After choosing an exchange, you need to compile the requested personal documents. Depending on the stock exchange, these documents may include your driver's license, information about your employer and funding source, as well as your social security number. The documents needed may depend on the region where you live and the laws of the region. The process is largely the same as creating a typical brokerage account.
After presenting your identity to the Bitcoin exchange and proving your legitimacy, you can link a payment option to your account. With the exchanges listed above, you can directly link your bank account or a debit / credit card. You can use a credit card to purchase cryptocurrency but it is recommended that you avoid using a credit card since cryptocurrencies can experience fluctuation frequently.
Even though Bitcoin is legal in some countries, some banks may question or stop depositing money on crypto-related sites or exchanges because they are not very keen on the idea of Bitcoin. While most banks allow these deposits, it is recommended to check your bank's attitude about depositing on your chosen exchange.
Fees for deposits with a bank account, debit card or credit card vary. For example, Coinbase, a solid exchange for beginners, charges 1.49% for bank accounts and 3.99% for debit and credit cards. It is important to research the fees associated with each payment option in order to choose the best one for you among an exchange and its payment method options.
- CandleFocus Editor
Step 2: Connect Your Exchange To a Payment Option