April 13 2022
How to register on the cryptocurrency exchange using an example: Kraken and Exmo
Cryptocurrency exchange - what is it in simple words
A cryptocurrency exchange is a site where you can buy or exchange it and withdraw it. In order to trade on the stock exchange, you must go through the initial registration and verification (provide documents that confirm the identity and address of residence).
Absolutely anyone can trade on the stock exchange, no big investments are required for this.
It is important to initially decide on a good proven exchange for this, it is necessary to take into account the following factors:
- The number of cryptocurrencies - the more pairs of cryptocurrencies on the exchange, the greater the opportunity to distribute the investment portfolio
- Turnover on the stock exchange per day - ideally, the more those, the better it directly affects the rate, the rate is more profitable where there are large turnovers.
- Support service - it is desirable that there is an online chat, mail, and that the support service responds within no more than a day.
- Availability of tools for analysis: graphs, charts, often analytical information published by the exchange itself.
There are several ways to replenish the balance on the exchange: transfer from a bitcoin wallet or directly replenish the balance on the exchange using a credit card with subsequent conversion to the selected cryptocurrency.
Consider the cryptocurrency exchanges we work with:
Cryptocurrency exchange Kraken.com (Kraken)
One of the oldest and most stable cryptocurrency exchanges in Europe, its advantages:
- Operates since 2011
- Daily turnover of more than $300 million
- Large selection of cryptocurrency pairs
- Low withdrawal fee up to 0.3%
- High level of security
- Adequate support line
In order to start trading and be able to withdraw money to a card for residents of the CIS, you need to go through verification, it consists of at least 3 steps, at the first step you confirm your name, phone number, date of birth, at the second step your residential address, at the third step you scan copies of your documents, passport or driver's license and any payment or receipt where your address of residence is indicated.
An important note, not all countries have an expiration date in their passport, which must be filled out on the exchange, in which case the date of reaching 25 or 45 years is written or use it to verify the right, there is an expiration date
The big disadvantage of the Kraken exchange for residents of the CIS countries is the lack of the Russian language.
Cryptocurrency exchange Exmo.me
The main advantage of the Eksmo exchange:
- · The presence of the Russian language.
- Beautiful and clear design
- Availability of a convenient “Candlestick” chart at the rate of the selected cryptocurrency pair
- Support line responds, but with delays
- The turnover is not very large: $ 5 million per day, but it cannot be called small either
- In order to be able to work with all types of deposits and withdrawals, it is necessary to pass verification.
- Unlike the Kraken exchange, it turned out to be much more difficult to pass it with confirmation of the place of residence, everything seems to be clear, you need a scan, for example, of a utility bill with your address and your full name, but I had to sweat a lot with the passage of the identity.
Step 1 was not completed due to an incorrectly specified passport expiration date, the date when you will be 25 or 45 years old must be indicated as the expiration date.
At the same time, they did not write anything for 15 days (although they declared a maximum of 10 days for the response of the exchange), they wrote only after contacting support that they needed to add the first page of the passport and correct the end date.
Step 2 OK added 1 page of the passport, corrected the validity date, wrote to support, answered really quickly within 1 day, that the imprint of the stamp on the passport is not visible, it is not clear why it could not be written at the first step?
Step 3 We processed the page with the print in the editor, waited 10 days for verification, passed.
Without verification, you can trade and exchange on the exchange, but many deposit and withdrawal options will be unavailable.
The exchange is perfect for beginners and for residents of the CIS countries due to the presence of Russian-speaking support and the Russian interface, with verification you will have to sweat a little.