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I'm trying to lay you down eas Hey everyone, this is Ben with the BTC sessions. Today I'm going to be taking a look at how to buy Bitcoin online through an exchange. Now, this process does require you to sign up for an account and provide some identification. But if that's not a big deal to you, then this can help cut down on some of those fees incurred by obtaining Bitcoin through alternative means.
Today, I'm going to be using Quadriga CX, which is a Canadian exchange. But you should know that the experience across most userfriendly exchanges should be very, very similar. I'm going to skip the sign up process just because it contains some sensitive information and I'm going to get right into how to buy Bitcoin itself.
Now, the three main steps you're going to learn here are number one, funding your account, number two, buying Bitcoin, and number three, withdrawing that Bitcoin to your own personal wallet. All of those steps are located here on the main page, which is called your dashboard. All right. So, we're going to start over here on the left hand side with the fund option in the Canadian dollars section.
Once you hit the fund button, it's going to bring up a whole bunch of different options of how to fund your account with Canadian dollars. Now, today I'm just going to be using Interact online because it is the quickest and most convenient, but it does charge a fee of 1.5% or a minimum of $5. So once I get to this screen here, uh it's asking how much money I want to send to my account.
I'm going to put in a 100 bucks today. Now you can see the fee is $5. Uh but even if I went up to around 300 or so, it would still be the same for that 1.5%. Now it takes me to a portal, a secure payment form, uh which is going to kind of reroute me to my online banking. I'm going to choose my bank.
And once I get there, I type in my password. Sign in. And here it's just asking me which account I want it to come from. And it's going to confirm with me a couple times. Make sure that I am doing indeed what I want to be doing. Confirm again. All right. And this is my final confirmation here. And we'll see if everything went off without a hitch.
Here we go. Deposit summary successful. So, I'm going to go up to the top left again where it says dashboard. That is that main page we were looking at before. And when I click on it, you can see my account is now funded. Now, I transferred $100 over, but again, there's that $5 fee or that 1.5% fee.
So, I've got $95 Canadian. Okay. Up next, we're going to buy Bitcoin. In the middle section here, it is super easy. You just click in that little box. You're going to put in how much you would like to buy. I'm going to put the full 95. It's going to give me an estimate of how much I'm going to get at the current market value.
And once I hit the buy Bitcoin button, it's pretty quick. You see it pop right up there in the bottom right hand corner. tells me exactly how much Bitcoin I got. And on the right side, you can see that I have 105 da da da. Now, it's very important to understand that when you leave Bitcoin on an exchange, you are trusting that company with your money.
Should anything happen to that company, you may have very little recourse to recover those funds. It's because of this that I always recommend that people remove their Bitcoin from exchanges and put it in a wallet that you yourself control. Bitcoin exchanges have made leaps and bounds of progress in the past couple years, but I still highly recommend removing Bitcoin and storing it yourself.
All right, so let's take a look at this final step. We're going to go over to the right here and hit withdraw. And that takes us to our withdraw screen. Um, I'm going to hit maximum here, which means it's going to withdraw all of my Bitcoin, although you can enter your own value here if you like. Up next, I need to tell Quadriga where I am sending this Bitcoin.
So, I need to provide them with an address that I'm going to send my money to. I've spoken in other videos about setting up your own Bitcoin wallet. You just need to get that to a place where you can copy that code and paste it in here. Once I've pasted in my address, uh, I'm just going to put in a PIN number that Quadriga has had me set up.
And once I'm all done here, I click on that final button. And you can see it has been withdrawn and should pop up in my wallet pretty quick here. It does take a few minutes to come out of Quadriga because they are on online service. They need somebody to check that transaction before they send it out.
Now, let's just say you want to do the opposite. Let's just say you want to sell your Bitcoin. You would be going through those steps in the opposite direction. So, you would start over on the right hand side and you would hit fund. And that is going to bring you to a screen where there is a QR code uh as well as a actual an actual address that you can copy and paste.
So you would send Bitcoin to that address using your Bitcoin wallet. After that, you would go to the center section. Instead of hitting the buy Bitcoin at the top there, you would look over just to the right there where it says sell Bitcoin. And you would do the same thing. You would put how much Bitcoin you want to sell and hit sell and it will automatically do that for you at the best possible price in the moment.
Finally, you would go over to the left hand side and you would hit withdraw in the Canadian dollar section after you had sold and it would again present you with all of those different options to get your money out back into your bank account. There are quite a few options here. I won't go through them all.
Um, but I've found it to be relatively convenient to get cash out uh when I need it. So, now you've got a pretty good overview of how to buy Bitcoin online through an exchange. Let me know what you thought about Quadriga CX or any other platforms that you may have tried. And if you'd like my recommendations for other easytouse solutions, please check in the description down below.
As always, I would love to hear your feedback or recommendations for future videos. Please don't forget to hit like and subscribe, and I will see you guys next time. Baby girl that's my style.
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