Bitcoin (BTC) has received a lot of public attention over the last decade and has continue to grow. Because of this cryptocurrency platforms such as Coinbase, Binance, ByBit, Huobi, and Binance.us have also surged in popularity.
- Ensure you have your basic information for KYC (know your customer) intake and Locate your banking account information and/or debit card information
- Visit one or all of the exchanges you wish to open a FREE account on.
- Once you have opened an account, simply Buy or Sell cryptocurrency as you would like to
- Get a “Cold Wallet” like a Ledger Nano S
1. Locate your KYC Information
- Social or EIN
- Government issued ID
- Bank account and/or debit card information
- You may also be required to upload a selfie of yourself to match with your ID and profile
As regulators treat the various cryptocurrencies like actual stocks, assets, and/or income (depending on the cryptocurrency), you will need to have some personal and financial information on hand when you sign up, to ensure that you are who you are and to avoid money laundering.
This can include your legal name, address, social security number or EIN/Tax ID, as well as your bank account routing and account number. This is information is necessary so the IRS can track earnings and so you can securely transfer money in and out of your bank accounts.
2. Visit Exchanges and Setup Your exchange Accounts
Visit one or all of the exchanges you wish to open a FREE account on. It’s suggested to open an account on all of he exchanges, to ensure there is no one single point of failure or “lock out.”
Given most online crypto exchange platforms are “hot wallets” on the internet and subject to the management of a centralized company, if they lock your account temporarily, your at their mercy.
Which is why in number #4 below we highly recommend getting a cold wallet (ledger nano s) to store your crypto safely on your own mobile device and off the internet and any hot wallets.
3. Buy Bitcoin and other Crypto
4. Buy a Cold Wallet
the Ledger Nano S was launched in 2016, becoming a fundamental tool for users who hang out the cryptosphere.
In a short time it has turned into the symbol of hardware wallets. These are devices designed with specific features to fully protect the private keys.