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Author: Admin | 2025-04-28
Address. The exchange will then send you an email to confirm that you are in control of the associated address.Here’s an example using eToro:You will then need to add a payment method that can be used as a mechanism for deposits and withdrawals.For some users, the above three steps will be enough to get the job done. However, depending on the exchange, and the level of your engagement, you will need to go through a more extensive “Know your Client” (KYC) process, which is really just identity verification.If you’re interested in making larger trades, then you’ll need to verify more information about yourself. Different trading tiers are available to users based on the amount of information the exchange has collected about the customer. Additional verification could come in the form of an address, phone number, government-issued identification, and even a selfie of you holding that form of ID. What You Need to Get Started In addition to digital currency exchanges offering different tiers of trading to their customers, the laws regarding user verification can also vary between jurisdictions. This is why instant sign-up is possible on some exchanges while others may take some time to get you verified for trading.For the crypto trading platforms that have more stringent requirements for knowing about their customers, the following information may be required:Full, legal nameDate of birthEmail addressesPhone numberAddressA copy of a utility bill sent to that addressSocial security numberDriver’s license, passport, or other government-issued IDA selfie of you holding that government IDSome exchanges may even ask you about the nature of your interest in cryptocurrencyIn general, starting an account on a cryptocurrency exchange isn’t that hard. It generally just takes a little patience and follow through. The great thing is that once you’ve got your account up and running you’ll generally be set for as long as you continue doing business with the company.For in-depth comparisons of the best crypto exchanges, check out:eToro vs CoinbaseeToro vs BinanceBitfinex vs KrakenKuCoin vs BinanceBinance vs Coinbase Do I Need a Crypto Wallet? You don’t need a crypto wallet but it is generally recommended.If you don’t want to bother with a crypto wallet then you’re actually storing your crypto on the exchange’s wallet. That’s fine if the you trust the exchange 100% and they always act in your best interest but many crypto experts prefer to secure their crypto on a personal wallet.There are a few
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