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Frequently Asked Questions - Spot Exchange
Frequently Asked Questions - Spot Exchange

FAQs on Spot Exchange - What is DIFX? What is Bitcoin? How to buy Bitcoins? How to sell Bitcoins?, etc. Check out the article to know more.

Written by Yuna
Updated over a week ago

What is DIFX?

What is DIFX? And how does it relate to the broader world of virtual currencies? Put simply, DIFX is a digital asset trading service. It is a type of exchange through which users can transact in different digital currencies around the world. In this way, DIFX is very similar to any of an ever-increasing number of digital currency exchanges headquartered in various countries.

What is Bitcoin?

Bitcoin is a digital currency used for fast, secure and low cost payments without the need for a central issuer or processor. Bitcoins are stored and sent electronically from private wallets. Introduced mainly on a self-published paper by Satoshi Nakamoto. Bitcoins in 2009, have increased greatly in value due to their limited supply and growing popularity.

Is it safe to use DIFX?

Сertainly! Our main priority is to keep clients personal data safe and secure. We take great precautions around security of our system and are constantly monitoring for any suspicious activities, however we cannot provide security for Bitcoins stored on users computer, so it is important to take additional steps to ensure that your Bitcoin wallet remains protected from users other than yourself.

How much does it cost?

DIFX charges a trading fee from each party of successful trades made through the market. The amount of the fee will vary based on a 30 day trading history. The rate for new accounts and those with the lowest volume is 0.25%. The fee that was charged appears in the account history next to each trade.

How to start trading?

It’s easy, fast and free to open an account. Click open an account, fill out the form and log in, then you have to fund your account. Click deposit in the main menu and select a type of deposit you wish to make.

How to buy Bitcoins?

After you deposit cryptocurrencies from your wallet to your DIFX account, you can make an order to buy Bitcoins on the exchange. When your order is filled, you can withdraw your Bitcoins to your wallet.

How to sell Bitcoins?

After you send Bitcoins from your wallet to your DIFX account, you can make an order to sell them for other cryptocurrencies. When your order is filled, you can withdraw the cryptocurrencies to your wallet.

What cryptocurrencies can I trade Bitcoin with?

How does limit order work?

Placing a limit order lets you decide what price you wish to buy or sell at. Your order will be added to the order book and will execute when someone submits a matching order.

How does stop limit order work?

A stop-limit order is an order placed with a trader that combines the features of a stop order with those of a limit order. A stop-limit order will be executed at a specified price, or better, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.

What is an order book?

Order book is a list of all open sell and buy orders at the moment. You can buy or sell Bitcoins at those prices instantly.

How to withdraw Bitcoin?

To withdraw Bitcoins go to “Withdrawal” and select “Bitcoin” on the side menu. Enter the withdrawal address, the sum of BTC to be withdrawn and click “Withdraw”.

How to deposit Bitcoin?

To deposit Bitcoins click “Deposit” in the main menu and select “Bitcoin” on the left side menu. You should see your permanent Bitcoin address for deposits to your DIFX account.

How long do I need to wait for my Bitcoin deposit?

We require 3 network confirmations, it may take up to 1 hour for the Bitcoin network to confirm the transaction.

What is Two-Factor Authentication (2FA)?

Two-factor authentication (also known as 2FA or 2-Step Verification) is a technology that provides identification of users through the combination of two different components. With Two-Factor Authentication on DIFX, you’ll protect your account with something you know (your password) and something you have (your phone).

What should I do if the Two factor authentication does not accept my code?

The most common cause for “Incorrect Code” errors is that the time on your Google Authenticator app is not synced correctly. To make sure that you have the correct time in your Google Authenticator app follow the instructions for your operating system below.

I lost access to my 2FA device. How can I now access my account?

If you lost access to your 2FA device, You can use your backup code (16-digit recovery key) to restore your account access. If you do not have a backup of your 16 digit key, please send us an email at [email protected]. Our Support Team will be happy to help.

I have lost my password. How do I regain access to my account?

Please use the following link to regain access to your account:

We strongly suggest you change the password that is given to you as soon as possible. Also please be careful to only copy the characters in the password without any additional empty spaces.

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