What Is A Crypto Exchange? Get Set Up…The RIGHT Way!

What is a crypto exchange? Well here, we'll find out exactly what a crypto exchange is, you'll be given some suggestions for really great exchanges you can use, and I'll throw in some tidbits and important tips along the way. So let's answer this question: What is a crypto exchange?

Show Notes

Here are links and resources mentioned in today's video. Enjoy!

Transcription

Okay so what is a crypto exchange? Well, crypto exchanges are simply websites that allow you to exchange your money for cryptocurrencies, like bitcoin -- or exchange one cryptocurrency for another...maybe Ethereum to bitcoin.

Now in order to use a crypto exchange, you'd first have to set up an account on an exchange. Your exchange account is sorta like a brokerage account -- you deposit money into it by connecting your account to your traditional bank account, credit card, or other payment method. More on this in a second.

Then from there, you'd buy whatever cryptocurrencies you want. Different exchanges support / allow you to buy different cryptos, so you'll want to make sure that the exchange you go with supports the cryptocurrencies you'd like to buy.

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And after you've made your purchases, it's strongly recommended to move any significant holdings you have to a more secure and private software or hardware wallet. If you'd like, I've made some videos on exactly this, so search my content to learn more if you're interested.

In the meantime, what exchanges should you use? Well, there are a lot of exchanges to choose from. You may even want to have accounts with a few exchanges. You could use Coinbase, Binance, SoFi, Kraken, or any other exchange you’d like.

If you live outside the US, try to find an exchange that resides in your country. For example, if you’re in Canada like me, you could try Bitbuy, Shakepay, or NDAX.

There’s no shortage of local and global exchanges, so go with whichever one or two you’d like.

Now what about actually setting up your account? Well, this can take just fifteen minutes, or it may even take a few days. That’s because you’ll need to submit and verify your identity.

That's because crypto exchanges have to abide by stringent regulations. But the good news is, exchanges are highly reputable and are very secure. And, your account set up is a one-time thing, too. So while it might be a bit of a lengthy process to set up your exchange account, you’ll never have to do it again.

Once set up, inside your exchange account, you’d connect your traditional bank account or other method of payment, allowing you to purchase bitcoin (and other cryptocurrencies) using your local currency.

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Geoff Blake, Ten Ton Online

Hey there, I’m Geoff! Business, marketing, and the web can seem like a tangled, confusing mess, right? Well if you wanna get clear, straight info on all this stuff (no gimmicks or hypey nonsense)...then you're definitely in the right spot! Start here (free!)