Much like starting with any other cryptocurrency, you must know how to buy and sell Bitcoin Cash (BCH) before you can start using it. Before anything else, you will need the following: a Bitcoin Cash wallet, a reliable broker or exchange that caters to Bitcoin Cash users, and of course, a solid understanding of what is Bitcoin Cash.
Buying Bitcoin Cash
The basic framework of buying Bitcoin Cash typically involves creating an account by signing up with an email address, verifying your account, depositing funds into the account, and using those funds to purchase BCH. These procedures usually remain the same across all platforms.
Once you have created an account with your chosen Bitcoin Cash exchange, you can simply place a buy order. The duty of the exchange is to match your buy order with sell orders. This means that the site will match your asking price with sellers’ selling price–or find a price closes to your asking price. After the exchange proctors the transaction and you have confirmed the purchase, all you have to do is wait for the BCH to be credited to the Bitcoin Cash wallet address you provided.
Selling Bitcoin Cash
Meanwhile, if you want to sell Bitcoin Cash, you have to play the sellers’ role in the exchange. Again, the processes involved are basic, which means even first-time sellers can get the hang of it right away.
Moving onto the procedures of selling, you first have to indicate a selling price for your Bitcoin Cash coins on the platform. The platform then works to find a buyer for your BCH. However, this is not always the case as some exchanges can directly purchase your Bitcoin Cash or any other crypto coins that an exchange may support.
Indicate your preferred payment method for your BCH and wait for the exchange to facilitate the transaction. The time it takes for a transaction to finish will vary from one exchange to another.
Looking for the right exchange to buy and sell Bitcoin Cash on
To buy and sell Bitcoin Cash without going through any hassles, it is best if you secure a reliable Bitcoin exchange. There are certain qualities you can look into, including the following: availability of payment methods, transaction times, and reputation.
First and foremost, the payment methods aspect is one that you should always be aware of. Make sure that the exchange supports most major payment methods such as credit and debit cards, PayPal, and other popular mediums. At the very least, the exchange should have your preferred payment method readily available.
The second point of focus should be the time it takes for the exchange to complete a transaction. High order volume might influence transaction times and prompt processing should always be on top of your list. To check this, you can deposit a small amount, but a few BCH, and withdraw it right away. This should give you an idea of how long it takes for the exchange to perform what you need it to.
Last but not least, a reputable exchange can go a long way. It’s always good to look for a commendable provider to make sure you and your BCH are in safe hands.