Understanding the process of how to buy and sell cryptocurrencies
Cryptocurrency has gradually gained ground and more and more people are interested since the advent of Bitcoin in 2009. When starting with these virtual currencies, it can sometimes be complicated to know how to go about to sell and buy. That’s why we offer this guide to explain how. Therefore, know that it has become possible nowadays to make various purchases with a virtual currency; provided that the other party accepts it and that there is no particular restriction that applies.
Different platforms to sell and buy crypto
Simply explained, to trade crypto-currencies you have to go to what are called market places. There are several, Coinbase being one of the oldest and most reliable. There are also Bittrex, LocalBitcoins, BitBay, Binance, BitPanda, Bitstramp, CoinMama or CEX IO which are also other market places where we find on the one hand people who sell their cryptocurrency, and on the other hand those who buy them. However, before choosing one, be sure to study what each of them offers. You will find a much diversified offer and you will have to choose the one that best suits your needs. It is possible to sell or buy bitcoins, Ripple, Ethereum, and a multitude of other virtual currencies. The means of payment vary from one marketplace to another. It can be done by transfer which is less expensive in fees, by credit card or in cash, the latter option having the advantage of being more anonymous. To make transactions with Coinbase you have to open an account and follow the instructions according to whether you want to buy or sell.
Registration and verification of your identity
Now that you have chosen the platform you want to use, you must create an account. To do this, you must first provide information about your identity and contact information. You have also to create a password. Once this is done, you will receive an email containing a link that will allow you to validate your account. Your account is finally validated but you must still prove your identity. This is done by providing a valid credential, which can be an identity card, a driver’s license or a passport. To provide it, you can usually post your documents directly on the platform. However, other sites offer other ways to do this, for example by taking a photo with your credentials. Once you verify your identity, you can fully enjoy your account.
In short, to sell or buy cryptocurrency, you must first choose a platform.You must then register on this platform. You will need to provide personal information, create a password and prove your identity.You will then need to create a sell order with the cryptocurrency you want to sell, its volume and price. We hope that those information have helped you
Image credit: pixabay