How to Buy PETROLEUM (OIL)

A Step-by-Step-Guide on how to buy PETROLEUM (OIL)

Step 1 – Join Coinbase and receive 10$ in Bitcoin

You'll first need to buy units of the bigger coins. Exchanges normally accept either Ethereum (ETH) or Bitcoin (BTC) in exchange for Altcoins. Follow the Link below for registration and getting Ethereum (ETH) or Bitcoin (BTC).

Binance Signup
Step 2 – Transmit Your Bitcoin (BTC) or Ethereum (ETH) to an Crypto Exchange

Your Ethereum or Bitcoin will need to be sent over to an Crypto Trader now. All exchanges have a deposit form that is similar. PETROLEUM (OIL) is obtainable on Binance, so we're going to use that as an illustration. Unsure on how to send Coinbase funds to an Crypto Exchange? (Follow this how-to)

Make sure you've chosen the exact coin you wish to deposit.

Bitcoin must be sent to a BTC deposit address, Ethereum to an ETH deposit address, et cetera. If you're working with a decentralized exchange, such as Airswap or DDEX could be divergent (Follow our manual).

Step 3 – Find PETROLEUM (OIL)

As soon as your deposit has been verified, you will immediately have access to your assets and you can start buying and trading. To invest in (OIL) PETROLEUM on Binance, you will want to hover over the tab which is called “Exchange” and then mouse click on “Basic”.

In order to find (OIL) PETROLEUM, you will need to insert the cointype (OIL) into the search box, which is highlighted in the picture. Make sure you have choosen the correct pairing, we've highlighted this also. Click on “OIL/BTC” to go ahead.

Binance How To Buy 1 PETROLEUM (OIL)
Step 4 – Purchasing (OIL) PETROLEUM

After you've located (OIL) PETROLEUM, you will be presented with a Chart with Prices (in the Center of the image) and a few Order Books (on the Left of the picture). For now we are making our Limit Order.

The “Price” field will be filled with the most recent rate PETROLEUM (OIL) was sold for. This can be changed to your preferred price. The “Amount” field is the volumen of OIL you wish to purchase. The field with the “Total” tag is the whole price in Bitcoin that you will pay for the whole volumen of OIL.

If you are glad, make a mouse click on “Buy OIL”. Your plan will be filled when a Vender trades their OIL for the price you gave.

Step 5 – Withdraw PETROLEUM (OIL)

Unless you are frequently trading, best advise is not to keep crypto coins on an Exchange for an extended period of time. In order to withdraw your PETROLEUM (OIL), go to the tab called “Funds” and click on “Withdraw”. (OIL) PETROLEUM can be stored securely using a Wallet, e.g. MyEtherWallet. (MyEtherWallet Setup Guide)

Locate (OIL) PETROLEUM by using the provided drop-down box. Enter the quantity of (OIL) PETROLEUM you'd wish to withdraw. Don't forget the shown minimus/fees. Also make sure you have entered your precise withdraw address.

When you are satisfied, make a mouse click on “Submit”. You may be requested for verfication via phone/email ahead of a withdrawal.

Congratulations! You have successfully bought and safed PETROLEUM (OIL).

That's it!

Withdrawals from Exchange can take between 1 – 30 minutes (rely on network usage). Once you've confirmed your withdrawal with Etherscan.io or Ethplorer.io and the PETROLEUM (OIL) is stored in your wallet, you are done.