Exchanges allow you to purchase or convert fiat to coin. Most Exchanges restrict the transfer of coin in some way (unlike Hot Wallets). Exchanges must comply with regional AML/KYC regulations, and not all Exchanges are available in all areas. Some Exchanges are private, or restricted to singular areas.
There is no generic “one size fits all” Exchange. You have to consider each one, as their availability is always changing, and their fees vary from one to another. There is no way to define which one is “best” for you - you’ll have to do the heavy lifting for this task, and read their fine print carefully.
These Exchanges are specifically documented:
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In a handful of cases, an Exchange is also a Hot Wallet provider. Please navigate to the Hot Wallet section for any specific instructions for those (currently 2) cases:
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Choosing an Exchange:
We cannot recommend any Exchange, for it's impossible to predict your specific region, risk tolerance, credit history, and business style. These decisions are part of the legwork you must do to run your Operation. We give you choices, but General Bytes can’t make those choices - for you. We also will not divulge your competitors' practices or information - please don’t even ask.
Exchange selection notes:
BUY Strategies:
Coinbase purchases require up to 5 business days to clear. This limitation makes them unsuitable for Strategy "1" (buy on exchange and send crypto directly to a customer wallet).
Kraken requires "whitelisting" of wallets in their setup, which makes them unsuitable for BUY strategy 1 (coins are purchased on the exchange and sent to the customer directly from the exchange).
SELL Strategies:
When using "Strategy 2: sell coin on the Exchange", always bear in mind that the Exchanges will require a minimum of X confirmations before it will permit you to sell the customer's coin. Thus, you should keep enough BTC in your Exchange wallet to satisfy the immediate SELL amount a customer may submit. This will help prevent "NOT ENOUGH COINS ON EXCHANGE" transaction errors.
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If your Exchange is not listed, then the setup process either cannot be documented (i.e. the provider is not public) -or- setup is extremely simple, e.g. you must get the keys via email from your account rep.
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