We created this comprehensive guide to teach you how to trade crypto on our trading platform.
You will learn how to open and fund an account, place orders, make withdrawals, and more. Just keep reading!
This tutorial is about using our exchange. If you want to learn how to trade cryptocurrency in general, check out our definitive cryptocurrency trading guide for beginners.
How To Trade Crypto On Exscudo Exchange: Getting Started
Before you learn how to trade crypto and become a trader, you need an account.
To create it, you have to register on the exchange website. The next step is to activate and secure your account. After this, you will go through an identity verification process.
It may sound stressful for a beginner, but don’t worry — we will guide you through every stage. Let’s make a smooth start together!
How To Open And Activate An Account To Trade Crypto
Step 1: Enter the Exscudo exchange page and click on Register in the upper right corner.
Step 2: You will get a pop-up registration form. Enter your email and create a password.
Never use an email that is easy to find (for instance, on your Facebook page or your business card). It would be better to create a brand-new one.
Agree to all the Policies, Terms and Conditions, confirm you are of age and click Register.
Step 3: Go to your Inbox, open the confirmation message and click on the link it contains. Voila, you have just activated your Exscudo exchange account!
We know you are impatient to start. But to become a full-fledged trader you have to make a few important steps. First, we will talk about the identity verification procedure and then talk about securing your account.
Identity Verification
To verify your identity to the exchange, you will have to:
- Fill in some forms to provide additional information about yourself
- Bind your telephone number to your account
- Provide your ID documents
All these requirements are an important part of complying with the KYC (Know Your Customer) and ALM (Anti-Money Laundering) regulations. Any respectable and law-abiding exchange follows these rules.
Verification Procedure: 3 Tiers
On the Exscudo exchange, the verification procedure includes three tiers. When you have completed one tier, the next one becomes unlocked, and so on.
What happens, if you are unwilling (or just cannot) provide some personal information? Your access to some features and functions will be restricted, as you did not make it to the next tier.
How To Verify Your Identity
To start the verification procedure, click Preferences. It’s the gear icon in the right upper corner of the main page. You will be directed to the Preferences page.
As you are still on Tier 1 (have an activated account), you cannot deposit or withdraw any funds yet. It’s the next level (Tier 2).
The good news is that you have Tier 2 already unlocked. You may start filling the form right now.
Tier 2 gives you access to unlimited crypto deposits and withdrawals. Your fiat deposits and withdrawals are limited to 15,000 € per year.
To get these opportunities, you have to provide your name (as spelled in your ID) and country of residence. Also, you have to enter your telephone number and click Send SMS. When a message with a one-time code arrives, enter this code to bind your phone number to your account.
If the code matches, a pop-up appears, inviting you to enter your country and address. Do so and click OK.
Document Verification
Now you have to pass through document verification. For it, have your passport or another ID at hand and follow the hints of the system. In short, it’s a video verification, when you will be holding your open document in front of the cam. You will have to download a photo of your ID and submit it, too.
IMPORTANT: The process of verification may take up to several business days. You will receive an email notification when the platform approves or denies your application. It’s ok, you will be upgraded to Tier 2. It’s enough to start trading.
As for Tier 3, it’s the highest compliance level. You need it if you seek to increase your annual withdrawal limits individually. To apply, you have to fill in a special questionnaire.
Why Do You Need Verification
Many users wonder why they have to provide so much personal info in the first place. There are two reasons.
As we mentioned earlier, identity verification is necessary to comply with the KYC/AML rules, developed to prevent illegal practices.
There is another user-oriented side benefit. Identity verification means that you will be able to regain access to your account if anything happens. Imagine that you have lost or damaged your phone or SIM card. In this or a similar case, we will recover your account when you provide all the necessary documentation. It would be impossible if you were anonymous.
How To Secure Your Account
Before you start dealing with any real money on the exchange, you should secure your account. Every exchange that cares for the safety of its customers’ funds will recommend it.
For it, click Security Menu located on the left. You will get the list of security measures available on the Exscudo exchange. The system suggests you change your password and use 2FA (2-factor authentication) both for authorization and withdrawals.
