fbpx
The Pit powered by Blockchain.com Tutorial

The Pit by Blockchain.com Review & Tutorial

Written by LouiseElizabeth

20th September 2019

Subscribe to Every Bit Helps

Blockchain.com famous for their cryptocurrency wallet have now launched an exchange named “The Pit”. Their new platform is a place where you can exchange your crypto so that you can buy and sell cryptocurrencies without having to go through 3rd party exchanges like Coinbase Pro or Binance.

The Pit by Blockchain.com

What is the Pit?

The Pit is a new platform powered by Blockchain.com for trading digital assets. With the Pit, you can view markets, check the status of your orders, make deposits, withdraw funds and trade crypto assets. It is available in 200 countries and within some locations, you can also buy crypto using FIAT. As it’s still in Beta, over the next coming months they will be adding more order types and more trading features.

It was built by an all-star team of veterans from NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut. They aim to be the fastest in crypto by an order of magnitude – they measure in microseconds, not milliseconds – with a matching engine that could go head-to-head against any machine engine in the entire world.

Fastest Crypto Exchange

To ensure and encourage users to maximize control of their private keys, they’ve created a seamless connection function to link Blockchain Wallets with trading accounts on The PIT for easy deposits and swift withdrawals into their non-custodial wallet.

Blockchain.com chose Star Trek legend William Shatner to promote their new cryptocurrency exchange called The Pit. The campaign was designed to build awareness of the new trading platform The Pit, but also to educate people about crypto. William Shatner isn’t new to the world of crypto, he’s invested in Solar Alliance and Mattereum.

What Currencies Are Supported by The Pit?

In terms of deposits, depending on your location The Pit supports USD and EUR via bank transfers you can then buy and sell with the likes of BTC, ETH, BCH, USDT and XLM.

There are currently 17 trading pairs live with 12 more coming soon, and you can check the status on their website.

trading markets the pit

How Do I Open an Account with The Pit?

To open an account you simply need to enter your name, email address, date of birth and home address. If you already have a Blockchain wallet you have the option to “Connect to Blockchain Wallet”. This will be your only opportunity to connect and is only possible to do this during sign up.

Connect The Pit to Blockchain Wallet

If you are connecting to an existing Blockchain wallet, you will then be prompted to scan a QR code with your Blockchain app, or you can sign into Blockchain.com. This will enable you to easily transfer funds between the pit and your blockchain wallet. Also, if your blockchain wallet is already gold level verified you can benefit from gold level limits on the pit. 

Once you’ve verified your email address and accessed you account you’ll need to secure it with 2FA. Consider unlocking to gold level for increased withdrawal levels and fund your account.

Ledger Nano X - The secure hardware wallet

How Do I Deposit Funds?

You can deposit funds with EUR, USD, crypto or straight from your connected Blockchain wallet. To deposit funds you will need to have 2-factor authentication enabled in The Pit.

Deposit funds

How to Deposit from your Blockchain Wallet

When depositing from your Blockchain Wallet, your wallet password, private keys and backup/recovery phrase are never shared with The Pit. To deposit from your Blockchain wallet, select “Deposit“.

Click “Deposit From Your Blockchain Wallet” and input your Blockchain Wallet ID and password. 

From within Blockchain.com select Send besides the cryptocurrency, you would like to send.

depositing from blockchain

An address will appear in the Blockchain Wallet send form. You will then need to enter the amount you would like to deposit and click send.

How to Deposit from a 3rd Party Wallet

If you are depositing from a 3rd party wallet, choose “Deposit” and select the type of cryptocurrency you would like to deposit from the drop-down menu.

Copy the wallet address shown in the window.

Head over to your third party wallet and send the amount of funds you would like on your account to the address you have copied from The Pit.

How to Deposit FIAT

You can deposit the likes of Euros or USD, to deposit these funds. Select “Deposit” and choose Euro or USD.

You will then be prompted with bank details for the associated FIAT currency that you will need to send your funds to. Funds are generally available to trade in 1 business day. You also need to ensure that your recipient name matches the account holder name on your bank account for the transfer to be successful.

What Are the Fees?

The fee structure is based on a maker/taker model. You’ll pay 0.24% in taker fees if you trade less than $100,000 per month and 0.14% in maker fees making it 0.01% lower than Coinbase Pro fees. It starts with an introductory tier that’s lower than most exchanges. The more you trade, the less you pay.

Market Orders – A market order is an order type that executes immediately at the current price. With a market order, you are considered a taker of the market as you are taking the market value.

Limit Orders – A limit order is an order where you define the price that you want to buy or sell at. There are then a set of time conditions that you can apply to your limit order.

You can also check out The Pit fees here

How To Buy

To buy your crypto the first thing you need to do is select your trading pair. You can do this by clicking onto the ‘+’ icon at the top of the screen and selecting the required pair.

Then go to “Buy” on the right-hand side.

how to buy on the pit

Enter the “Amount” of your chosen cryptocurrency you would like to purchase and select the “order type” you would like to place from Market or Limit Orders.

If you select a Limit order you then enter the “Amount” you would like to buy at. You also have time in force conditions which allows you to specify how long an order will remain active before it is executed or expires.

If you have chosen a Market Order, your order will complete immediately. If you have chosen a Limit order, your order will appear in “Open Orders” whilst you wait for your order to complete.

With a limit order you have the ability to cancel your order before it completes, in case you have made an error or if the market moves too much.

How to Sell

To sell your crypto the first thing you need to do is select your trading pair. You can do this by clicking onto the ‘+’ icon at the top of the screen and selecting the required pair.

Then go to “Sell” on the right-hand side.

how to sell your crypto

Enter the “Amount” of your chosen cryptocurrency you would like to sell and select the “order type” you would like to place from Market or Limit Orders.

If you select a Limit order you then enter the “Amount” you would like to sell at. You also have time in force conditions which allows you to specify how long an order will remain active before it is executed or expires.

If you have chosen a Market Order, your order will complete immediately. If you have chosen a Limit order, your order will appear in “Open Orders” whilst you wait for your order to complete.

With a limit order, you have the ability to cancel your order before it completes, in case you have made an error or if the market moves too much.

How to Withdraw

With the Pit, you can withdraw your assets directly to your Blockchain wallet, to a third party wallet or depending on your account verification level you can withdraw to your bank account.

Withdrawing Crypto Assets

To withdraw your crypto assets to your Blockchain or third party wallet. Click onto your balance in the top right-hand corner of the screen and click “Withdraw“.

withdrawing assets from the exchange

Select the type of cryptocurrency you would like to withdraw.

From the destination address, select either “My Blockchain Wallet” (if connected) or “External Address“. If you are withdrawing to an external you will need to enter your public address.

Enter the amount that you would like to withdraw in your chosen cryptocurrency or in USD.

You will then be prompted to enter your 2-factor authentication code and you can click onto “Withdraw“.

Withdrawing FIAT

Withdrawals to SEPA (for Euros) are free, with a minimum withdrawal amount of 50 euros.

Wire transactions (for USD) are charged at $10 for domestic payments and $30 for foreign (which is deemed as accounts outside of the US) with a minimum withdrawal amount of $5,000.

To withdraw to your bank account, you need to first make a small deposit so that they can link your bank account.

Other Crypto Exchanges

Coinbase Pro

Trade Bitcoin with Coinbase Pro

Binance Exchange

Binance for Beginners

BITCOIN PRICE

Categories

Want to be Notified of New Content?

Ledger Nano X - The secure hardware wallet

Related Posts

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *