Best Bitcoin Wallets for Belarus,Requirements to buy cryptocurrency in Belarus.
After buying bitcoin from an exchange, it’s important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin.
Before purchasing, there are a couple of important things you’ll need to prepare:
- A passport, national identity card, or driver’s to complete the KYC process.
- A private and secure internet connection, public WiFi is not recommended as it may pose security problems.
- A mobile phone to verify your identity using two-factor authentication (2FA).
- A bank account or credit card you can use to make fiat currency deposits to purchase cryptocurrencies.
- A crypto wallet to store your assets. Almost all exchanges will offer built-in wallets, but it is important to withdraw your crypto to your own personal cold wallet for optimal security.
Steps to Buy Cryptocurrency in Belarus
1. Create an account with an exchange
Belarus has 5 trusted exchanges available for you to sign up for, with the most popular being Binance and Kraken, which account for a combined 96,000,000 active users.
Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.
Exchanges will differ by fees, security, payment methods, and other features, so explore the “info” tab on the exchanges listed above to find which one is the right fit for you.
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.
Also it’s important to note that you can always sign up to other exchanges later.
2. Complete the KYC verification process
After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Belarus.
To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.
In most cases your verification will be approved instantly and at most can take 1-2 days.
3. Make a fiat deposit
To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.
Some of the payment methods provided by Binance and Kraken are: Credit Card, Debit Card, Bank Transfer (SEPA), SWIFT.
Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.
4. Buy cryptocurrency
Once your account has been funded, you are ready to buy your first bitcoin. It’s important to note that you do not need to buy a full bitcoin.
Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency.
5. Send your bitcoin to a personal wallet
Once you’ve purchased bitcoin or your cryptocurrency of choice it’s important to withdraw it to your own secure personal wallet.
Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.