Buying Tokens Through an Exchange (Kucoin)
[Polo’s Blockchain Blog]
Whaddap ya’ll. It’s the ‘blockchain boy’ aka Polo to Lewis back at again with them white vans and another blockchain walkthrough.
Today is a big day for us. Why you ask? Well.. the reason why today is such a big day is because I’m gonna finally teach you how to purchase cryptocurrency through an exchange.
*hold for applause*
The first thing you’re gonna have to know before buying crypto through an exchange is that you’re gonna have participate in whats called KYC . What is KYC you ask? Well it stands for “Know Your Customer”. A mechanism that confirm the person buying from the exchange is in fact who they say they are. Meaning you’re gonna have to provide some form of gov identification and a selfie (not joking about the selfie part.)
If you are uncomfortable with doing this, there are other forms of purchasing crypto that don’t voluntarily show your identity; but we will have to go through that together on another day.
One other thing to keep in mind is that there are some banks/financial institutions that don’t support purchases of crypto, most are cool with it. So before you go through this process, do a simple google search to find out if your institution is cool with crypto. If it is not it will reject the entire process and you will be sad.
Now that I have given you the spiel (shpiel?), let’s get’er done.
Account Signup
- Go to Kucoin.com and click “Sign up”
2. Fill out the necessary info. Including the prompts to verify your email or phone with a code, you’ve done dis before.
3. Log In.
Purchase/KYC
Cool cool. Account has been setup ✅. As we go through and make our first attempt at purchasing crypto we will be asked to fill out some KYC stuff. Let’s follow the screen cap.
- “Buy Crypto”
- “Third Party”
- Type in your intended Purchase. Min purchase for Matic is $30. Under “I want to spend” I will type in “$30”. And under “I want to buy will type” “Matic”
- Payment method automatic
- Scroll to bottom and click “Confirm”
KYC
Banxa the company we are purchasing Matic from will now interrupt our purchase for the aforementioned Know Your Customer stuff.
Please follow the steps provided and fill out the necessary information. The forms to fill out should look something like this.
- Email & Phone
2. Name, Date of Birth, Country of Residence & Occupation
3. Address, City/Suburb/Town, State. Postal Code/Zip Code. Then click “Submit Verification”
4. You will now need to upload a piece of government issued ID. Select the Country and Document Type. And follow the “Document Requirements” for a successful upload and verification
5. Once done click “Continue”
SELFIE TIME!
“I told you! What did I tell you? Didn’t I tell you? Cause I told you? And when did I tell you? A long time ago! And what did I say would happen when I told you? Exactly what just happened!
Sorry for that..
Get your hair prepped and your smile right it’s Selfie Time. Be sure to follow the “Image Requirements” to a ‘T’ otherwise it will reject your KYC no matter how cute/fab/on fleek the pic truly is.
2. Snap dat pic. Upload it and continue on.
3. Finally you will need to explain your reason for purchasing crypto. Be honest ya hearrr?? Once done click “Continue”.
If everything went well you should be able to continue with your transaction, and purchase some o’ dat blockchain cOIn. If it does send you back to the home page just follow the screen cap from “Step 2: Purchase/KYC” and attempt the purchase again.
Purchasing the Coin
The final part of this saga.
*Cues the main theme from “Return of The Jedi”
At this point it’s basically just filling out card/personal info like you would with any other purchase. But we’re here so i may as well walk you to the finish line.
- Fill out your card info.
2. Go through the phone/passcode thingy. Don’t act like you don’t know what i’m talking about. The thingy, where you put in your phone number, and then u get a text with a number, and then you confirm the text. That thing.
3. And here we are. Easy as pie (..pie?…cake?…carrot cake???) %&*# I’m hungry
4. At this point we are basically waiting for that screen above to look something like….. this. 👇
Keep in mind, fulfilment can take anywhere from 20 mins, to a few hours, to even a full day, it just depends on how congested the network is. But you will receive “Payment Received”, “Transfer” and “Fulfillment” emails through the waiting period, to keep your mind at ease.
If it does take longer then expected you should receive a delay email from Banxa letting you know.
Checking the Balance.
K, so.. you purchased your crypto, but where did it go? Good question. Let’s follow the quick screen cap to find out.
Alright we did it! Yay us!!! Okay. Everyone together now, “Thaaank yooou Poooloooo”
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