There are several methods of acquiring cryptocurrency the first time. However, the most commonly used option is to use an Bitcoin exchange. If you’re looking to acquire the latest Bitcoin, Ethereum or Dash or any other cryptocurrency exchange, a digital currency is the most convenient and most convenient option to begin a journey with the cryptocurrency ecosystem.
A majority of people will require a cryptocurrency exchange to obtain their first bitcoins since it’s unlikely that the workplace will provide the option of using crypto to pay for your purchases and it’s likely you don’t have any closest acquaintances have any cryptocurrency that they can offer to you to exchange cold cash.
Best Crypto Exchanges 2022
1. Coinbase
- User-friendly
- Great customer service
- $10 for the form of free Bitcoin with coupon code “CRYPTOVANTAGE10” upon Sign up and verification.
- A wide and constantly updated selection of coins
2. Kraken
- A trustworthy exchange
- It supports a variety of funding options
- Accepts users from all over world
- High trading volume
3. Binance
- Sign-up is simple and easy.
- Most affordable transaction fees for any exchange
- 175+ different digital assets available
- Free deposits
Basic Steps For Setting Up An Exchange Account
Although not every cryptocurrency exchange setup is the same, there’s the general process of registration that is generally similar for every crypto trading platform. Coinbase is an excellent exchange for those who are just trying to get started purchasing cryptocurrency. We have extensive reviews of other exchanges that are similar to Coinbase at our top cryptocurrency exchanges listing page.
The process of signing up usually looks in a similar fashion:
The first step is to give a tiny amount of personal information. It may be as little as the name of the person you are contacting and an email address. The exchange will contact you via email that confirms that you have control of the email address associated with it.
Then, you’ll need to include a payment method to be used to facilitate deposits as well as withdrawals.
For some customers those who are able to follow the three steps above, these steps may be sufficient to complete the task. But, depending on the exchange and the extent of engagement it is necessary to go through an comprehensive “Know your Client” (KYC) process, which is essentially identification verification.
If you’re looking to make more substantial trades, you’ll need to check additional information about yourself. Different levels of trading are offered to customers based on the amount of information that the exchange has gathered about the client. Further verification can take the form of an address, a phone number, ID issued by the government and possibly a photograph of you with that type of identification.
What You Need To Get Started
Alongside digital exchanges that offer different levels of trading options to their customers The laws for user verification may differ among different jurisdictions. This is the reason instant sign-up is possible for some exchanges, while others might take several days to get approved to trade.
For crypto trading platforms with more strict specifications for knowing about their clients the following information could be needed:
- Full legal name
- Birth date
- Email addresses for email
- Telephone number
- Address
- A duplicate of a utility bill delivered to the address
- Social Security number
- Passport, driver’s licence or any other ID issued by the government.
- A photo of you with that ID issued by the government
- Some exchanges might even question you about the reasons behind your curiosity in cryptocurrency.
In general, starting an account with the cryptocurrency exchange isn’t difficult. It’s all it takes is some patience and following the steps. The good thing to note is that when you’ve got the account set up and running, you’ll remain in the same position for the duration of time you’re conducting business with the business.
Common Questions About Cryptocurrency Exchanges
Is It Secure To Give Your Personal Details To A Cryptocurrency Exchange?
The short answer is yes but the reliability of a crypto exchange can vary. In addition to obvious concerns regarding the security of your funds, it’s also important to make sure your exchange can be trusted with your personal data. To ensure the safety of your personal information, stick with exchanges that have been around for a long time and are in jurisdictions where there are strong consumer data protections.
How Long Will It Take To Sign Up?
The amount of time it takes to register for an exchange account will depend on the jurisdiction of the exchange and how much cryptocurrency you want to trade. Some exchanges are able to offer instant sign-up options, while others will take at least a few days to get you ready to trade. The general rule of thumb is that the exchanges with heavier requirements regarding Know Your Customer and anti-money laundering regulations will take longer to get you registered.
What Happens If I Am Rejected Based On My Place In Which I Live?
If you get denied at one exchange, it may mean that you need to look at options in a different jurisdiction. Exchanges in your home country will be your best bet. If you’re unable to get registered at an online exchange, then you could always look into peer-to-peer options like LocalBitcoins or Bisq.
Do I Require An Account With A Cryptocurrency Before Joining Any Exchange?
No. The exchange will hold onto your coins until you are ready to transfer them over to your own crypto wallet software.
Can I Buy Non-bitcoin Cryptocurrency Like Ethereum, Bitcoin Cash Or Litecoin?
The availability of altcoins like Ethereum and Bitcoin Cash will depend on the exchange. Some exchanges still stick with Bitcoin and nothing else, but the vast majority of digital currency exchanges will allow you to trade a wide variety of cryptocurrencies.
It’s important to know that some exchanges don’t connect with banks in the conventional way in any way and allow users to trade with different cryptocurrencies. These kinds of exchanges usually have lower standards when it comes to the data they’ll need to gather from you before you’re able to trade. However, the lower degree of clarity regarding regulatory requirements for exchanges of this kind exposes them to hacks and issues affecting exchanges and can be viewed as more risky.
What Is The Difference Between Purchasing And Trading Cryptocurrency?
The difference between trading cryptocurrencies and purchasing them really has to do with the activity level of the user. If you’re someone who is trying to play the market on a daily basis and are both buying and selling cryptocurrencies on a regular basis, then you’re a trader. If you’re just buying cryptocurrencies less frequently as a long-term investment, then that’d be considered purchasing.
Different exchanges are targeted at different kinds of users, therefore it’s best to stick with the one that is the most suitable for your requirements. But, exchanges geared towards advanced traders that tend to trade frequently will typically are less expensive with their platform.
Are There Other Methods To Get Bitcoin?
Centralized online exchanges are not the only way to acquire Bitcoin, and the more die-hard fans of cryptocurrency tend to look down upon this particular method of accessing the world of cryptocurrencies. You should remember that cryptocurrencies are just money, so you can acquire them in the same way you would acquire U.S. dollars, euros, or any other traditional fiat currency.
You could, for instance, determine if your customers or employers would be willing to make payments to you using the cryptocurrency of your preference. You can also trade cryptocurrencies through a peer-to-peer method by simply locating an individual in your area that has cryptocurrencies to trade and then meeting with the person in-person to purchase the cryptocurrency with money in physical form. But, be aware that caution is advised when you meet up with people in person for transactions especially if you’re likely to trade with huge amounts of money.
Disclaimer
This story has been developed using AI and published from a Syndicated Feed
