Crypto Basics: Exchanges
Now that your wallet has been set up, its time to put some funds into them.
An exchange is a platform where you are able to convert your fiat or cryptocurrency into other forms of cryptocurrency, while the wallet is intended for storage of your currency.
Registering for an account on the exchange platform allows one to convert fiat into a cryptocurrency of their choice. As each exchange trades different alt currencies, it is likely that a person will be required to sign up for multiple exchanges.
Without further ado, let’s go into a more detailed step-by-step by using Gemini.com as an example.
- Go to https://gemini.com and click ‘Register’
2. Fill up your details
3. Check your email and key in the activation code
4. Click on ‘Get Started’
5. Click on ‘Enable 2FA’, and key in your phone number to recieve the activation code.
6. Verify your identity
7. Upload proof or your identity.
Upon submitting the information, Gemini takes up to 3 working days to verify your account. Once they have verified your identity, you will receive an email that looks something like this.
Once you have the email, you can begin converting fiat into cryptocurrency!
Tap on ‘Fund Transfer’, and choose either ‘Bank Transfer’ or ‘Wire Transfer’ to convert fiat into either ETH or BTC! It’s as simple as that.