Setting up an online exchange wallet is the first step to using Bitcoin.
Just like opening a bank account, there are certain steps required and the process typically takes longer than just a few minutes. However, in the long run, you’ll find that it is absolutely worth going through the effort for setting yourself up for fast, cheap deposits and payouts.
Verifying your exchange wallet account does take some time up front
To get your exchange wallet opened you’ll likely need to complete the verification process by sending in photos of your ID, and possibly photos of your credit card and of yourself.
The exchange will then verify your documents. This takes a maximum of 30 minutes on many sites, but up to several hours on others.
Tips for avoiding delays:
- Read all instructions carefully, paying special attention to the types of images they are requesting. For example, they may specifically ask for a “selfie holding credit card” and you’ll need to be sure to send a clear photo showing your face and your card in hand.
- Do not skip any steps. You will need to fill out all the information the site asks for in detail.
- Make sure all photos are clearly legible, with no shadows or glare, and with all four corners of the documents showing.
By following these basic steps, you can ensure your account will be verified on the first try and you won’t need to repeat any steps.
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