Many people prefer to trade cryptocurrencies on decentralized exchanges as opposed to centralized ones. Bitsquare is a decentralized exchange that allows buyers and sellers to trade Bitcoins for fiat currencies easily. There is no middle party, the transactions are directly between the buyers and sellers.
How To Use Bitsquare
1. Install the Software
To use Bitsquare, you need to install the application first. When you visit the download page, choose the version you prefer and download it. After installing the setup, accept the terms to proceed.
2. Survey the Market
After you have accepted the terms, you’ll be redirected to the Bitsquare market where you can access the available pairings. In the market, you can buy or sell Bitcoins.
3. Update your Profile
You need to add the relevant information about yourself before you can purchase Bitcoins on Bitsquare. Go to “account” and fill the information required. After that, you can fund your account by visiting “funds.”
It’s important that you configure your account so you can protect it and back it up easily. You’ll also need to set details needed to purchase Bitcoins with fiat money or other digital currencies. You can do this by clicking on “account” to add your national currency, payment method, and personal details. If you intend to trade altcoins, add a cryptocurrency account. You can skip this if you only intend to use fiat currencies to purchase Bitcoins.
5. Protect and Backup
You need to protect your wallet and back it up. Do this from the account section. Click on “wallet password” and set a strong password. This will encrypt your wallet and protect your account. Make sure you don’t disclose your password to anyone. Keep it safe. You can fund your wallet after securing your account.
Anytime you wish to trade, use your password to log in and conduct the transaction.