What is an Exchange?

Basic information

This is a platform where demand meets supply. Simply put,it’s a place where you can buy or sell cryptocurrencies. Some of the largest foreign exchanges include Binance. Well-known Czech platforms include the Coinmate exchange or the Anycoin exchange. Each exchange differs in its interface, fees and currency pairs you can use. Most exchanges also include educational materials, tutorials, news, foreign-language articles and much more.

Setting up an account on an exchange

You must be at least 18years old to open an account. You also need to fill in your email and create a password. This is followed by an account verification process. This step and the information required vary from exchange to exchange. Some exchanges also require a copy of a personal document (KYC – know your customer), which can be for instance an ID card or passport. Once you have completed all the steps and filled in the required information, your account will be approved within a few days.

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