As the crypt currency market expands, new exchange houses or exchanges continue to appear where we can acquire them and open exchange operations. With so many options available, it is difficult to discern what is most suitable for our needs and expectations.
What is an exchange of crypto currencies?
A Tagz Exchange, also known as an “exchange platform” or “exchange house,” is a platform that allows its clients to operate with digital assets. Some of these exchanges have incorporated some fiat currencies to expand and facilitate the process to their customers. The purpose of these sites is to provide the tools to exchange crypto currencies with each other and, in some cases, with other financial assets. Let’s not talk more about technical terms, let’s evaluate the characteristics of the most popular exchanges.
Exchanges have different procedures and interfaces; they all share a similar process.
Registration: the user registers on the website using the requested data. Some exchanges ask for an extensive list of data, others simply email and password.
Know your customer (KYC): the “know your costumer “policies have been implemented so that exchanges can determine if their customers are suitable for these services. You are likely to be asked to complete a questionnaire and, in addition, you will be asked for a list of personal information and copies of identity documents to verify your account. Only some exchanges such as Tagz Exchange will request this information from you.
Deposits: the obvious next step: deposit funds to operate. You can deposit funds directly in personalized Wallets of crypto currencies or using fiat money, depending on the exchange. The most popular currencies are USD, EUR, GBP, JPY and KRW. The means of payment depend on the exchange. Some are more open to new methods like Skrill, Neteller or PayPal. Others have traditional payments with credit / debit cards or bank transfer.
Open and close operations: once you have available funds in your account, you will use the trading platform to trade, taking a base currency to obtain another one. The most popular markets are in bit coin, US dollar, euro, Tether (USD T – a crypt currency equivalent to the dollar) and Ethereum.
Settlement or withdrawal: many users will want to withdraw the money invested and convert it into fiat money again. Some exchanges allow the user to make withdrawals to his bank account or means of initial payment.
