How To Set Up A Trakcoin Exchange Account For Cryptocurrency Trading
In The Specialist Market
It is simple but I wanted to explain the steps in more
detail which makes this look complex
(Screenshots of the various steps will be added in the coming days)
The specialist driven cryptocurrency market requires a simple extra step when opening an account for trading. With the stock market, you transfer money from your bank account to your brokerage account typically via ACH, check or wire transfer. The same applies to trading with cryptocurrencies, it begins with transfer of money from your bank to an interim account where Ethereum (ETH) is purchased and is then transferred to your Trakcoin Exchange (TKEX) trading account. Lets go through the steps together.
There are a couple of exchange firms that handle the purchasing of Ethereum (ETH). Each has their own advantage/disadvantage. One major thing to note is some credit/debit cards do not allow purchasing through one or more of these firms without first advising them of the transaction. So if it gets declined, contact your card provider or try one of the other ones.
GX Broker – Sign up and follow their verification process.
Coinmama – Sign up and follow their verification process.
Changelly – Sign up and follow their verification process.
Coinbase – Set up your account and go through all the verifications (including Level 3) of the know your client (KYC) process. This will allow you to transfer ETH out to the TKEX specialist trading platform.
Each exchange firm has different initial limits for each transaction type (wire, ach, debit/credit) that slowly rise as you process more transactions.
Before processing USD to ETH, lets get your TKEX exchange account setup so that you have your wallet address available for depositing from the exchange firms.
Head on over to TKEX and click on Log In and then click on Register.
Once you complete the necessary fields, you should receive an email to confirm your account.
TKEX requires 2 factor authentication (2FA) as an added security to your account. As such, it requires the installation of a 2FA authenticator on your smartphone. Listed below are two supported options depending on your smartphone OS:
Note: Google’s 2FA Authenticator has worked ok as well.
Once confirmed, go ahead and log in to TKEX and then click on ‘Air Wallet’ (left hand menu on desktop or menu button on mobile) and look for ‘My Wallet Address’. This is like your bank account #, but is one way, only allowing deposits to that address. You will use this wallet address as the destination wallet when purchasing ETH.
There is a button for a ‘private key’, copy that and store it in a safe place. It can be used to recover your account or move it to another wallet.
Ok, now for purchasing ETH on one of the exchanges.
Log in to one of the exchanges and choose the buy option. You will select Ethereum (ETH) for purchase. There will be other coins available including Ethereum Classic (ETC) so you want to make sure you select Ethereum (ETH). Choose the debit/credit card option (typically this is instant) and complete the purchase. If you decide to use ACH or wire transfer know that it will take some time to process and for funds to be available. Each exchange will list an ETA for those type of transactions if supported.
If using Coinmama or Changelly, the ETH will be deposited directly in to your TKEX wallet. It will ask you for your ETH wallet address (the ‘My Wallet Address’ from above) after you click on ‘buy’ and before confirming the purchase.
Click on ‘Accounts’ then scroll down to ETH on the left side and click on send and input the wallet address we copied from TKEX. Then click in the amount box and choose ‘max’ and then send.
It typically just takes a few minutes for the transfer to go through and show up in your TKEX wallet. If there is a lot of network congestion, it can take longer.
Log back in to TKEX and click on your air wallet and check to see if the ETH has transferred over.
Once transferred over, you are ready to make purchases or sell existing holdings.
Click on BUY or SELL and then follow through the screen to complete the transaction you want to make..
Congratulations, you’ve completed your first TKEX transaction!
Check your Air Wallet for your balances.