Let’s explain why you need these measures, very briefly.
Now, let’s pass to funding your account on the exchange.
How To Fund Your Account
Funding an account means depositing money in it. It’s logical — you need to have something to trade.
You can top up your account with fiat, cryptocurrency or tokens.
And if you want to know more about the differences between cryptocurrency and tokens, check out our utility vs security tokens guide.
We will consider the funding process in detail below.
Step 1: You enter your account and go right to the Wallet tab (the top of the main page).
Step 2: You get a list of your exchange-provided wallets for various currencies. As you have deposited no money so far, there is a zero balance everywhere.
Step 3: Suppose, you want to deposit 1 BTC. You find your BTC wallet (the second in our list) and click the Deposit button.
Step 4: You are directed to the Deposit window for BTC. There you find a unique deposit address and a QR code. The system generated them especially for you.
Step 4: Enter the Bitcoin wallet you want to transfer crypto from. Copy-paste this address into the Recipient field, enter the amount (1 BTC) and press Send. It will go to your Exscudo exchange Bitcoin wallet.
When the money arrives, you will see your balance change.
Depositing a Fiat Currency
If you want to deposit some EURO, USD or RUB, you repeat the same steps.
- Choose the wallet that corresponds to this fiat currency.
- Click Deposit to get a Deposit window with your transfer options and financial details.
- Copy this data and paste it into the Recipient field when you make a transfer. On the Exscudo exchange, SEPA and credit card transfer options are available.
How To Trade Crypto On The Exchange
Ok, now you have something to deal with. It’s time to learn how to trade on Exscudo exchange!
To see the trading interface, click the Exchange menu on the main page.
You will get a detailed picture of charts and tables. It looks pretty complicated for a beginner, but it’s easier than it seems.
For instance, this graph with green and red sticks is the so-called Japanese candlestick chart. It shows how the price of an asset behaved within a certain period of time. If you want to know more about cryptocurrency trading charts, read this article.
Before you place a Buy or Sell order, check the list of available trading pairs.
Trading Pairs On The Exscudo Exchange
Trading pairs (or markets) are pairs of assets the platform sets exchange rates for. For example, if you can trade EON for 10 other currencies, they say it has 10 trading pairs.
There are 32 trading pairs (markets) on the exchange. You can see the updated list on the platform website (see the interface screenshot above) or using the Coinbase.
But let’s return to our trading experiment.
Placing An Order
You have only 1 BTC, so we will use this cryptocurrency as an example. On the list below you see all the available trading pairs.
Say, you want to sell your 1 BTC for EON. Find the BTC/EON pair in the list. Then proceed to the Place order block and choose the tab Sell there.
Now you have to decide on the type of trade. You have 2 options:
- Market order
It means you can sell your bitcoins at the current market price if you want to make it all quickly. Click the MARKET tab at the top for the details. - Limit order
You can set the minimum price you are content with (if you sell) or the maximum price you are ready to pay (if you buy). It may take some time before someone makes you an offer, but potentially you can get a better price.
Choose the type of trade you prefer and enter the amount.
Click Place order.
Funds Withdrawal
Your deal finalized, you can withdraw the resulting amount if you want.
- Go back to the Wallets page.
- Choose the wallet for your currency and click Withdraw.
- In the Withdraw window enter the amount and the address of the wallet you are sending this money to.
- Click Submit.
How To See Your Trading History To Trade Crypto
You can see the complete history of your trades anytime.
Go to the Order History tab (right below the trading chart). Here, you have the history of all the orders you have ever placed, both closed and open.
To see all the open trades, click the My trades tab. If you want to view all the orders, click Orders history.
How To Trade Crypto On The Exscudo Exchange: Conclusion
As you see, trading on the Exscudo exchange is not rocket science.
In this article, we offered some useful theory, but nothing can replace the first-hand experience. After you have completed several trades, you will feel more comfortable with the process.
So, go ahead and try it for yourself!
Originally published at Exscudo Blog. Check it out for more articles on crypto, blockchain, finance, trading, and technology.
