Post
Topic
Board Beginners & Help
Re: Newbies - Read before using exchanges or investing
by
tbct_mt2
on 27/08/2019, 08:41:30 UTC
OP updated with the point [8], please check and let me know if you have something to contribute and improve my thread.
[8] Check KYC requirements on exchanges that you have plans to buy coins on their platforms
This step is another must-do thing. This step is another must-do thing. It is ridiculous that your original aim to create accounts on exchanges is to buy your interested coins, and withdraw them to store in wallets you have control on private keys; but at the end you are unable to withdraw due to failed KYC.

It ensures that if you don't want to do KYC, you will not create account, and send your funds (bitcoin, fiats, whatever) to those exchanges; then you will have to mandatory do KYCs (that what you never want to do at starts).

In addition, it also ensure that on exchanges that KYC is mandatory to be able to withdraw money, you have to successfuly do KYC verification first, before send your fund to your accounts on those exchanges.
Sometimes, I saw people complain that they failed to do KYC verifications. There are some reasons:
  • ID cards, photos, ie. blurred
  • Their nations in which they live listed in exclusive nations of exchanges