BTC-E Cryptocurrency Exchange
BTC-E is a online cryptocurrency exchange site founded in 2011 and focusing mainly on the Russian speaking countries, but also caters to the rest of the world. It was one of the first Bitcoin exchange sites to be created and started taking in LiteCoin and other alternative coins in 2013, leading the way for them to become one of the largest and most well known cryptocurrency exchange sites in the world and earn a lot of respect from users.
With many thousand trades being done on a daily basis across the different cryptocurrencies that you can trade with BTC-E, they have earned a reputation of always having good prices, small fees and fast withdrawals for their users. For new users it is a great place to start buying and selling as well as trading cryptocurrencies as the simple overview you have with charts can be understood by anyone and the ordering system is very simple to use as well. You can upload funds to your account with multiple options and many of these options are also available if you want to do a withdrawal from their site. Transactions are very fast in the system and you have the possibility to hold your coins there for free until you have a usage for them, where you in that case simply just transfer or sell them.
The price that you pay for the different cryptocurrencies are usually in the low end of the market in BTC-E, which is ideal when you want to buy, but not so good when you want to sell. It is possible however to choose your own price that you wish to sell for, so that you don't get cheated compared to hte regular market. BTC-E makes their operational money by charging a small fee on each transaction that you do in their exchange, which you can read more about in the coming sections.
Funding Your Account
When you want to start purchasing the different cryptocurrencies that BTC-E offers you the possibility to buy, you will need to have real money to buy them with, unless you plan on depositing Bitcoins and buy other currencies with that. If you are going to use Bitcoins to trade with, all you have to do is to send the Bitcoins to your unique Bitcoin wallet address and start doing it as soon as you receive the coins in your account.
If you are looking to start buying coins from scratch, you will need to fund your account in order to be able to buy cryptocurrency. There are several different ways to fund your account with BTC-E, some of them includes bank transfer, EgoPay, OKPAY, Payeer and Perfect Money. Choose your method, choose the amount of money you want to upload in dollars or RUR and start the transaction. There are different fees associated with the different payment methods, so make sure you choose the one that is cheapest for you so you don't waste money on fees.
Depending on the method you have chosen, the money will either come instantly to your account or within a couple of working days. You will be able to see when the money is in your account as your balance will update and you will now be able to place buy orders in the system.
When you have money in your account that you want to withdraw, you will have the choice between a number of different payment methods. Many of the methods are local Russian methods, but there are still a decent amount of worldwide options such as bank transfer, OKPAY, Perfect Money, Payza and EgoPay available, so you can get your money out fast and secure.
To make a withdrawal of funds from your account you need to go to your finance page, choose the currency you want to withdraw, make a withdrawal request, fill in the fields, choose the payment method and submit the withdrawal. Once done the order will be processed in the backend from BTC-E within a couple of days and you will receive your money shortly after.
To purchase any sort of cryptocurrency you will need to place a buying order in the system. The first thing to do when you place an order is to choose the correct market, as there are different types of markets. Some markets are when you want to buy crypto coins with Bitcoins, some are for when you want to buy with Litecoins and others are with real currencies such as dollar and euro.
Once you have chosen the correct market for you, then you need to fill in the fields that are in the buying order. The first order of business is to say how many coins you wish to purchase and then choose the price that you want to pay for them. The price that is already listed in the Price per Coin box is the market standards, but you can choose to make an order with another price if you think anyone will sell the coins to you at that price.
After you have filled out all the fields and submitted your order, BTC-E will put the order on the market and potential sellers will be able to see your order and choose to sell to you if they agree with your price. When a seller has agreed on your order then you will receive the coins in your wallet within a few minutes and the seller will receive the money in his account within a few minutes as well. From there it is your choice what you want to do with the coins, whether it's for investment purposes, gambling or to purchase goods from merchants with.
Selling cryptocurrency works exactly the same way as when you buy cryptocurrency. You will need to find the correct market to sell to so you get either Bitcoins, LiteCoins or real currencies for your sale depending on what you want to receive. Once that has been found you need to enter the amount of coins you want to sell and the price you want to sell them for. There will be the market standard price in the price per coin box, but again it is possible for you to change it to what you want for them, either to get a better price or to have a quick sale.
When you have entered all of these values and placed the selling order, BTC-E will match your order against the open buying orders and see if they can find a match. Otherwise the order will be in the market, where others can see your order and decide to buy your coins for the price you have specified. Once the order has been processed you will receive cash or coins and the other party will receive the coins he bought from you. Simple and fast process, eliminating any chances of getting scammed out of money and with a very low transaction cost.
Since BTC-E also works as a cryptocurrency wallet and not just as an exchange, it is possible for you to keep your coins there until you need them. The day you need them however, it is nice to know how you transfer them to another wallet, to a merchant or to a gambling site so you can use them. Doing so is very simple as you simply go to your balance page and choose the coin that you want to transfer.
You will then need to make a withdrawal request of the coin and enter the receiving party's unique wallet address for the specific coin, which you will enter along with the amount of coins you will be transferring and within one hour he will have received the coins in his wallet.
BTC-E has a lot of operational cost to run a cryptocurrency exchange, the size of what theirs are. Because of that they have integrated a fair fee system, which they charge every time you make a transaction in their system, whether it is buying, selling or transferring coins.
The fee varies from 0.25-0.50% of the total amount of coins that you will be transferring and the complete fee schedule can be found on their website.