How to Buy Cryptocurrencies on Centralised Exchanges?

Probably all crypto traders wondered: “How secure are cryptocurrency platforms?”. Every user must pass the KYC process when working on centralised platforms (WhiteBIT, Binance, etc.). What is verification, and how to buy crypto on a centralised platform? We will answer these questions today. myetherwallet

KYC (“know your client”) suggests that financial establishments, including crypto platforms, need to understand who their customers are to ensure an adequate level of security and control of fraud attempts. The growing market for digital assets has led to increased interest in this area, including from fraudsters. Therefore, to protect legitimate users and the assets stored in cryptocurrency wallets, major companies require them to undergo verification procedures.

KYC is an important requirement for buying cryptocurrencies with fiat money. Access to modern trading instruments such as margin and futures is impossible without KYC. If you wish to purchase cryptocurrency without KYC, you will face restrictions on funds deposit and withdrawal. Each cryptocurrency platform has its own rules for passing verification. The most common requirements are:

Full name
Telephone number
Home address
Date of birth
Email address

KYC Stages

Customer identification. Official data about the user: email address, date of birth, phone number, passport, and address. It takes only a few days, provided there is no suspicious activity.

Due diligence. During the verification, some elements of the client’s past may emerge that may raise doubts. In this case, the platform should inspect whether the customer is involved in fraud or is still under investigation.

Monitoring. Users’ transactions are constantly monitored to detect questionable activity and to analyse unusual transactions. This could be, for example, large amounts of transactions and involvement in terrorism schemes. The client’s account is blocked if such activity is detected, and the information is directed to law enforcement authorities.

One of the safest cryptocurrency exchanges is WhiteBIT. It performs high-quality verification in a short period. If no suspicious activity is found in the user’s background, the user goes through the KYC within a few days.

To buy cryptocurrency on the centralised platform WhiteBIT, you may either pass verification and have no limits or skip KYC and use only a narrow number of tools and restricted withdrawals.

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