Ways to buy cryptocurrency and is it possible to buy it without verification

Cryptocurrency without exaggeration can be called one of the most valuable and promising digital assets. It can be used to buy various things and pay for services. It is also a great tool for investment in 2022. With the right approach and competent market analysis, you can make good money on cryptocurrency rate fluctuations.

  •  If you are planning to buy cryptocurrency, most likely you will have to face such a procedure as verification. The Changelly.com service offers a fast and secure exchange of digital coins on favorable terms for the user.

  •  On average, it takes no more than 30 minutes to exchange coins, but in some cases the procedure takes longer, for example, if the blockchain is overloaded or it is being updated. The site also contains materials on the review of cryptocurrencies and market analysis, which will allow you to quickly deal with all the features of the sphere.

Verification and its importance

  •  In fact, this is the process of registering and confirming the identity of a trader. Verification is necessary in order to protect the user from fraud, account hacking and leakage of funds. In most cases, when buying a digital currency, verification is required. But if you want to exchange cryptocurrencies anonymously, then you can also do without user identification.

  •  In fact, verification is a requirement of the crypto exchange administration to withdraw money. To do this, online sites, as a rule, require a passport photo, a selfie with a document, a photo of the page with the place of residence, as well as a driver’s license and an identification number from the owner of the funds. In some cases, the service may also require a utility bill. Depending on the rules of the site, verification is performed when registering an account or at the time of processing the withdrawal of cryptocurrency. In some situations, when the site administration considers the transaction as suspicious, the trader may be required to provide additional documents.

  •  Verification is not always user-friendly. Due to the fact that this process generally delays the transaction procedure, the user may lose out on the course. In addition, there is a risk of account suspension if there are any formal inconsistencies, although the trader is trading fairly.

  •  But it is also necessary to take into account that online exchanges control the movement of funds. All information about users and transactions is stored on servers. In some cases this is required by the jurisdiction. Verification can be an obstacle for those who like to trade digital currencies quickly and anonymously.

Ways to buy cryptocurrency

The easiest and most user-friendly way to buy cryptocurrency is an exchange service. The principle of operation of any exchanger is as follows:

• the user chooses the direction for the exchange that he is interested in and the method of payment;
• the amount for the purchase of assets is indicated;
• enter the number of the wallet where the funds need to be credited: it can be either an account on the exchange or a cold wallet;
• the application is confirmed;
• money is transferred to the account indicated by the exchanger (these are service partners that you can trust);
• after payment, the user confirms the action, and if you do not, the service will not transfer the funds.

  •  Exchange platforms operating both and abroad charge commissions for their services. The amount of the additional fee depends on the payment method and varies by site. In addition, keep in mind that exchange rates may differ from service to service.

Features of exchanges for buying cryptocurrencies

  •  The main feature of the exchanges is that the purchased currency can be traded immediately. You can quickly build an investment portfolio, but keeping your money on such platforms is not recommended. If the exchange goes bankrupt or suddenly closes, the trader will lose all his assets. Keeping virtual funds is always safer in cold wallets.

  •  Like exchange services, exchanges charge fees for their services. And in this case, it is much higher than in exchangers. This is due to the fact that such platforms do not trade digital currencies directly with fiat providers, but through intermediaries.

This information is not an individual investment recommendation, and the financial instruments or transactions mentioned in it may not correspond to your investment profile and investment goals (expectations). It is your task to determine whether a financial instrument or transaction matches your interests, investment objectives, investment horizon and acceptable risk level.