Licensed websites to sign up with
The cryptocurrency space is notorious for being something of a ‘Wild West’, with bad actors frequently trying to victimise new investors. One way to protect yourself is always reading the Terms and Conditions (T&Cs) of any site you interact with.
Terms and Conditions
While conducting an online financial business through a site, the service provider has to clearly outline its services so the user knows their rights and responsibilities. These are outlined in the Terms and Conditions page.
T&Cs can sometimes hide deposit and withdrawal limits, conditional account limits, exceptions to guarantees, and other tricky terms. Always ensure that you understand any agreements you enter into. Furthermore, remember that breaching a site’s T&Cs could result in your account being terminated, and the potential loss of funds therein.
Know Your Customer (KYC)
When you register a new account on an online trading site, a confirmation link is sent to your inbox for confirmation. When you click on the link, your account will be validated, and you can go ahead to provide your personal identification documents like a driver’s license or international passport. Verification can be completed instantly or within 24 hours on most platforms. This entire process is required as part of the KYC norms and most sites currently enforce it on their platforms.
Deposit, Withdrawal Limits and Conditional Account Limits
Most platforms have fund deposit and withdrawal limits to determine the amount of funds you can deposit in a day/month. These limits vary from platform to platform and will also depend on your country of residence. It is recommended to always check the deposit and withdrawal limits before registering on a platform. These limits are in place to protect the account in case of fraud as unlimited withdrawals could mean that a hacker could wipe your account clean in seconds.