Lifestyle

How to Exchange Cryptocurrency

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There are several ways to exchange cryptocurrency:

  1. Use a simple exchange. That is a small service with a limited number of digital assets. Many such sites are scammers, so users should be especially cautious when entrusting money to such services. Experienced traders usually recognize which site is worth trusting and which is not. Read reviews before starting to deal with a simple exchange.
  2. Centralized exchanges. They are large platforms that work officially. They allow a wide array of operations with cryptocurrencies and usually a huge selection of digital assets, including the opportunity to trade with fiat money. A centralized cryptocurrency exchange platform requires users’ registration and KYC verification. Centralized platforms store users’ assets and provide security at a high level.
  3. Decentralized exchanges. They are intermediaries between users that swap coins. Clients don’t entrust their investments to such platforms, and exchanges don`t guarantee safety. 

Experienced traders usually have accounts on both centralized and decentralized platforms. Beginners are recommended to start with one of the centralized exchanges because they provide the easiest and safest way to exchange cryptocurrency. Binance, WhiteBIT, Coinbase, Kuna, and many other popular platforms belong to the centralized type.

How to exchange cryptocurrency on WhiteBIT?

When starting to work on WhiteBIT, users face registration and KYC. Swapping coins is available without KYC verification, but all other tools and earning opportunities require user verification. Usually, KYC is finished within 24 hours. 

WhiteBIT offers smart staking, trading with leverage, margin, spot trading, p2p exchanger, and an attractive affiliate program that allows earning up to 40%.

Beginners find it is easy to handle with the WhiteBIT app – its interface is user-friendly and adjustable. WhiteBIT is the easiest crypto exchange for beginners. Besides, the exchange features an educational section and demo account.

To increase the level of protection, users can configure two-factor authentication. Every time they enter their accounts, they receive an SMS code, available only to the phone owner. It protects clients’ accounts from third parties. 

WhiteBIT stores 96% of users’ funds offline, protecting their investment from hackers.