How to Buy Bitcoin Cash (BCH) in Faroe Islands

A Step-by-Step-Guide on how to buy Bitcoin Cash (BCH) in Faroe Islands

Step 1 – Signup to CEX.io

You will first need to buy units of the bigger currencies. Exchanges normally accept either Bitcoin (BTC) or Ethereum (ETH) in exchange for any other Cryptocurrency. Follow the Link below for registration and to get your welcome Ethereum or Bitcoin.

Step 2 – Transfer Your ETH (Ethereum) or BTC (Bitcoin) to an Cryptocurrency Exchange

Your Ethereum (ETH) or Bitcoin (BTC) will need to be sent over to an Cryptocurrency Exchange now. Every exchange has a deposit form that is identical. Bitcoin Cash (BCH) is accessible on Binance, so we're going to use that as an example. Not sure on how to send Coinbase funds to an Exchange? (Just follow this guide)

Make sure you've chosen the precise coin you wish to deposit.

BTC must be sent to a Bitcoin deposit address, ETH to an Ethereum deposit address, et cetera. If you're using a decentralized exchange, such as Airswap or DDEX could be opposed (Just follow these easy steps).

Step 3 – Locate (BCH) Bitcoin Cash

Once your deposit has been approved, you will directly have access to your finances and you can start purchasing and trading. To buy (BCH) Bitcoin Cash on Binance, you will want to go to the tab which is called “Exchange” and then click on “Basic”.

In order to find Bitcoin Cash (BCH), you'll need to insert the short name of the asset (BCH) into the search-box, which is marked in the picture. Be certain of having choosen the right grouping, we have marked this too. Click on “BCH/BTC” to advance.

Step 4 – Buying Bitcoin Cash (BCH)

After you've found (BCH) Bitcoin Cash, you'll be given a Chart with Prices (in the Center of the image) and a few Order Books (Leftside of the image). For now we are going to create our own Limit Order.

The field with the “Price” tag will be filled automatically with the recent tariff (BCH) Bitcoin Cash was traded for. You can change this to your favoured price. The “Amount” field is the amount of BCH you wish to purchase. The “Total” field is the total price in BTC that you will pay for the complete quantity of BCH.

When you're happy, make a mouse click on “Buy BCH”. Your order will be filled when a Vender sells their BCH for the price you introduced.

Step 5 – Withdraw Bitcoin Cash (BCH)

Unless you are trading, best advise is not to keep crypto on an Cryptocurrency Exchange for an extensive time period. To take off your (BCH) Bitcoin Cash, hover over the tab called “Funds” and click on “Withdraw”. Bitcoin Cash (BCH) can be stored safely using a Wallet, for instance MyEtherWallet. (MyEtherWallet Setup Guide)

Find (BCH) Bitcoin Cash by using the given drop-down box. Put into the quantity of (BCH) Bitcoin Cash you would wish to take off. Don't forget the demonstrated fees/minimums. Also make sure you have entered your correct withdraw address.

When you're glad, click on “Submit”. You could be requested for verfication via email/phone ahead of a withdrawal.

Kudos! You've successfully bought and stored (BCH) Bitcoin Cash in Faroe Islands.

That's it!

Withdrawals from Cryptocurrency Exchange can durate between 1 – 30 minutes (depending on usage of the network). Once you have proved your take off with Etherscan.io or Ethplorer.io and the Bitcoin Cash (BCH) is safe within your wallet, you are all done.