(Part 2) Trading on Bitsofa: What You Need to Know

Bitcoin Wallet Cryptocurrency

So, you've read the first part of our article and decided to try your hand at being a market maker.

The first thing you need to do is determine the payment systems you'll be using (Sberbank, Qiwi, Yandex.Money, Alfa-Bank, Tinkoff, etc.).

If you'll be accepting payments through banks, you'll need to obtain cards from the respective banks where the funds will be received. If you'll be using Qiwi, Yandex.Money, or any other online payment services, you'll need to create wallets to receive funds.

Tip: Make sure to familiarize yourself with the terms and conditions of your payment systems, including restrictions on unverified wallets and fees for transfers. For example, Sberbank charges a 1% fee for transfers to a card in a different region from the one your card is registered in. Qiwi also doesn't allow keeping more than 15,000 rubles on an unverified wallet, which is not suitable for serious trading. Each payment system has its peculiarities; study them carefully.

The second thing you need is to have 0.003 BTC in your Bitsofa app balance. This is the minimum balance required to create your own advertisements for selling bitcoins. If you don't have funds in your balance, you have two options:

A) If you already have the necessary amount of bitcoins in another wallet, transfer it to your Bitsofa app balance.

B) Buy the required amount of bitcoins in the Bitsofa app using existing advertisements from other traders.

Tip: It is recommended to use option "B" to understand the buying process from the customer's perspective. This can be useful when you start trading with your own advertisements.

The third thing you need is an understanding of the risks. Trading cryptocurrencies carries certain risks, albeit to a lesser extent than trading on an exchange. Be prepared for the possibility that payment systems and banks may block your wallets and cards, and then request explanations regarding the movement of funds.

Tip: Dive deeper into online resources for more information. Specialized forums can provide advice from experienced market makers that can help reduce risks in trading. You can also seek advice in our Telegram chat - @bitsofa.

The fourth thing you need is time. Yes, you can earn money from anywhere: at work, in school, on vacation, and so on. You just need internet access and a mobile phone. However, there's no magic button for making money. You still need to dedicate time to trading: monitor prices, respond to inquiries, process transfers, and so on.

The fifth thing you need is an understanding that you're dealing with real people. Be prepared for the fact that customers may not always understand what is required of them when using the app. Maintain composure and try to resolve the issue, as your primary interest is yourself. At the end of a transaction, you'll receive a rating based on which future customers will decide whether to trust you. If you've started trading, keep trading. If you can't at the moment, temporarily disable your advertisements. Canceled transactions will also affect your rating negatively.

Tip: Provide detailed descriptions of transaction terms and consider various scenarios to minimize potential conflicts.