Is It Difficult To Buy and Sell Cryptocurrency?

Buying crypto assets is one of the best options for financial investments today. Due to the market's high volatility, crypto investors generate significant incomes in a short and long period. Investment and trading have nothing to do with your age or education. All that is needed for successful trading is knowledge of how the market works and a lot of practice.

Buying cryptocurrency is not a complex process. There are some options for becoming a crypto holder:

  • you can participate in free coins distribution - airdrops;
  • you can purchase coins on a crypto exchange;
  • you can address to a broker.

One of the easiest ways to buy cryptocurrencies is through a centralized crypto exchange (CEX). There are also decentralized platforms (DEX) that are somewhat difficult for beginner traders to comprehend. So let’s talk about buying cryptocurrency on CEX.

How does CEX Work?

When you decide what cryptocurrency to buy, it is time to pick a platform. Centralized exchanges are officially functioning platforms that provide users protection and various trading tools and charge service fees.

CEX allow a limited number of functions and tools for not registered users who do not pass KYC and a full range of trading instruments for registered and verified clients. What is the difference, and what does KYC mean?

KYC stands for “know your customer” and means user verification to ensure one is not a threat to a platform. Here are the main stages of KYC:

  1. Client identification. The stage of gathering information about a customer (date of birth, email, home number, address). It takes a few days. Notice that people under 18 are not allowed for KYC verification.
  2. Due diligence. If some suspicious data pops up during the first validation stage, a user is checked for fraudulent schemes one could get involved in in the past.
  3. Monitoring. CEX keeps track of transactions within the exchange and blocks any doubtful activity that may occur. If any illegal actions take place, the data goes to law enforcement agencies for further investigation.

Thus, CEX provides the robust protection of clients’ funds. To buy cryptocurrency on CEX, you need to register, pass KYC, add your bank card, deposit money to your account, go to the “Exchange” block and pick an asset you wish to buy, pay the fee and receive coins in your account. Without KYC, it is impossible to buy crypto with fiat.

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