In the year 2022, there are a variety of cryptocurrency exchanges to trade on. You could embrace the wild side and trade on a decentralized exchange like Uniswap or Sushiswap - or you could stick with the simpler route and head over to a centralized exchange (CEX). If it’s your first time doing this, it can be pretty tricky. Crypto is still an uncharted space in a lot of ways, so it’s important to feel comfortable before putting your money in the line. For starters, let’s head over to a CEX like Binance or Coinbase. For the sake of simplicity, let’s assume you’re in the United States. If you haven’t done this before, you’ll need to gather up some information to assist you in the process. Because Binance and other major exchanges adhere to KYC (know your customer) rules, you’ll need some form of identification card to verify your identity. After this, you’ll need to type in your email or phone number and perform two-factor authentication (2FA). Binance will send you a message to confirm it’s you trying to access their platform - you’re dealing with money after all, you wouldn’t want someone else claiming they’re you! Next, create a username and password - and write this down somewhere safe! If you get signed out of your account with no way to get back in, this can be a long and difficult process. If you’re able to, save the info on your computer so you don’t need to log back in everytime. Sometimes, an exchange might take a few days to verify your identity. You might need to give them a social security number (possibly only the last 4 digits) or a piece of paperwork to prove you’re a citizen. After this, you’re free to trade! While most exchanges have similar processes for onboarding new users, it’s important to make sure you’re prepared for when it’s time to start trading. Most will continue to require 2FA to ensure you aren’t being hacked, so always have access to your email or message app. Feel free to explore and see what every exchange has to offer - the possibilities are endless.
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