If you are going to buy cryptocurrencies, we recommend cryptoexchanges below. We use them for buying or selling cryptocurrencies, so we know they are safe and proven.
For the first purchase of Bitcoin (respectively its part) or other most significant cryptocurrencies like Ethereum, Litecoin, XRP , we strongly recommend Coinmate, which allow bank transfer and credit card payment (depends on the country).
If you want tranding regularly we recommend Binance which is a great cryptoexchange for buying or selling other cryptocurrencies for previously purchased Bitcoins or Ehthereum. But you can also buy the main cryptocurrencies with a credit card (up to 2 500 USD with NO identity verification) on Binance. So Binance is also good for the first purchase of cryptocurrencies.
At present, there is a lot of pressure on cryptoexchanges to verificate their users. This is to prevent fraud or money laundering.
Binance does not require identity verification (but is recommended). Identity is verified just only when purchasing cryptocurrencies using a credit card on Binance cryptoexchange (up to 2500 USD you can buy crypto without identity verification on Binance).
Coinmate verification only requires if the FIAT currency is used - buying or selling cryptocurrencies with EUR.
These days, the process of identity verification is done overwhelmingly by machines. Identity verification is recommended because it can help you avoid looking suspicious and you will also receive a higher limit on purchases or sales of cryptocurrencies and their withdrawals. Identity verification usually takes several hours.
On Coinmate, identity verification is usually done via the ID-now application which means that you do not send a copy of your personal identification document, but that you use an app on your phone to conduct a video interview during which your likeness and your personal document are verified. This type of verification is fast as well and it’s really up to you when you do it because after you connect with the operator, a full account activation only takes several dozen minutes.
Cryptocurrency exchanges have a user interface where you manage your account (your cryptocurrencies, security and so on).
If you don’t withdraw your cryptocurrencies to your wallet, you will of course still have them. But there is a risk, since these cryptocurrencies are still in the care of a third person (even though it’s quite unlikely, the cryptocurrency exchange could become the target of hackers or some other unpleasant event might occur – even banks collapse), which is why it’s much better, especially if you do not trade often, to transfer your cryptocurrencies into your own desktop wallet (which is installed on your PC) or, ideally, into a hardware wallet.