Lesson 2.0.0. How to Buy/Sell a Cryptocurrency with Fiat Money
After you have deposited your fiat currency in your crypto account, you can now use it to buy and sell cryptocurrencies.
Here are the steps:
Step 1: Login to your exchange account
Step 2: Click on “Exchange,” “Trade,” or “Spot” (depending on which term your exchange uses) and select any trading platform. If you are new to trading, it will be advisable you use the basic or standard platform.
Step 3: Look for the currency pair you want to trade on. For instance, if you want to buy Bitcoin from your deposited US dollar, look for the BTC/USD pair in the trading platform. Most crypto exchanges list fiat currencies separately so that once you click on the particular fiat currency, the various pairs pop out, and you can select the pair you want.
Other crypto exchanges provide a direct buy/sell where once you click on such a link, a page will open for you to put in the type and amount of cryptocurrency you want to buy or sell with a particular fiat currency.
Step 4: Once you have selected the pair and the amount, click the buy or sell button, depending on what you want to do.
Step 5: Once the trade is executed, check the asset section to view what you have just bought or sold.