10 Questions
What is required when setting up an account with a crypto exchange or brokerage?
Social Security number
What type of exchanges do not require personal identification?
No KYC Crypto Exchanges
What is a common reason why cryptocurrency traders value their privacy?
To hide their location
What can block traders from using certain crypto exchange platforms?
Their location
What is a standard solution to provide privacy and security for crypto traders?
VPNs
What is the primary purpose of using a VPN for crypto traders?
To mask their IP address
Which of the following is the best VPN for traders?
ExpressVPN
What is the main advantage of NordVPN and ExpressVPN?
High speeds
What is the main purpose of connecting automatically upon receiving an internet connection?
To hide user IP address
What is the main disadvantage of using a VPN for crypto traders?
Slower connection speeds
Study Notes
- To trade cryptocurrencies, you first need to open an account with a crypto exchange or brokerage.
- Some standard information you need to provide when setting up your account includes your email address, date of birth, and Social Security number (in the United States).
- However, no personal identification is required for No KYC DeFi Crypto Exchanges.
- Many cryptocurrency traders value their privacy and opt to keep their public IP addresses private for fear of exposing their location and other pertinent information.
- Moreover, some countries will block the usage of their websites based on a user's location, essentially blocking traders from using their platforms.
- VPNs offer a standard solution providing privacy and security for crypto traders.
- VPNs allow you to mask your IP address and set your location to any desired country.
- NordVPN or ExpressVPN are the best VPNs for traders, as they both support incredibly high speeds and connect automatically upon receiving an internet connection to avoid revealing your IP address.
Test your knowledge about the privacy measures involved in cryptocurrency trading, including the use of VPNs and the requirements for setting up accounts on different types of crypto exchanges.
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