![]() Follow the directions provided by the exchange you chose. Some, like Coinbase and Gemini, let you connect with a PayPal account. Most exchanges let you connect to your bank account or debit card. If this is your first crypto purchase, you’ll need cash money to complete your first buy. Step 3: Connect Your Funding Source To The Exchange. Typically, KYC only takes a few minutes but can stretch to a few days if the exchange verifies your identity manually. Expect to send a copy of your license or passport. The process is called Know Your Customer (KYC) and is common for financial institutions, like banks, brokerages, and–you guessed it–crypto exchanges. To open a crypto exchange account, you’ll need to verify your identity. We’ll discuss the different types of exchanges in a bit, but most crypto investors start their journey with a centralized exchange, like Coinbase or Uphold.Ĭheck out our tips for choosing which crypto exchange to use. Many investors believe crypto will transform countless industries, making crypto a key part of a future-ready portfolio.Ī crypto exchange, or platform, works much like a stock brokerage, a way to buy crypto with traditional currencies like dollars. Crypto is a disruptive technology that’s already upending long-established industries like banking and money transfers, giving people control over their cash. It also helps to have a “techie” mentality to decipher how each crypto works and decide which ones might be a good fit for your portfolio. Like you! Crypto exchanges and crypto wallets have become more beginner-friendly, but buying and storing crypto isn’t always as easy as swiping a debit card. Between 20, Bitcoin had more than a 1,000% return on investment as measured in dollars. But take a long view, and key crypto assets like Bitcoin have performed exceptionally over time compared to traditional (fiat) currencies like the dollar. ![]() OK, so crypto prices have been all over the map. ![]()
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