Cryptocurrencies have become the latest trend in the financial world and they are in heavy demand. Every other person is looking to add cryptocurrencies like Bitcoin to their investment portfolio because they have the potential of generating solid returns. Cryptocurrency exchanges are where people can buy and sell cryptocurrencies and due to their high demand, the number of these exchanges has gone up. A variety of these exchanges have been established in the last couple of years and those interested in investing in crypto have to first look for an exchange.
Considering the number of exchanges in the market, it should be easy, but it really isn’t. This is due to the fact that the overwhelming number has only caused confusion and people just don’t know how to pick a crypto exchange that will give them everything they need. Some exchanges are known for their asset offerings, others are recognized for their competitive rates and some have great support. How do you make up your mind? Your focus should be on finding an exchange that can provide you with everything you require on one platform and this is where BitExChain fits the bill. As compared to other exchanges, it might be a bit new, but it is one of the most comprehensive options out there.
CoinFarmOU, which has its headquarters in Estonia, established this exchange and they are licensed by the country’s Financial Intelligence Unit. Hence, it is a regulated crypto exchange, which is authorized to offer its services throughout Europe. However, the reason that BitExChain is a good choice is because it has gone above and beyond to make the process of buying and selling cryptocurrencies easy as a breeze. Even someone with no prior experience of buying a financial instrument will have no trouble in buying Bitcoin or Litecoin, the two cryptocurrencies available for now. The exchange is adding more to the mix and is dedicated to making the experience hassle-free by perfecting every aspect, whether it is security or customer support.
How to Register Yourself at BitExChain?
Registering with the exchange is a necessary step if you want to avail their services. A registration form is provided on BitExChain’s website that you have to fill out in order to make an account with them. This is just some basic information like your first and last name, country, a landline or mobile phone number because others are not accepted and an email address where a verification/confirmation email can be sent. You also have to select your account password and choose Euro, GBP, USD or South African Rand as your account currency. You should be at least 18 to be eligible to use their services and have to accept their terms and conditions.
These terms and conditions are provided on the website and you can go over them before you agree. Once you verify your email, you can start exchanging, sending and receiving crypto, but additional documents are needed to be able to buy and sell cryptocurrency. These documents are required under the KYC (Know Your Customer) policy implemented by BitExChain in accordance with international standards. Customers are asked to submit a national ID card, passport or driver’s license to confirm their identity, along with a selfie holding said identification.
A utility bill or a bank statement showing your address also needs to be shared for confirming your address. Similarly, as per the Anti-Money Laundering (AML) policy, if you plan on using your debit or credit card for payments on BitExChain, you also need to share its photograph. The aim to prevent criminals or shady profiles from signing up with the exchange. This verification takes approximately 24 hours and you cannot use your account until it is verified. Once the process is complete, you can buy and sell Bitcoin and Litecoin, as per your preference.
Storing your Assets on BitExChain
When you have bought cryptocurrencies, you obviously have to keep them somewhere. Cryptocurrency wallets have been introduced for this purpose and anyone investing in crypto will need one. BitExChain is fully aware of this fact and so they have facilitated their clients by providing them a free wallet for storing their Bitcoin and Litecoin. You don’t need to have security concerns because the exchange has chosen to keep most of the funds in cold storage and only 8% remain in an online wallet.
Plus, they have also taken out insurance of $100 million, which means they will compensate clients in case of problems. The wallet address is changed when you make a transaction to prevent hackers from tracking the wallet. Moreover, BitExChain has segregated all customer funds from the exchange’s to ensure there is no mix up or confusion.
Making Deposits and Withdrawals on BitExChain
How will you make purchases on BitExChain? You deposit fiat currency into your account and then use it for buying and selling. But, how do you deposit it in the first place? This is where you have to check out the payment methods offered by an exchange. Here, you will find the option of using debit or credit cards, both Visa and MasterCard, or you can go with bank wire transfers. As long as you have a verified account and all documents have been submitted, your transactions will not be stopped. Deposits will be credited to your account instantly, but withdrawal requests take at least 72 hours to be approved. The exchange tries to speed up this process as much as possible.
Even though there are plenty of cryptocurrency exchanges you can explore, BitExChain is a solid choice because you can buy and sell and also store your crypto in one place. Their pricing is also very competitive and they don’t have high exchange and trading fee. Moreover, security measures taken by the exchange are downright impressive, particularly if you consider their encryption technology. They have also gone as far as adding an OTC (Over The Counter) trading desk for trading Bitcoin and Ethereum, making it the complete package for your cryptocurrency investments.