Step 4: Instantly buying bitcoin
Now the account is funded with the $65 from my credit card, and I can proceed to buy the 0.1 BTC that I wanted to purchase. I will be doing the instant bitcoin purchase from the home page of the logged in area.
Instant buy is the fastest and easiest way to buy bitcoin on CEX.IO once you have made your deposit, and the money is reflecting in your balance. This is not the cheapest way to get bitcoin, as putting in a buy order on the exchange could be cheaper, but it will not be instant, and there is a chance it might not be fulfilled.
Under the options for bigger amounts is a form where I can put in the amount of BTC I would like to purchase, and then get a quote for the instant purchase.
Type in the 0.1 BTC you would like to purchase into the BTC part of the form, and click the green ‘Buy’ button.
The confirmation box will display and ask you to confirm the order of 0.1 BTC.
Press the blue ‘Confirm the order’ button to continue.
Congratulations! You have just purchased bitcoin using your credit card. If you check your BTC balance at the top of the screen it will reflect the new bitcoin.
Buying bitcoin with a credit card on CEX.IO means you pay the USD bitcoin price on their exchange. Depending on who you bank with in South Africa, your bank might charge you conversion fees to pay a USD price. Your bank will also use their exchange rate which might not be exactly what Google tells you it is.
The instant buy option is the fastest and easiest way to buy bitcoin with your funds on CEX.IO, but it is not the cheapest. The instant buy option is a premium price for instant availability of bitcoin. If you would like to get bitcoin at a cheaper rate, you should go to the Trade page on the website instead, and put in a Buy Order to purchase bitcoin here https://cex.io/trade
The trading fees are very cheap on CEX.IO. They use the Maker / Taker fee structure of 0% fees if you make the trade, and 0.2% fees if you take the trade! See the fee structure here https://cex.io/fee-schedule
BONUS: Earn money by referring users to CEX.IO
If you are a member of CEX.IO, you are able to refer users using a unique referral link that CEX.IO provide to you. You can earn 30% of all the transaction fees of users that you refer! Read more about the bitcoin affiliate program with details by clicking here.
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