Exchanging Your Altcoins in the USA: Key Steps

Perhaps, BTC geeks know the 1001 method of exchanging e-currency in the USA and abroad. However, the simplest and the most reliable method is using the crypto exchange, which is similar to regular trading platforms in its functionality. Here you can buy a cryptocurrency and sell it very quickly, and of course, this is a completely legal procedure. All the deals on the USA/EN e-currency exchange are regulated according to the Bank Secrecy Act (BSA). Since the regulations continue to be developed by the states, the rules of the swapping process may differ. In general, the official bodies like the following authorize operations with altcoins:

  • FinCEN should provide trading platforms with the requisite license;
  • The SEC considers crypto to be securities and applies the relevant law to their regulation;
  • CFTC recognizes BTC and ETH as commodities and allows trading them publicly.

The Justice Department continues to coordinate actions with the above-mentioned bodies. Having clarified all the legal issues, now we will move on to explaining the key steps towards exchanging your altcoins on the respective sites. 

How to Sell/Buy Your Altcoins?

Crypto trading platforms are marketplaces where you are free to trade and speculate on virtual assets like BTC, ETH, DOGE, etc. If you are familiar with the operation of classic stocks, it will not be problematic to exchange cryptocurrency in USA on the respective sites like Changelly. Besides, some of them provide nice analytics, so you will get free access to the daily cryptocurrency overview. 

Foremost, you should decide on the platform type you want to trade on:

  • Centralized – these platforms are controlled by the only organization/company and allow you to buy e-currency assets for dollars, euros, or alternative fiat money;
  • Decentralized – their main feature is that they share the duty of verifying and managing altcoin trading;
  • Global – these platforms operate globally, inviting interested parties to participate in BTC, ETH, and other altcoins trading.

Secondly, you need to familiarize yourself with all the varieties of commissions you should pay when buying and selling assets. We are primarily talking about trading and withdrawal commissions, which can be paid as a flat percentage, or it may depend on the type of the transaction. In this regard, maker orders increase the liquidity of the DEX, while takers are vice versa. The exact fee depends on the platform, but frequently maker charges are a bit higher than takers. As for cash-out commissions, they usually depend on the exact cyber currency.

Finally, to exchange cryptocurrency, one needs to make an account on a trading platform, as well as a special wallet. Once finished, you will get an opportunity to purchase altcoins by exchanging them for dollars through wire transfers or ACH. If interested, you can also use your bank cards to buy altcoins, but please be prepared for high commissions.

There are also some minimum requirements and limits for the purchase and sale of virtual assets. Sometimes, you will be offered an opportunity to buy fractional shares of altcoins for a few cents or dollars. You should always familiarize yourself with the conditions and terms. 

How to Make a Personal Account?

To make your own account, you need to select a platform, visit its official website and install the appropriate application. The registration procedure is unique for every site, and sometimes you can even swap some small amount without checking your ID. However, with the introduction of the Know Your Customer regulation, you will need to share some personal information to complete the payment:

  • First and Last Names;
  • Date of Birth;
  • Email;
  • Social Security Number.

The form may also ask you to attach a copy of your ID. Perhaps, it will take some time to check your ID and authorize the procedure. Then, it will be much easier to trade on the platform because your account will be already verified.


Tags


You may also like

CS: GO Community Club Cases
{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}