When you purchase crypto using either the fiat you've deposited into your account or with a credit card, that crypto should be available to you right away. The advantage of using a broker is your transactions should be instant. They typically charge a convenience fee for this, which may be hidden as a spread or markup on the going market rate. Brokers buy and sell cryptocurrency to you. What is the difference between a brokerage and an exchange? How long will it take for your transaction to be completed? Is one better than the other?īroker. For some exchanges, it can take up to 2–3 business days while others are near-instant.įinally, be aware that some exchanges require you to complete additional verification tasks to unlock full account features and permit higher transaction limits. It's also a good idea to research how long you can expect the verification process to take. If you need to provide a wide range of personal information, it's important to be sure you're dealing with a trusted exchange. A photo of yourself holding a signed declaration.You will likely need to provide some or all of the following: Keep in mind that these exchanges may limit the amount of crypto you can withdraw from the exchange on a daily basis.įor exchanges that require the KYC process, verification requirements vary. The said exchanges may not be properly regulated, so please proceed with caution if you choose to use these, especially if they are located offshore. Most centralised crypto exchanges these days require you to complete a KYC or identity verification process.īut some exchanges still let you deposit crypto and trade crypto-to-crypto without completing the KYC process.
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