How does BTC exchange work?

To transact in bitcoin on an exchange, a user has to register with the exchange and go through a series of verification processes to authenticate their identity . Once the authentication is successful, an account is opened for the user who then has to transfer funds into this account before they can buy coins.

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Do crypto exchanges provide wallets?

While there are other ways to purchase crypto, many people acquire crypto on cryptocurrency exchanges. Upon making a purchase, the cryptocurrency you acquired is automatically stored in your exchange-hosted wallet , which is typically custodial, meaning the exchange has control of your private keys.

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