Navigating cryptocurrency exchanges can seem daunting for new users. This guide provides a clear, step-by-step overview of how to trade LBRY Credits (LBC) on digital asset exchanges, using a popular platform as a reference example. Please note that this information is for educational purposes only and is not financial advice.
Currently, exchanging LBC for traditional currencies like US Dollars, or vice versa, requires using a cryptocurrency exchange. While future applications may integrate this functionality directly, no estimated time of arrival has been announced for this feature.
Some trading platforms offer direct US Dollar (USD) or Tether (USDT) markets for LBC, while others only list LBC against Bitcoin (BTC). In the latter case, you would need to trade your LBC for BTC first before converting it to a traditional currency. USDT, a stablecoin pegged to the US Dollar, often simplifies this process by acting as a digital dollar equivalent.
The following sections break down the typical process of buying and selling LBC. The core mechanism of using order books is similar across most major trading platforms, though specific interfaces and available features may vary.
Preparing for Trading
Before you begin, you will need to create an account on a supported exchange. This process often involves completing a Know Your Customer (KYC) verification, which requires submitting identification documents.
Your required starting point depends on your goal:
- If you are acquiring LBC: You will need to deposit Bitcoin (BTC) into your exchange account, link a bank account to deposit USD, or use a credit/debit card if this service is available in your region.
- If you are selling LBC: You must first deposit your LBC tokens from your personal wallet into your exchange account.
How to Deposit Funds
Depositing funds is the first step to begin trading. The available methods depend heavily on your geographic location and the exchange's regulatory compliance.
Depositing USD via Bank Transfer
Please note that direct USD deposits are not available to all users globally.
- Navigate to the 'Holdings' or 'Wallet' section of the exchange.
- Locate the USD currency and select the 'Deposit' option.
- Choose the bank or wire transfer method.
- Follow the on-screen instructions to generate unique deposit details.
- Use these details to initiate a transfer from your bank account. Processing times can vary.
Using a Debit or Credit Card
The ability to purchase crypto directly with a card is also subject to regional availability.
- Within the 'Holdings' section, find the option to "Buy with Credit/Debit Card."
- Select the currency you wish to purchase (e.g., BTC or USDT) and enter the amount.
- Provide your card details and complete any required verification steps.
- Upon successful payment, the digital assets will be credited to your exchange wallet.
Depositing Bitcoin (BTC) or Other Cryptocurrencies
- From the 'Holdings' page, find the wallet for the cryptocurrency you wish to deposit (e.g., BTC).
- Click the 'Deposit' button to generate a wallet address.
- Carefully copy this address and use it as the destination when sending funds from your external wallet. Always double-check addresses to avoid loss of funds.
The Process of Buying LBC
Once your account is funded, you can proceed to buy LBRY Credits.
Purchasing LBC with BTC or USDT
- Navigate to the trading markets and search for the LBC trading pair (e.g., LBC/BTC or LBC/USDT).
- Select the appropriate pair to open the trading interface.
- To execute a market buy, click on the lowest available sell price listed in the order book (usually in red).
- Enter the amount of LBC you wish to purchase. Most interfaces allow you to specify a quantity or use a percentage of your available funds.
- Submit the buy order. Once it is filled, the LBC will appear in your exchange wallet balance.
The Process of Selling LBC
To convert your LBC into another cryptocurrency, you follow a similar process in reverse.
Selling LBC for BTC or USDT
- Ensure your LBC tokens have been successfully deposited into your exchange wallet.
- Go to the relevant market (e.g., LBC/USDT).
- Select the 'Sell' tab.
- To execute a market sell, click on the highest available buy price in the order book (usually in green).
- Enter the amount of LBC you want to sell and submit the order.
- After the order is executed, the proceeds (BTC or USDT) will be credited to your account.
Managing and Withdrawing Your Assets
After trading, you will likely want to withdraw your assets, either to a personal wallet for safekeeping or to your bank account.
Withdrawing LBC to a Personal Wallet
- In the 'Holdings' section, locate your LBC wallet and select 'Withdraw'.
- Open your personal LBRY wallet and find your receiving address. This is a long string of characters.
- Carefully paste your personal wallet address into the withdrawal address field on the exchange.
- Enter the amount of LBC you wish to withdraw and confirm the transaction. You may need to provide two-factor authentication (2FA) code.
- The transfer may take some time to process on the blockchain. You can track its status in your withdrawal history.
Converting and Withdrawing to Your Bank Account
To get traditional currency back to your bank account, you typically need to convert your crypto to a fiat currency like USD first.
- If you have proceeds in USDT, you may need to trade it for USD on a USDT/USD market, if available.
- Once you have USD in your exchange wallet, find the USD withdrawal option.
- Link your bank account (if not already done) and initiate a withdrawal. Be aware of processing times and potential fees.
👉 Explore more strategies for managing digital assets
Frequently Asked Questions
What is the difference between a BTC market and a USDT market for LBC?
A BTC market means you can only trade LBC directly for Bitcoin. A USDT market allows you to trade LBC for Tether (USDT), a stablecoin designed to mirror the value of the US Dollar, which can often be easier to manage than navigating two volatile cryptocurrencies.
How long do deposits and withdrawals usually take?
Cryptocurrency deposits and withdrawals depend on blockchain network congestion. They can take from a few minutes to several hours. Fiat currency transfers (USD) via bank wire can take several business days to complete.
Why is my LBC deposit to the exchange not showing up?
Exchanges require a certain number of blockchain confirmations before crediting your account. For LBC, this can require over 200 confirmations, which may take a few hours. Always check the transaction ID on a blockchain explorer to verify its status.
Is it possible to set a specific buy or sell price?
Yes, instead of using a market order, you can place a limit order. This allows you to specify the exact price you want to buy or sell LBC at. Your order will only execute if the market reaches your specified price.
Are there fees for trading and withdrawing?
Yes, exchanges charge fees for executing trades (trading fees) and for withdrawing assets to an external wallet (withdrawal fees). These fees vary significantly between different platforms.
What should I do if I send funds to the wrong address?
Transactions on a blockchain are irreversible. If you send LBC or any other cryptocurrency to an incorrect address, the funds are likely lost forever. Always double-check wallet addresses before confirming any transaction.