• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

A Fantastic Librarian

Writing and Lifestyle Blog

  • Home
  • About me
  • Food & Health
  • Hobbies
  • House
  • Travel
  • Writing & Blogging
  • Contact
  • Show Search
Hide Search

Where to Buy Cryptocurrency?

admin · August 31, 2022 · Leave a Comment

Many people want to engage with crypto trading or investment and wonder how to buy and sell cryptocurrencies. This article will explain the main options for purchasing digital assets.

We begin with decentralized exchanges (DEX). Such platforms allow users to buy cryptocurrencies and sell them directly from their wallets. Users’ funds do not remain on an exchange – they move across wallets. Since investments are not stored on a platform, DEX is not responsible for their safety. It means that clients exchange crypto assets at their own risk. DEXs are often used by experienced traders when they need to make fast transactions with not large amounts.

Popular DEX platforms:

  • UniSwap
  • SushiSwap

Buying Cryptocurrency on CEX

The next way of buying cryptocurrency is a centralized exchange (CEX). Such platforms have a central body that controls transactions. Unlike DEX, CEX stores users’ funds on its wallets and servers, so the responsibility for their safety lies on both the platform and the user.

Some simple functions, such as spot market trading, are available for all users with no verification, but all the rest trading tools require KYC. KYC (know-your-customer) is a process of clients’ checking that comes in a few stages:

  • person’s identification;
  • determining if a client is a real person;
  • comparing user’s data with official documents;
  • verification of the address of the client;
  • classification the client upon the risk category.

The data is collected and analyzed based on the documents the user provides to the exchange.

Once the KYC process is completed, the user receives access to all trading features:

  • trading with leverage;
  • futures;
  • buying crypto with fiat and converting it back into fiat currencies;
  • staking coins;
  • etc.

Even though it seems complicated and time-consuming to pass KYC, it is worth that because CEX provides a high level of security for users’ data and funds and operates officially, complying with regulators’ requirements. That means clients are protected against various mechanisms and schemes for money laundering and hackers schemes.

Examples of CEX: WHiteBIT, Binance, KuCoin, Huobi Global, etc. These are the most credible services for cryptocurrency to buy.

 

Filed Under: Blog

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

About Us

Hello, Im Sarah.

I am currently living my dream life. You see, I started as a freelance writer in a magazine shop and I realized I have passion in writing. From lack of confidence and ideas up to writer’s block. I had my share of those when I started and even until now. But as long as it’s your passion and you are willing to do your best to learn everything, you’d make a good writer. Read More…

Connect with us

  • Facebook
  • Instagram
  • Twitter

Newsletter

Recent Post

Hobbies as a Tool for Helping Foster Kids Thrive and Grow

It’s no secret that being in foster care can be tough on … [Read More...] about Hobbies as a Tool for Helping Foster Kids Thrive and Grow

On Your Next Vacation – Book You & Your Family Into a Resort

Many of us when we are planning our well-deserved holidays, … [Read More...] about On Your Next Vacation – Book You & Your Family Into a Resort

Different Ways To Improve Your Quality of Life

Are you looking to improve your quality of life? There are … [Read More...] about Different Ways To Improve Your Quality of Life

Enjoy The City Of Tarpon Springs, Florida

The city of Tarpon Springs, which is located 45 mins away … [Read More...] about Enjoy The City Of Tarpon Springs, Florida

Techniques for gaining customer trust through email marketing

There is an indispensable element for a brand to obtain many … [Read More...] about Techniques for gaining customer trust through email marketing

Footer

About Us

Hello, Im Sarah.

I am currently living my dream life. You see, I started as a freelance writer in a magazine shop and I realized I have passion in writing. From lack of confidence and ideas up to writer’s block. I had my share of those when I started and even until now. But as long as it’s your passion and you are willing to do your best to learn everything, you’d make a good writer. Read More…

Latest Post

  • Hobbies as a Tool for Helping Foster Kids Thrive and Grow
  • On Your Next Vacation – Book You & Your Family Into a Resort
  • Different Ways To Improve Your Quality of Life
  • Enjoy The City Of Tarpon Springs, Florida
  • Techniques for gaining customer trust through email marketing

Newsletter

Copyright © 2020 A Fantastical Librarian. All rights reserved.