Quoinex is one of the first regulated exchanges in Japan (since Sept. 2017) which offers advanced functionalities on the market. Most of the team members working on this project since 2014 have traditional banking experience, an essential asset for the success of the exchange.
In this article, we present to you easy-to-follow steps on how to buy Litecoin on Quoinex.
First, you need to open the exchange site https://quoinex.com/.
Once the site is up, click on the ‘Create An Account’ button easier for you to find ( there are two): either the one on top or the one on the lower left side.
Choose your “Country of Residence” by clicking on the drop-down menu and hit NEXT.
Set your Account Type and enter your Email Address, Password, First and Last Name. Once done click on NEXT.
Check to see if all provided details are correct. Put a check mark on the “Agreement” box after reading the ‘Terms & Conditions’ and then click NEXT.
To complete your registration, check the email sent by Quoinex.
Open the email and click on “Confirm my account” link.
Now that your registration is complete, our next step is to get your Quoinex account verified. Doing so will allow you to do things such as making withdrawals.
Clicking the ‘Confirm my account’ link will take you to the sign-in page. Go ahead and sign-in to your account using the email address and password you used and then hit SIGN IN.
Tick your name on the top of the page beside ‘Wallets’ and select Account Status.
Currently, your ‘Status’ will show as Pending. To get your account approved you will have to upload or provide the following documents: Government-issued ID, your Selfie, & your recent Utility Bill or Official document that reflects your name & current address.
Take note that all these documents are required, and you should only provide one image each. Once confirmed that everything is correct, tick on the ‘Agreement’ box and hit the ‘Submit Documents’ button.
You will receive a notification once these documents are approved. By that time your account status will show as VERIFIED/APPROVED.
What is 2FA?
Two-factor authentication, also known as 2FA, is an extra layer of security or added protection which we refer as multi-factor authentication. Not only the username and password are required but also a piece of information that only a user possesses. This process is to confirm a user’s claimed identity.
The 2FA process helps lessen the number of identity theft cases and as well as phishing via email. It would be harder for potential intruders to gain access and steal someone’s identity and personal data without that piece of information that only the account owner knows.
In the case of exchanges what the user has are his/her login details such as the username and password. The form of 2FA that a user possesses for this instance is a token or code. The code can be received either through SMS on a user’s mobile phone or via applications like Google Authenticator or Authy.
For this step, we will show you on how to enable 2FA using the Google Authenticator. To start, click on your name that appears on the top of the page beside Wallets, and then select Security.
Check this if you want to learn more about Google Authenticator.
Click on Enable 2-Factor Authentication.
After installing the “Google Authenticator” app on your smartphone, scan the provided QR code. You can also enter the ‘Text code’ if this does not work for you.
After scanning, your ‘Google Authenticator’ app will generate a 6-digit code. You have to enter this in the space provided and hit on Enable 2-Factor Authentication.
Below you will see a sample of a 6-digit code.
Here, you will see the status of 2FA of your Quoinex account set to Enabled.
Since 2FA is presently active on your Quoinex account, you should now be able to do the next step with peace of mind.
Let’s go ahead and fund your account. On your screen, go to the Deposit section by clicking on the “Wallets” tab.
On the left panel select your currency or account and then click ADD A BANK ACCOUNT.
Click ‘Add Bank Account’ to proceed.
In this section, you will have to provide your bank account details. Make sure that the bank account is under your name. Deposits will not go through if it’s not. US-based bank accounts are also currently not supported by the platform.
After entering and confirming all the details, click on ADD BANK ACCOUNT.
Enter the amount you wish to deposit based on the currency or account you chose, add a ‘Note’ and hit the ‘Submit Funding Request’ button.
The deposit you made will show up under the “Recent Deposits” section.
Finally! After putting money into your account, you can now buy your first Litecoin on Quoinex. There are two ways for you to do this. There is the “Basic” and “Advanced” trade interface. “Basic Trade” is mainly for those who just started with crypto trading and want to buy/sell with minimum fuss. “Limit order” is the only type of order available for this interface. Advanced Trade, on the other hand, is for traders who prefer full functionalities and maximum customization. All order types are available for this interface (market, limit, stop, and trailing-stop).
Let’s start with the “Basic Trade” first. On your screen, locate the ‘Basic Trade’ tab which is on the top of the page just beside the “Advanced Trade” tab.
On the lower left panel select your Product/Trading Pair. A Trading Pair is a combination of the currency/account you want to use and the Litecoin you wish to buy. Enter the “Buy Price’ (the amount you’re willing to spend) and the “Amount to Buy” (amount of Litecoin you wish to buy). The total amount will show under Debited. To proceed, click on the “BUY Litecoin” button.
Check the details of your Buy Order, and if you agree click on the “CONFIRM BUY ORDER” button.
Under “Order History” is where you can view your order details such as its Status.
After the ‘Basic Trade,’ we will now talk about the ‘Advanced’ interface. As mentioned, this interface is for traders who are usually experts in trading and wish to experience full functionalities.
To get there, you have to select the ‘Advanced Trade’ tab at the top of the page beside Basic Trade.
Look for the Buy/Sell section located on the lower right of the screen.
Here, you will select your Trading type, Product/Trading pair, Order type, as well as the Price, Quantity, & Disclosed Quantity whichever is/are applicable depending on the order type you choose. Click “BUY” after checking that all information is correct.
To know more information regarding the Trading types, Order types, and Trading in general, please click here.
Review the details on the ‘Order Confirmation’ page and click SUBMIT ORDER.
You can view the order you made by going to the “Orders” section under the chart panel.
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