To sign up to a crypto exchange, you need to give them a bit of information.
- Email address – naturally
- Password – of course
- Personal information – name, address etc. I’ve given similar information to Witchery, so I don’t feel too bad about this
- Bank details for transfer (if you choose that option) – a bit scary but I get it
- A scan of my passport or license – I’m sorry, what?!
Yeah. This one had me stumped for a while too. I don’t know if I like the idea of my ID being stored where I buy my magical internet money. I think, due to Know your
Customer (KYC) requirements in Australia, it’s the price to play.
After some time to mull it over, I decided that if I trust the exchange with my other information, this wasn’t a deal breaker for me. It might be a deal breaker for you. If it is, I’m not sure where else you can buy crypto. There are probably some exchanges who don’t need this, but to operate in Australia, I think it’s a requirement.
Back in my day (you young whipper-snappers) I also had to send in a photo of myself, with a unique code and message. I think you only have to do that now if you want to deposit large sums each day. But if an exchange you trust asks for photo verification, I can report that it is something I have had to do in the past.
You should only do what you personally feel comfortable with, and never give information you think should be private, or give information to an untrustworthy site (internet pirates are out there).
Next steps
- Find out more about crypto exchanges
- Find out more about bitcoin
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