Blog

Jul 24

2020

How To Buy and Sell Cryptocurrency From Your Bank Account

Bitfxt Exchange provides an easy to use, cash in cash out interface that enables crypto investors to carry out day to day trading activities, safely and conveniently. This article will answer questions regarding: How to make a deposit and withdrawal, how long it takes to withdraw funds, fees for deposit and withdrawal, the minimum/maximum amount for deposit or withdrawal, what methods you can use to deposit. 

To make a Deposit (Crypto)

FOR THE VIDEO VERSION OF THIS TUTORIAL, CLICK HERE.

To deposit on Bitfxt Exchange is pretty simple but first, Sign up if you haven't. Click here to read this step by step guide on how to create an account and complete KYC. Specific operations are as follows:

  • Select Deposit 

  • Select the currency you want to deposit e.g; Bitcoin.

  • Select Bitcoin from the dropdown menu and copy your wallet address. 

  • Paste the address to your Blockchain, Binance or other wallet you store bitcoin and Send. 

  • Check your Bitfxt wallet to see if it has reflected. 

NOTE: 

Crypto deposits are Instant but depending on the Blockchain, it could take 3 - 20 confirmations. Bitcoin transactions for instance, takes up to 3 confirmations to reflect. This is not a fault from the exchange but the usual Blockchain delay. 

To Make a Deposit (Naira)

There are two methods available, viz;

  1. Direct Bank Transfer

  2. Online Payment  

For Direct Bank Transfer:

  • Go to Deposit

  • Select Naira 

  • Select Bank Transfer 

  • Type in the amount you want to transfer + 100 naira, e.g, 10100 for a 10,000 deposit

  • Copy the bank details correctly and make payment 

  • Upload a screenshot of the payment by selecting "Choose File".

  • Add Transaction ID (Optional. if applicable to your country) 

  • Click on Proceed to deposit naira 

  • Check your email for a deposit confirmation message and in less than 5 minutes, your deposit will reflect

NOTE: 

  • Minimum deposit amount: 100,000 (Hundred thousand naira)

  • Maximum: 50,000,000 (Fifty million naira)

  • Fee: 100 naira

  • Deposits between the hours of 9am and 5pm are instant. 

  • Ensure you are transferring from your personal bank account. If not, kindly include your real name at the description/memo of your transfer to help us identify your transaction.

For Online Payment (Flutterwave):

  • Go to Deposit

  • Select Naira 

  • Select Online Payment 

  • Select Flutterwave 

  • Input the payment amount and 

  • Click on Proceed

  • In the next window, fill in your card details and proceed to pay.

Other Deposit Methods Available on the Flutterwave Gateway are:

 

Pay with USSD

  1. Choose your bank 

  2. Dial the code displayed, on your mobile phone to complete the payment 

  3. Copy the Reference code 

  4. Follow the onscreen prompt to complete your deposit 

Pay with Bank  

  1. Choose your bank from the dropdown 

  2. Click on pay with bank 

  3. You will be redirected to your bank's verification page to complete your payment. 

  4. Fill in your account details in the given form

  5. Submit. 

Pay with Bank Transfer

  1. Copy the official account details of Bitfxt and proceed to your bank app to make the transfer 

  2. Click on "I have made this bank transfer" and await transfer confirmation. 

Pay with Mvisa-QR

  1. Scan the QR code displayed from your mobile banking app to complete the payment

Pay with Barter

  1. You will be redirected to Barter by Flutterwave to complete this payment method 

Pay with PayAttitude (Beta)

This method is unpopular and still in the Beta stage. 

Pay with Paga

  1. If you have a Paga account, fill in your email address in the required space and click on Pay

  2. You will be redirected to Paga's verification page to complete this payment. Next, Click on "Proceed".

NOTE:

  • Minimum deposit amount: 150 naira (One hundred and fifty naira)

  • Maximum: 2,000,000 naira (Two million naira)

  • Deposits using flutterwave are instant 24/7.

To Withdraw

FOR THE VIDEO VERSION OF THIS TUTORIAL, CLICK HERE.

Withdrawing your funds is not difficult either. Once your withdrawal request has been processed, your funds will be safely on their way to your wallet or bank account. To begin withdrawing on Bitfxt Exchange, first set up your bank account, viz;

  • Go to My Profile 

  • Click on Bank Settings 

  • Fill in the required bank details 

  • Submit and exit. 

Now that your account details are set up, proceed to withdraw using the following steps. 

  • Go to Wallet

  • Click on Withdraw 

  • Select the account to withdraw to e.g, Naira. 

  • Select Nigerian Naira from the list

  • Enter the Amount 

  • Enter your 2FA code and click on Withdraw 

  • Finally, check your email for a withdrawal confirmation message. Once you approve it, your withdrawal request will be confirmed. 

NOTE: 

  • All bank withdrawals are instant with a transaction fee of 200 naira.

That's all for deposit and withdrawal on Bitfxt. Quite simple right? 

For a full list of fees, visit bitfxt.com/fees.

 

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Email: info@bitfxt.com

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