An Easy Guide For Getting On An Exchange

It seems that almost everyone is entering into the cryptoverse these days. With the price of Bitcoin down more and more people are thinking this is the time to buy and start exploring some speculations on coins. I will not give out any financial advise and nothing in this post should be construed as financial advice. Instead, I want to help you folks navigate through the gateway, with this guide for getting on an exchange.

First things first!

Do your research on these exchanges. Finding an exchange is just as important as finding a good bank to keep your money, after all you are keeping your money there. Research about an exchange is very important! I can't stress this enough!

Beware the scams!

Having seen what has happened with exchanges like MTGOX, and Cryptsy, I wouldn’t want any of my readers to get scammed because you:

“read some blog” about a specific exchange,
or
your, “buddy sent you a referral code”.

There are too many people out there just ready to take your money because... well, because your ready to give it to them. I decided to write this because I've been asked about this a lot and I've also seen a lot of scammy people claiming to be "professional investors" or "hedge fund managers".

In reality, they are just some kids looking to get your money and they have no idea what type of licensing or regulations are necessary to be considered a hedge fund or even a financial adviser or professional investor.

There Is Genuine Help Out There

Your best bet is go to a seminar or community meeting, where you can get in touch with community members in person and talk with them about the exchanges they use. Ask them questions; why they chose that exchange, what type of activity they use it for, and just seek more input.

There are services with professionals that will also help you set up an exchange account. If they are truly looking out for your best interest, and theirs, they will make you do the research and make a decision on which exchange you want to use, yourself. Then, they will help you from there.

Due diligence does not have a maximum when it comes to the world cryptocurrency. Please, take your time to find a place that makes you comfortable, meets your needs, and is secure!

There are probably a million questions you could ask yourself about picking an exchange, and probably a million more you should ask yourself. However, just to get the ball rolling here are a quick three:

-Is this a reputable exchange?

If you have reached out to a lot of people online and in person that use the exchange for many different purposes.
It’s probably reputable.

-What are the fees associated with deposits, withdrawals, and trades?

If you plan on trading a lot, you don't want something that has high trading fees.

-What security features are on this exchange?

If you are really concerned with your long term holding of tokens, you probably don't want to keep it on an exchange at all.

Random Drone Pic!

Found one!!!!

When you find an exchange you have to start the process of signing up. Generally speaking, this is usually a pretty easy first few steps.

You will probably get some initial fill in the blanks for your: country, email, creating a password, and confirming your not a robot. Make sure you keep your username/email and password for this exchange somewhere very safe.

After going through this step, they will usually send you a verification link to your email. This is normal and just follow the link to verify your email address and sign in. You are now past the first layer!

Next, you need to verify your account. This can vary by country, I believe, depending on laws and regulations. I am not certain because I have only signed up for exchanges from my country, USA. These are things to verify your identity, and comparable questions with opening a bank account. It is usually things like: Name, Address, SSN, and phone number. Normally after providing this information, the exchange will require you to take a photo of the front and back of your government issued photo ID, and a selfie. *Make sure you follow the instructions carefully so you can get verified on your first attempt. *

Once you have submitted the required information and the required images, you will have to wait for your profile to be reviewed. This can take a few minutes or even up to a few days depending on the exchange, their requirements, and the laws surrounding your country of origin.

Hang in there! You’re Almost Done!

Once you have been fully verified by your exchange, it’ll be time to fund your account! Now this can vary depending on your situation. If you have a friend or someone who is sending you tokens, you just have to go to the “deposits” section of your wallet in the proper currency and send it on over! If you need to link your bank account you will go to your profile page and link a bank account or debit card. Once this is done, you will be able to buy some crypto with the funds from your bank account.

Congrats!!!!!