Licensed websites to sign up with

Many new investors are scared off by either the complex jargon of the crypto space or cautionary tales from people who have lost money. Both of these fears, however, can be assuaged with a simple habit: always reading terms and conditions (T&Cs).

Make sure you are clear on your rights and obligations, and that there are no hidden catches such as withdrawal limits or conditional restrictions lurking in the T&Cs. Furthermore, if you breach a company’s terms, you may be forced to relinquish access to your funds.

Terms and Conditions

These are a set of parameters that form the basis of the agreement between you (site user) and the platform. New users should read the various terms and conditions in detail as any potential breach may result in legal and financial consequences. The terms and conditions page is usually listed at the bottom of the site and defines the privacy policy, charges or commissions and content sharing policy of the site.  

Know Your Customer (KYC)

To be allowed to buy and sell this digital asset on exchanges and brokers, you will need to verify your account since reputed and regulated platforms have to abide by certain rules and regulations to stop fraudulent players. Usually, you will be required to upload a photo of your national ID/passport and a selfie, or the platform may request a video call to confirm if it’s you who appears on the document. You will also need to verify your residence by uploading a utility bill. Access to the full site is granted after completing the KYC process. 

Deposit, Withdrawal Limits and Conditional Account Limits

Platforms also impose restrictions on deposit and withdrawal fees as per the financial regulations of the licensing authority or country. Conditional limits may also be imposed in case you do not complete a full KYC. It is recommended that you check all these limits before transacting on the site.