Which Exchange Should I Use To Buy Crypto?
So you’ve done your research and finally have decided to start investing in crypto? But before you start connecting bank accounts and doing your AML, ATF, and all your KYC protocol. Do your due diligence on these platforms.
Here are some things worth examining before buying anything.
Not all exchanges list the same digital assets. Bitcoin and some other more well known assets most exchanges will hold. More obscure coins you might discover along your journey might be harder to find and you’d be disappointed if you joined a platform and they didn’t have the asset you were hoping to get your mitts on.
Also consider taking a look at each of the exchange’s customer service reviews. You want to do business with an exchange that is inline with their customer’s experience. I’ve heard many stories where a customer has had an issue and the exchange took weeks or even months to get back to them.
I’m sure you want to stay clear of those platforms.
Next look at fees. Most platforms charge you fees for trading, withdrawing, sending. etc. Exchanges are competitive when it comes to this so shop around and find the best fit for your wallet. You will be spending money on fees regardless of which exchange you choose so don’t waste too much time on trying to find one that charges you next to nothing. Trust me they don’t exist.
Many exchanges out there
Find the one that fits your needs.
Lastly those protocols I mentioned above. AML, ATF, KYC. Those stand for anti money laundering, anti-terrorist funding and know your customer. These are the standard protocol in which exchanges have to collect your information. Personal data like occupation, social security number, name address, income etc.
Most exchanges ask for a selfie along with one of your identification cards like a driver’s license - so be prepared. It is somewhat shocking to the system at first but you’ll be fine. Remember it’s for your protection.
Here is a quick list of exchanges for you to start out with:
Coinbase, Binance US, Gemini, Uphold, Bittrex, Poloniex, Kraken.
Now depending on where you reside. This can effect your ability to access some of these particular exchanges.
Do your research and happy hunting kiddies!
Jk
