Buying and selling cryptocurrency is called crypto trading. This is the same as the trading of stocks in the stock market. The difference between stocks and Cryptocurrency trading is that we do not trade against USD or INR or any other kind of currency. We trade cryptocurrency against it with the use of the trading pairs and among this, the most common pair of trading in Bitcoins. All the exchanges have their market differences with the supply and demand and it is normal for you to encounter differences in the prices.
Among all the other types of cryptocurrencies, Bitcoin is said to be the most popular one. The value of the bitcoin is mentioned on the exchange platforms like immediate advantage. Apart from the bitcoins, there are other coins as well which are called the Altcoins.
It is simple to trade with the use of Bitcoins. One can buy cryptocurrency with by using their fiat money or credit card the detail of which is stored later in the electronic wallet on smartphones or computers. You must know that not all cryptocurrency exchanges will allow you to initially purchase cryptocurrency. For instance, in some cryptocurrency exchanges, you will get the functionality of the users that go through the powerful wallet. It is important for one to create an account and register themselves and also to create a link of the account before they use it to perform any kind of activity of trading on the platform.
Documents that are Necessary for Trading Platform
You should visit the trading platform webpage first, and then sign up to register as a new bitcoin trader. One will be prompted to create the account by providing the details. You will be provided with an OTP on your mobile phone through SMS that you have to provide on the website. The OTP usually has 4 digits. To have complete verification, one has to upload the scanned documents of the original. Following is the KYC process details which you should remember while registering yourself on the trading platform. You must have the necessary documents to start your Bitcoin trading journey.
Verification of KYC
The first step that one should know to complete the KYC process is that one should have documents that prove your date of birth and your address. You also have to provide a copy of your picture for confirmation.
Verification of Your Bank Account
One also needs to provide all their bank account details while registering themselves on the Bitcoin trading platforms. Apart from this, some platforms also allow you to link your UPI ID’S or other internet banking options. You also need to have a bank account. After you have provided this detail, you are ready to use the trading platform without any problem.
The Cryptocurrencies that can be Traded
An exchange service on the internet allows the traders or the holders of cryptocurrency to trade using the fiats and other cryptos. Therefore, there is a fiat to cryptocurrency trade along with the trade of cryptocurrency to cryptocurrency. The cryptocurrencies that have the direct dollar trade are mainly the ETH and BTC. There are some of the other altcoins that are available in the market and these two can make up to the trade volume of the majority.
The trading platforms will give the user the option to sell and buy different currencies with fiat money. One can also use to choose by checking what will be the value of the BTC into the currency of your country and it is transferred to an account that you have linked.
As for the trade of the cryptocurrencies, one can trade with more than two hundred people and have the highest liquidity. On some of the trading platforms, you will be given tokens that are available to trade only on that particular platform. The price of the current Asset Price is the same assets that were traded at last.
These are some of the points that one should follow to register on the bitcoin trading exchanges. One must follow all the points to ensure that they do not fail in their trading journey. Make sure to have wallets online or offline to save your bitcoins so you can trade using them.
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