How To Trade Banano on Txbit.io – Step-By-Step Guide
Banano now is listed on its second relevant exchange after Mercatox: the Dutch exchange txbit.io.
For those of you not being used to trading cryptocurrencies on exchanges yet, here’s a step-by-step walkthrough of how to buy or sell Banano on txbit. You might also find this previous how-to explaining all steps at Mercatox helpful.
The direct trading pairs of Banano (BAN) on txbit.io are Bitcoin (BTC), Ethereum (ETH) and Solaris (XLR).
(Note: Mercatox Banano trading pairs currently are BTC and NANO.
So if you plan to buy Banano (BAN) at txbit.io, you either need to deposit one of the Base Market coins (BTC, ETH, XLR) directly and buy BAN, or you also could deposit other coins like NOS to txbit. In this case you would then first trade your NOS to BTC and afterwards your BTC to BAN, for example.
Now here’s some step-by-step examples of how to trade at txbit and buy Banano:
First, go to txbit.io and create an account (SIGNUP button). If you already have one, log in.
After confirming your email address and logging into your account, find the “WALLETS” button at the top:
Then you’ll see a lot of empty wallets, for example also your Nano, Nollar and Nos wallets:
Let’s say we want to deposit NOS (XNOS) and sell it for BTC to buy Banano. To do this, just find the button “DEPOSIT” for NOS:
Next, click “Generate address” and send NOS from your wallet to this address. Double check that everything is correct before sending. Ideally try this with a small amount first.
After a few minutes (in this case it took less than 10 secs) your deposit should arrive and show up in your NOS wallet:
Next, find the “TRADE” tab in the menu:
At “MARKETS”, just type in “nos” and you’ll see three tabs below, XLR, BTC and ETH. Click on the pair below BTC to trade NOS vs BTC.
In the top right view, you now can modify the amount of XNOS you like to sell and what price in BTC you want for this. The orderbook below shows orders/offers from others and can help you to make good decisions.
Warning: Double-check all your values here before clicking “SELL”. Your are fully responsible if you mistype any value.
If someone is willing to pay the price you have set, your order will then automatically be filled and show up in “RECENT TRADE HISTORY” in your dashboard. In this case the order was filled almost immediately.
Now you basically can do the exact same procedure to trade your BTC to Banano (BAN). Go back to “TRADE”, find the trading pair BTC/BAN and buy BAN with your BTC.
Once you have bought enough Banano, you should not leave everything on the exchange, but transfer it to YOUR personal wallet, where you have full control over your Banano. To do that, go back to “WALLETS” and find Banano and click on “WITHDRAW”. You’ll then see this window:
Just type in how much you like to withdraw, insert your Banano address (get one here if you don’t have one yet), double check everything, then click on “WITHDRAW BAN”.
The withdraw fees are quite low compared to many other coins/exchanges by the way. 😉
After confirming the email you then received you’ll see this confirmation:
Your Banano withdrawal should then arrive shortly at your Banano address. In this example it just took less than 1 min. In the future it might take sometimes longer I assume, if you didn’t receive your withdrawal after a few hours you should probably contact txbit support.
NOTE: These trades were for demonstration only. You should decide which price you like, and then have the patience to see if someone will pay the price. Take your time and start with low amounts to get used to this.
That’s it, happy trading! Please comment below if there are open questions, and share this how-to with others that need help getting started! The direct link is http://tb.banano.how
Disclaimer: There are referral links to txbit.io in this how-to, meaning if you click those links and trade there, a portion of the fees you pay will be paid to me. This is normally not a lot but helps to cover server/hosting costs for this website. Referral payouts exceeding this amount would be rained in the jungle (Banano discord).