BitExChain Exchange Summary
The important thing to know about BitExChain’s wallet is that they have measures to keep it secure. Only 8% of the assets are stored online; the rest are kept in cold storage for security. The wallet also boasts insurance of $100 million, so you will be compensated in case the wallet is compromised.
Even if you are not associated with the financial markets, there is a good chance that you have heard about cryptocurrencies. Who hasn’t? Bitcoin was first launched in 2009 and no one could have envisioned that it would spawn an entire industry, and yet it did. Today, the crypto market is worth billions and there are more than 6,000 cryptocurrency coins that have been introduced over the years. The market’s volatility may make it risky, but also gives it the potential to help people in making profits. In fact, there are hundreds of people all over the globe who have profited from this market.
Therefore, it is not surprising that more people are interested and intrigued by this virtual currency. It is being hailed at the future of banking in this modern world and is even being compared with gold as a store of value. But, how do you invest in cryptocurrencies? This is where cryptocurrency exchanges were developed, for helping people in buying and selling cryptocurrencies with ease. Over the years, the number of exchanges has increased, but quantity doesn’t necessarily spell quality and this is something you need to understand when you are searching for a cryptocurrency exchange.
When you wish to invest in crypto, you want to do it easily and securely, and the only way it can happen is if you select the right exchange. The numerous options in the market can easily overwhelm you, so it is important to remember that you need to weigh the different aspects of an exchange before making your decision. This should also apply to BitExChain, a cryptocurrency exchange that you will come across when you begin searching.
As opposed to other exchanges in the market, this one is still a bit on the new side, but seems to be gaining ground on its competitors. Take a look at its features before making up your mind:
Background of BitExChain
BitExChain has been established by a company named CoinFarm OU, which has its base in Estonia. The most notable thing about the exchange is that it is regulated by Estonia’s Financial Intelligence Unit, which means it has a proper license for providing financial services. This works in its favor because most people will tell you that it is best to use a registered and licensed crypto exchange to minimize risks.
Since it is still new, BitExChain is currently offering its clients the option of buying and selling two cryptocurrencies; Bitcoin and Litecoin, and they are working on adding more options. Nevertheless, this is still a powerful combo because these are two of the top cryptocurrencies in the market and can be a great addition to an investor’s portfolio.
Registering with BitExChain
In order to use an exchange, you will first have to register yourself on their platform and the process can vary for every exchange. At BitExChain, you have to complete an online form, which is quite straightforward and doesn’t take long to complete. The form asks you for basic information, nothing detailed, which is also reassuring because you don’t want to share unnecessary information with anyone. You have to provide your first and last name, the country you are in, a phone number (it should be a landline or mobile number as VOIP or prepaid numbers are not accepted), an email address and a password.
You also need to select the currency you will use to make your deposits and withdrawals on BitExChain. They have given you four options to choose from, which are GBP, EUR, USD and South African Rand. It is also necessary to agree with their Terms & Conditions and you have to confirm that you are at least 18 years old. Once you have completed these steps, you will be registered with the broker. They will send a verification email to your given email address to activate your account. After your account is activated, you can receive, send or exchange any crypto. For buying and selling, there is a process of account verification to be completed.
Verifying your Account with BitExChain
Since BitExChain is regulated, they comply with the security policies of AML (Anti-Money Laundering) and KYC (Know Your Customer). These require customers to provide some documents for verifying their account. These documents include:
- Proof of ID through a government-issued form of ID. This can be your driver’s license, national ID card of passport, which should have at least six months to expiry. A selfie is also required.
- Proof of Residence through a bank statement or utility bill (water, electricity, gas) showing your name and address is needed. These shouldn’t be more than three months old.
- Proof of Payment, if you are planning to use your debit or credit card for deposits and withdrawal. A front and back photo of the card has to be submitted.
Buying and Selling Crypto on BitExChain
After you have submitted the documents above, it doesn’t take more than 24 hours for your account to be verified. Once the verification process is done, you can start buying and selling Bitcoin or Litecoin via the exchange. The best thing about using BitExChain is that it is incredibly easy; you don’t need to worry about a learning curve as there isn’t any. After you buy your chosen crypto, the exchange also provides you a free wallet that you can use for storing it. There is no need for you to go through the hassle of looking for a wallet because one is available right on the exchange.
The important thing to know about BitExChain’s wallet is that they have measures to keep it secure. Only 8% of the assets are stored online; the rest are kept in cold storage for security. The wallet also boasts insurance of $100 million, so you will be compensated in case the wallet is compromised. Plus, the wallet address is changed each time there is any movement of crypto funds to and from the wallet.
Considering these features, it is obvious that BitExChain is a secure and good cryptocurrency exchange for making crypto investments.