How to buy Bitcoin with Bitstamp and fund your FXChoice account?
- Create a Bitstamp account
- Start verification
- Upload your ID and go through verification procedure
- Secure your account
- Buy Bitcoin
- Deposit funds to your account and place an instant order for Bitcoin
- Other available orders
- Funding your FXChoice trading account
1. Create a Bitstamp account
Open your browser and go to https://www.bitstamp.net/. Click ‘Register’. You will be forwarded to the ‘Create your account’ page. Choose either ‘Personal’ for personal use or ‘“Corporate’” for companies and organisations. If you're a private individual, click ‘Personal Account’.
Fill in the form, tick the box to agree with Bitstamp’s terms and conditions and click ‘Continue’.
You'll see a notification informing that you should check your inbox for the next steps.
Check the email in your inbox to confirm your email and create a password.
Before you can start using Bitstamp, you will need to complete the following steps:
2. Start verification
Fill in your address, enter your phone number and SMS confirmation code
3. Upload your ID and go through verification procedure
Start the verification process. The next verification screen will ask you to select and upload your ID document (passport, DL or ID card). Scroll down and click the ‘Browse’ button to upload the image of your ID. After ID upload, complete the video verification task.
The next step is to submit your basic financial info and proof of address. Click the ‘Browse’ button to upload your proof of address. This must be either a bank statement, a utility bill (such as a gas bill), or a government document (like a tax certificate). You cannot use your ID again here, even if it shows your address.
4. Secure your account
The final step of verification is to secure your account.
Enabling two-factor authentication means Bitstamp will request a special code from your mobile device when signing in or processing transactions. To use it, you'll need a suitable app for your phone such as Google Authenticator or FreeOTP, which are free to download on the iTunes and Google Play stores (for iOS and Android, respectively).
Click ‘I have the app’ to continue. You will see a QR code which you can scan using your mobile app. Once done, click on ‘Finish’ to submit a verification request. It usually takes 5-15 minutes for approval.
5. Buy Bitcoin
Once your Bitstamp account has been verified (can take up to 24hrs), you can deposit funds to Bitstamp via your bank account (bank cards are also sometimes available to some nationalities*).
1. Click ‘Deposit’ in the top-right of Bitstamp’s homepage.
2. Choose either EU Bank SEPA (for banks in the EU) or International Bank transfer.
If you have a Visa or Mastercard option available, you can purchase Bitcoin instantly using your credit card.
*Please check that credit card purchases for Bitcoin are available for your country before creating a Bitstamp account
6. Deposit funds to your account and place an instant order for Bitcoin
Once the funds are with Bitstamp, go to Buy/Sell in the top-right corner of Bitstamp to purchase Bitcoin, it is an instant order at the current bid/ask price. Click ‘Buy BTC’, then in the ‘I want to spend’ box enter the total amount of funds you want to use for buying Bitcoin. This amount includes Bitstamp's fees.
Click ‘Buy BTC’ underneath to place your order. Once your order is processed, the amount will be added to your BTC balance.
7. Other available orders
Bitstamp supports placing more advanced types of orders. These can be helpful if you want to get the best possible value for money.
Going to https://www.bitstamp.net/market/order, you can place a ‘Limit Order' (Advanced) or ‘Stop Order’.
You can also place a ‘Stop Buy’ order to purchase when the price rises to a certain level, again optionally with a ‘Trailing Stop’.
8. Funding your FXChoice trading account
Once your Bitstamp account has been funded with your desired cryptocurrency, you can quickly fund your FXChoice trading account by logging into your Backoffice, going to the Deposit page and choosing the funding method.
Bitcoin deposit into FXChoice account:
Within Backoffice, go to ‘Deposit’ and select ‘Bitcoin’. Fill in the form and submit the request.
A Bitcoin confirmation screen will be generated for you to confirm your transaction. Even though you made your deposit in BTC, it will automatically show up in Bits. Continue by clicking ‘Confirm’.
A payment notification will be generated. This notification provides you with the cryptocurrency address to send your funds to. When entering the address, it is important you enter the address exactly. We recommend copying and pasting this information to mitigate errors.
Once you have our cryptocurrency address, go back to Bitstamp to complete the process by making a withdrawal from your Bitstamp account to our FXChoice cryptocurrency account.
Enter the FXChoice cryptocurrency address in the appropriate field along with any other necessary information and submit your transaction. Once you submit the form, we recommend allowing up to 24hrs for your cryptocurrency to reach your FXChoice trading account. Typically, transactions take 1-2hrs.