A Step-by-Step-Guide on how to buy PETROLEUM (OIL)
Step 1 – Signup to Coinbase and get 10$ for free In the beginning you'll need to purchase units of the major coins. Exchanges commonly accept either Ethereum or Bitcoin in exchange for Altcoins. Click below to register and receive your first 10$.
Step 2 – Transfer Your Funds to an Cryptocurrency Exchange Your ETH (Ethereum) or BTC (Bitcoin) has to be sent over to an Cryptocurrency Exchange now. Every exchange has a deposit form that is similar. PETROLEUM (OIL) is available on Binance, so we're going to use that as an example. Unsure on how to send funds from Coinbase to an Cryptocurrency Exchange? (Follow this manual) Make sure you have selected the right coin you wish to deposit. BTC must be sent to a BTC deposit address, ETH to an ETH deposit address, etc. If you are dealing with a decentralized exchange, such as Airswap or DDEX could be divergent (Follow our guide).
Step 3 – Find PETROLEUM (OIL) Once your deposit has been confirmed, you will now have access to your finances and you can begin buying and trading. To purchase PETROLEUM (OIL) on Binance, you will want to go to the tab which is called “Exchange” and then click on “Basic”. To spot PETROLEUM (OIL), you will need to insert the cointype (OIL) into the search-box, which is marked in the graphic. Be certain of having selected the correct grouping, we have marked this too. Click on “OIL/BTC” to continue.
Step 4 – Buy (OIL) PETROLEUM After you've located (OIL) PETROLEUM, you will be given a Price Chart (in the Center of the image) and some Order Books (on the Left of the image). Next we're going to create our Limit Order. The field with the “Price” tag will be automatically filled with the most latest price (OIL) PETROLEUM was traded for. This can be changed to your favoured rate. The ”Amount” field is the volumen of OIL you wish to buy. The ”Total” field is the total price in BTC that you'll settle for the complete volumen of OIL. If you're glad, make a mouse click on “Buy OIL”. Your order will be filled as soon as a Seller trades their OIL for the price you submitted.
Step 5 – Withdraw PETROLEUM (OIL) Unless you're regularly trading, you should never keepyour crypto coins on an Exchange for an extensive period of time. To take off your PETROLEUM (OIL), go to the ”Funds” tab and mouse click on “Withdraw”. PETROLEUM (OIL) can be stored safely using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide) Find PETROLEUM (OIL) by using the provided drop-down box. Enter the volumen of PETROLEUM (OIL) you'd wish to take off. Take into account the demonstrated fees/minimums. Also make sure you have entered your right withdraw address. If you're happy, click “Submit”. You could be requested for verfication via phone/email before a take off.