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BitShares for beginners: How to buy, sell & trade BTS

Wondering how and where to buy, sell and store BTS? Read our comprehensive guide.

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BitShares is a blockchain-based financial platform that offers a decentralised asset exchange. More than that, BitShares looks to expand the blockchain to all industries that provide services on the Internet, from banking and stock exchanges to music, auctions and many other types of services.

BTS is the native token of the BitShares blockchain and has a wide range of uses on the platform. This guide explains how BitShares works, the role BTS plays, and how you can buy, sell and store BTS.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

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Quick guide: How to buy BTS

  1. Register for an account with a cryptocurrency exchange like Swyftx.
  2. Verify your account.
  3. Go to the deposits section
  4. Select your preferred payment method and confirm.
  5. Go to the buy section and select the cryptocurrency you want to buy.
  6. Enter how much you want to buy, or how much you want to spend.
  7. Double check the details and confirm your purchase.
Go to Swyftx's site

This is our quick guide to just one way to buy BTS. Compare some other options in the table below.


Where to buy BTS

You can buy BTS at a wide range of crypto exchanges, including:

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY,Cash,POLi,PayID
AUD

196
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 150 cryptos.
Bank transfer,POLi,Osko,PayID
AUD

177
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Credit card,Cryptocurrency,Debit card,Osko,PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 23+ more

204
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cash,Cryptocurrency,Electronic Funds Transfer,POLi,PayID
AUD

106
cryptocurrencies

Buy 100+ cryptocurrencies using POLi, cash or Electronic Funds Transfer.
Credit card,Cryptocurrency
USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more

115
cryptocurrencies

Trade various coins through a global crypto to crypto exchange based in the US.
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Huobi Cryptocurrency Exchange
Cryptocurrency
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+MORE

234
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Bittrex Digital Currency Exchange
Cryptocurrency,Wire transfer
USD

278
cryptocurrencies

Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
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Compare up to 4 providers

Find out more about cryptocurrency exchanges in our introductory guide.

A step-by-step guide to buying BTS

If you want a detailed guide on how to buy BTS, here’s what you need to do:

Step 1. Register for an account with an exchange that lists BTS

Review the list of exchanges that offer BTS in one or more currency pairs and compare the pros and cons of each platform. Once you’ve decided on the best exchange for your needs, you can sign up for an account by providing your email address and creating a password.

To satisfy Know Your Customer and Anti-Money Laundering (KYC/AML) regulations, many platforms will also require you to provide your personal details and proof of ID. If 2-factor authentication is available as an option, make sure to enable this account feature before you start trading.

Step 2. Deposit funds into your account

If you want to buy BTS with Australian dollars (AUD), you can do so by signing up for an account with the Australian exchange CoinSpot. Once your account has been verified, you can transfer funds by clicking on the “Deposit AUD” link and using POLi Payments or BPAY. Cash deposits are also offered through newsagents using the Blueshyft service.

If you want to exchange another cryptocurrency for BTS, there are several exchanges that allow you to do so. However, you’ll first need to acquire a currency listed in a trading pair alongside BTS, such as bitcoin (BTC) or ether (ETH).

Depositing cryptocurrency into your account is also an easy process. For example, if you’re using Binance, click on “Funds” and then “Deposits”. Choose the currency you want to deposit and copy the wallet address or scan the QR code so that you can send funds to the right place.

Step 3. Buy BTS

The final step is to click through to the trading page on your chosen platform and place your buy order. If you’re using CoinSpot, you’ll need to click “Buy/Sell” at the top of the screen, search for BitShares and then click on “Buy BTS”. You can then enter the amount of BTS you want to buy or the amount of AUD you want to spend.

Meanwhile, if you’re using Binance, click “Exchange” and choose either the “Basic” or “Advanced” view. Search for the pair you want to trade, such as “BTS/BTC”, and specify whether you want to place a Limit, Market or Stop-Limit order. You can then enter the amount of BTS you want to buy.

No matter which platform you’re using, make sure to review the total cost and full details of your transaction before clicking “Buy BTS”.


How to sell BTS

You can sell BTS at the same crypto exchange where you buy BTS, except you’ll need to enter the number of BTS tokens you want to sell in the “Sell BTS” tab. Remember, too, that you may not be able to exchange BTS directly for the currency you want to acquire.


Which wallets can I use to hold BTS?

There are three types of wallets you can use to store BTS.

  • Web wallets. Examples include the BitShares web wallet and exchange, and the OpenLedger wallet.
  • Desktop wallets. BitShares offers a desktop wallet version for Windows, Linux and Mac OS X.
  • Mobile wallets. You can store your tokens in the SmartCoins Wallet app, and the BitShares Wallet and Trade app.

Find out more ways to hold your tokens in our guide to cryptocurrency wallets.


What is BitShares?

BitShares was created in 2014 by Dan Larimer, the crypto icon who has also played a key role in the creation of EOS (EOS), Steem (STEEM) and other notable projects. By providing a platform for decentralised financial transactions and interactions, BitShares is designed to provide the “unbanked” with access to crucial financial services.

The platform is based on Graphene, an open-source blockchain also used by Steemit and a number of other platforms. Theoretically capable of handling 100,000 transactions per second, and with an average block time of just 1.5 seconds, it’s designed to offer fast and affordable transactions to users.

Anyone with an Internet connection can create a BitShares account and then use the platform to access a variety of financial services, including:

  • A decentralised asset exchange. Users can trade digital assets with one another and avoid the security risks associated with centralised exchanges.
  • SmartCoins. These are price-stable cryptocurrencies that have their value pegged to another asset, such as the US dollar or gold, by the BitShares core currency BTS.
  • Automated recurring payments. Using smart contracts with built-in support for subscriptions and recurring payments, BitShares allows users to authorise third-parties to make withdrawals from their accounts.
  • User-issued assets. Users can issue their own tokens.

What to consider if buying BTS

Cryptocurrencies are a risky asset. You need to understand this if you’re looking to buy BTS or any other cryptocurrency. If you want to buy BTS, make sure you consider the following factors:

  • Supply. According to CoinMarketCap, the circulating supply of BTS in June 2018 was 2,630,780,000 tokens out of a maximum supply of 3,600,570,502 BTS.
  • BTS use. BTS is the native token of the BitShares blockchain. Its primary use is:
    • To pay transactions and fees on the BitShares exchange
    • To act as collateral to create pegged assets, such as BITUSD or BITGOLD
    • To pay the community that develops and maintains the BitShares blockchain
    • To stake for creating new tokens
  • Availability. BTS tokens are available on more than fifteen exchanges, some of which accept fiat currency deposits.
  • Foundation. The BitShares Blockchain Foundation is a non-profit organisation registered in the Netherlands. Founded in 2016, its mission is to promote and grow the BitShares ecosystem.
  • Competition. There are plenty of other decentralised exchange platforms competing with BitShares. Check out our guide to decentralised crypto exchanges for more information.

By considering these and other factors, you’ll be able to make an informed decision about whether or not to buy BTS.



Image: Shutterstock


At the time of writing, the author holds IOTA and XLM.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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