In this tutorial, we will learn how to buy XRA via the Bitfinex exchange. Bitfinex is ranked as the seventh largest exchange in the world by Coinmarketcap, and it provides sophisticated trading tools and a graphical interface which might be tough for users who are unfamiliar with trading platforms. In this article, we will look at the requirements for trading on Bitfinex, how to deposit the currencies required to exchange XRA, and how to perform the exchange at the current market price.
The Registration and the KYC procedure
Bitfinex is a financial services provider, and its trading platform is a CEX, or centralized exchange; trading operations are not blockchain-based and are not anonymous. As a result, Bitfinex users are subject to anti-money-laundering (AML) and anti-terrorism checks (CFT). To operate, you must first register on the platform and then go through the Know Your Customer procedure (KYC).
This procedure entails supplying the platform with the information required to validate the user’s identification. Upload an identification document (ID card, driving license, or passport) as well as additional papers such as bills or invoices in the user’s name as evidence of address and a bank statement.
To find out more about how to carry out the KYC process we invite you to visit the official Bitfinex guide.
How to make a USD deposit on Bitfinex
After completing the KYC process and receiving notification of the successful confirmation, you can proceed to deposit the USD required to purchase the XRA tokens. Bitfinex allows you to exchange your XRA token for USD so you need to have USD, you cannot buy XRA directly with any other currency, fiat or cryptocurrency.
There are different ways for receiving USD deposits, the simplest of which is to make a bank transfer from a current account in your name. Bitfinex accepts wire transfers for deposits of up to $10,000 USD. To learn more about this subject, we recommend reading the official Bitfinex guide
If you want to deposit a smaller amount, you can buy cryptocurrencies from other exchanges with lower deposit limits and send a certain amount to the Bitfinex wallet. At this point it will be possible to sell through Bitfinex your cryptocurrencies in order to obtain in exchange the USD necessary to buy the XRA.
To mitigate the impact of volatility, you might utilize a stablecoin such as USDC, which is available on all major exchanges, as a passing cryptocurrency from your initial exchange to Bitfinex. Some cryptocurrencies may not be available on Bitfinex paired with USD, thus it is best to double-check the availability of the pair before purchasing on another exchange.
We invite you before proceeding to consult the official Bitfinex guide on how to deposit cryptocurrencies on platform: https://support.bitfinex.com/hc/en-us/articles/115004132094-How-to-make-a-deposit-at-Bitfinex
How to exchange USD for XRA
Once you have obtained USD on Bitfinex to buy the desired XRA just look for the XRAUSD pair in the search bar at the top right and select “Trading > XRAUSD (Xriba/US Dollar)”.
At this point, the XRA chart will show, along with a box labeled “ORDER FORM” to its left. As previously said, Bitfinex is a professional trading platform with numerous purchasing choices.
The default purchase option is “Limit,” which allows you to acquire a certain asset at a price determined by the user; however, for the purposes of this article, we will focus on how to make a purchase at the current market price.
You then click on the phrase “Limit,” which brings up a drop-down menu with various possibilities. You then select “Market.” At this point, input the amount of tokens you want to purchase in the box labeled “AMOUNT XRA,” and an estimate of the USD required will display in the box on the left.
Once you’ve decided how much XRA you want to buy, click “Exchange Buy” and your order will be posted on the market; in a few tenths of a second, Bitfinex will fill your order and you’ll have your XRA!