If you’ve sold your NFT or received Ethereum through the “Earning Program” but aren’t sure what to do next, don’t fret! This article will guide you through creating an exchange account and converting your cryptocurrency into fiat (which refers to conventional currencies like US dollars or British pounds). We’ll provide step-by-step instructions to make it easy for you.
Choose your exchange
Many exchangers are available in the market, each with different requirements for the value of cryptocurrency being converted. Some exchanges may only require an email for conversions below a certain amount per month. In contrast, others may require an entire contract. The limits and documents needed to open an exchange account vary based on your country’s tax laws. However, most exchanges allow small conversions without document requirements. The account creation process is generally quick.
In addition, some exchanges offer cryptocurrency debit cards that can be used to purchase in stores that charge in fiat, with automatic conversion. Finding the company that suits your needs is essential.
For the purposes of this article, we will be using Kraken as an example. Kraken is one of the largest exchanges in the crypto market and the one we use to convert most trades on Kanazawa. Still, other options exist, such as Binance, KuKloin, and Coinbase.
How to create an exchange account
1 – Access Kraken website and click on “Create Account”.
2 – Fill in the basic information and click on “Create account”.
3 – You will receive an email from Kraken with a link to activate your account. If the link is not working, you can enter the activation number.
4 – Kraken will ask you some questions about your profile. this step is optional and you can click “Skip” if you do not want to answer the quiz.
5 – If you’re not well-versed in the financial market, choose “Kraken”. On the other hand, if you have more knowledge about financial operations, you can opt for “Kraken Pro” which offers more professional features. Since this tutorial is geared towards new users, we’ll select the “Kraken” option. However, it’s worth noting that you’re free to change your choice in the future.
6 – Your account has already been created! Please note that your limits are determined by your tax country. Suppose you reside in a country where your limit is 0 USD. In that case, you can quickly increase it by verifying your identity in your profile. To do this, click on “Verify Identity”.
6 – Fill in the information and click “Continue”
7 – Inform your professional occupation and click “Continue”
8 – Choose which type of document you want to verify your account with and whether you want to send a photo or take a photo directly on your webcam/smartphone.
9 – Wait for your photo to be processed, this usually only takes a few seconds. After that choose whether you want to send a picture of your face or take a picture with the webcam.
10 – Please wait a few seconds while the system verifies your face photo. Once completed, you will receive an email confirming your account verification. Congratulations! Your limit for buying and selling cryptocurrencies has been successfully increased.
Creating and verifying a cryptocurrency account takes less than 5 minutes. The limit and services offered vary depending on your tax country. Multiple exchanges are available with varying fees; you can choose any of them besides our example. Once you’ve created an account, transferring Ethers from your MetaTask to the exchange is easy.