How to Buy Crypto Currencies from Jamaica
Note: If you experience issues anytime during the tutorial then you can ask questions on the Caribbean Investors subreddit. This article was written for educational purposes and should not be considered financial advice.
Sign up on CEX.IO
Cex.io is a crypto currency exchange that accepts Jamaican cards. Select create account in the top right corner of the website.
Verification
The verification process on Cex requires some basic KYC(Know Your Customer) information. Stage Two verification will allow you to do most transactions. It usually takes a few days to get properly verified on CEX.
Buying Crypto
You can purchase Crypto after you have finished your account verification. Select cards then you will be taken to a screen where you can add your card.
Add a card to your account:
There are certain Jamaican banks that will block you from purchasing Crypto on Cex. Scotiabank’s Visa Debit Card and NCB’s Visa Debit Card are known to work. You can also check out this list.
After you have successfully added your card, you can now purchase Crypto🎉🎉💎🙌.
You can select the Crypto Currency of your choice from the dropdown menu and enter a custom amount. In the example above we have 300 USD and the amount of BTC(Bitcoin) you will would receive is 0.0048.
Selecting Buy will take you to this page:
Double checking the information then select Buy Now. Congratulations🎉🎉🎉🎉🎉 you are now a proud owner of Bitcoin.
Crypto Currency available on CEX
There are 82 Crypto Currencies available on Cex at the time of this writing.
Buying Crypto on Binance
If you want to buy Crypto like BNB(Binance Coin) or Dogecoin you can use Binance. In order to buy Crypto on Binance you will have to transfer Crypto from your Cex account to your Binance account.
Register on Binance and do all the steps to get verified. You can sign up here.
Transferring Crypto to Binance
Its important to buy a Crypto with low transfer fees. For this example I am going to use TRON(TRX). You can only buy a minimum of 500 TRON on Cex.
Fill out the required information, double check the information and select Buy Now.
The transaction was successful! Select Finance from the navigation bar and scroll down to view your TRX.
Before we can Transfer/Withdraw our TRX to Binance, we will need to get the address. After you log in to Binance hover over Wallet then select Fiat & Spot.
Select Deposit.
Ensure that TRC20 is selected and copy the address. You can easily copy by selecting the Copy symbol or by scanning the bar code from a mobile device(If you have the CEX app).
NOTE Your TRX address below will be different from mine. It is a good practice to send a small amount to the address first to ensure that it is correct. After confirmation, you can send the actual amount you want.
Now that we have the address lets go back to CEX and select Deposit.
Paste the address that was copied earlier. Enter the amount of TRX you want to withdraw and select Withdraw. Withdrawals usually take a couple of minutes to process. Ensure that you double check the information.
Now go back to the Fiat and Spot Wallet on Binance. You should see your current TRX balance. If you don’t see your new balance reflected then wait a few minutes.
Convert and buy any Crypto
Hover over trade and select convert.
In this example I am converting my TRX to USDT. USDT is a stablecoin(the prices of these coins do not fluctuate much, hence the name). It can be used to purchase a wide array of coins. As of the writing of this article, Binance supports 150 coins.
You will be greeted with this page after a successful conversion. Congrats🎉🎉🎉 Now lets buy some Crypto.
Select Markets.
Ensure that Spot Markets and Fiat Markets are selected. In this example, we will search for ZIL. Now select ZIL/USDT. Don’t be overwhelmed by everything you see on the trade view that follows. Binance will give you a short tutorial. You can also check out Binance Academy.
For this example, we are going to do a market order. Scroll down and you will see Limit, Market and Stop-Limit. Select market and enter the amount of USDT you want to spend.
The trade was instantly filled! Now select Order History to see the details.
Now hover over Market from the navigation bar then Fiat and Spot and you should see your ZIL balance. You can repeat these steps to buy any Crypto Currency available on Binance.
Tip: Easy way to withdraw funds to your bank account
You can convert your crypto holdings to USD on CEX then withdraw the USD to your bank account/card.
Update
You can now use Coinbase to buy Crypto however, you cannot use it to withdraw funds. Use this signup link to get $10 in free Bitcoin when you buy or sell $100 or more in crypto.
Extra
You can choose to store your Crypto Currencies in a wallet. A lot of persons prefer holder their Crypto in wallets where they believe it is safer. Also, long term crypto holders tend to prefer wallets. If you want a hardware wallet then, I recommend the Ledger Nano S.
Here are some popular Youtube Channels that provide additional news, tips and coin picks regarding Crypto Currencies: Hustlepedia, Coin Bureau and JRNY Crypto.
It is important to store all login information related to your wallet in a secure place. It should be stated that there are many stories about individuals who bought Bitcoin several years ago, stored it in a hardware wallet and forgot their private key. ALWAYS download software wallets from the official source.
Here are some recommended software wallets: Atomic, Trust Wallet and MetaMask.
Liked my article? Consider buying me a coffee.
Want to create your own Buy Me a Coffee account? You can sign up here.
Or you can consider donating some Ada.
Donate Ada to this address: addr1qyw74nh86ewu5mes0gkfw09y2qgqs7fjmacf7th4flnjrn0zdnpspv7sr0kw0gz84gzxzdw7k8ammwa47luqhl53lv0sdulm5a
You can stake your Crypto Currency to receive rewards such as, earning more crypto. Staking is simply the act of locking away your Crypto Currency.
You can check out my article below for more details.
Remember always research before you invest in anything.
Signing up using my links gives me a commission. You can sign up with Cex here and Binance here.
Don’t see your favorite Crypto Currency on Binance or Cex? You can check out the article below for more details.
Congratulations on finishing this tutorial🎉🎉🎉🎉🎉
