deposit through your employer which is also amazing. And then you can spend your dollars anywhere. Visa debit cards are accepted or withdraw cash from any visa compatible ETM. That is just awesome. And I believe the visa items do have a fee. But this is a really cool option as well and definitely check that out if you are interested. That’s the dot com.