Getting Started to Crypto Exchanges

This guide is to help you have no surprises while registering and trying to buy or sell cryptocurrencies. If it’s your first time signing up for a crypto exchange, these tips can help you along.

This guide won’t discuss about choosing an exchange, it focuses more on the requirements before starting. exchanges use a trading engine, which automatically matches buy and sell orders on both sides of the order book. However, there are other options too, such as local peer-to-peer trades.

One of the tricky things about finding a crypto exchange is that they all have their own geographic restrictions. Make sure you have a valid email and or phone.

Make sure to install Google authenticator just to have maximum security on your account.

Here’s the way an exchange works (the actual details will vary depending on the exchange you sign up to):

  1. You sign up for a user account by providing basic information.
  2. You then receive an e-mail in your mailbox to activate your account.
  3. Once you have activated your account, the actual registration process begins.

Prepare your personal documents

After registering your account on the exchange, the actual registration process begins. To take full advantage of the exchange, you must have to go with your identity verification process as named KYC (Know-Your-Customer). For the proper utilization of bitcoin service, KYC is mandatory.

  • Phone Number: We all know that phone number is the best method of easy verification, everyone can do this easily if he doesn’t know how to use the phone number as a registration, it is understandable because when you will fill your number on the website then you will get an OTP (One-Time-Password) for the verification of your number and by filling the OTP or (code that has been sending to your mobile number) on the website, your number will be verified.
  • ID Proof: This is the main part of registration to provide your personal identification proofs. It may vary in different countries and different exchange websites, but in most cases, all the required documents are the same in each exchange.
  • Proof of Address: A utility bill, credit card statement, lease agreement or mortgage statement will all work to prove residency. A statement from your online account does the job.
  • Credit Card: if you want to purchase make sure you have a valid credit card and its funded, having the same currency as the website will save you some fees.

Make sure to have a stable environment

  • A calm environment is somehow needed as it is like opening a bank account process, so you must take it seriously.
  • A stable internet connection will help you go faster thru the process and you can get yourself onboard very quickly.
  • And make sure your phone or pc is charged, getting them turned off without notice while buying the crypto or verifying your ID can get you to restart the process and lose more time.
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