Cryptocurrency is no longer a new word – the industry develops rapidly and now many, even not tech-savvy people are aware of what digital assets are and eager to invest in them. Beginners might face trouble when looking for a place to buy cryptocurrency. And that is what cryptocurrency exchange is made for. Such services enable transactions with digital assets and offer users functionality and tools to work with digital assets.
Cryptocurrency exchanges are divided into centralized and decentralized platforms.
The difference between these two types is the way they are managed.
Centralized exchanges have a traditional form of management, while decentralized platforms are only intermediaries between users. It is essential to understand that centralized platforms provide a high level of security for their clients because their investments are stored in the platform’s wallets. Such exchanges are focused on protecting their users’ assets against hacker attacks and offer clients two-factor authentication to prevent access to their accounts by third parties.
A centralized cryptocurrency exchange website is always user-friendly and easy to handle, even for a beginner. Such platforms always demand clients to pass the KYC procedure to verify their identities and ensure they were not engaged in any illegal activity. To pass verification, clients must send their documents and selfie with their passport or ID to the exchange administration. Usually, the whole process takes a few days. Some trusted exchanges do their best to verify new clients as quickly as possible. For example, cryptocurrency exchange WhiteBIT makes it in 24 hours. Once the user has passed KYC, one receives access to all the exchange tools.
WhiteBIT crypto exchange
The company is relatively young – it was opened in 2017 and is headquartered in Estonia. This centralized cryptocurrency exchange operates in 150 countries and already has more than 2M clients. The platform’s interface is easy and convenient for beginners. WhiteBIT offers a demo account option for those who want to practise.
Advantages of WhiteBIT:
- The platform holds 96% of client assets on cold wallets, making it impossible to hack them.
- Two-factor authentication and anti-phishing mechanisms to protect clients’ accounts.
- The platform has opened a Security Fund. So far, it has ensured users’ assets for $30 million.
- More than 400 trading pairs.
- WhiteBIT offers staking, margin trading, leverage, spot trading, referral program, fiat-crypto trading, advanced tools, etc.
Besides, users notice the high-quality tech support that works 24/7 and helps users solve difficulties they might face in the process of working with WhiteBIT.
