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You can protect yourself from harm in the world of crypto with one very simple step: always read Terms and Conditions (T&Cs). Bad actors and legitimate sites alike can cause problems for new investors who don’t understand the legal frameworks they are being subjected to.

T&Cs can conceal complex legal agreements, withdrawal limits, conditional restrictions, and stringent terms of use. Check these thoroughly before investing any money to avoid nasty surprises further down the road—if you fail to adhere to a firm’s T&Cs, they may be able to legally restrict access to your funds. 

Terms and Conditions

Terms and Conditions describe the legal contract between you and the service provider. It details various parameters based on which you agree to access the service. It will include information on how the site uses personal information, privacy, information the site is required to share as per legal requirements and any financial or legal implications. It is important to go through the terms and conditions before accessing any service platform so you are aware of the rights available to you and the limitations and/or legal issues. Breaching a platform’s terms and conditions could expose you to legal implications or worse, restrict access to the funds and crypto assets that you may hold on the platform. 

Know Your Customer (KYC)

KYC is a regulatory requirement for financial service providers. Most reputed platforms are required to fulfil KYC norms and the process requires a user to submit identity proof (driving license, passport, National ID) and an address proof (utility bill). The platform then checks and verifies such documents. This is done to ensure that the person is not committing fraud or impersonation. It also helps in securing the platform for all users. Most platforms will allow access to all services after you complete the KYC process. 

Deposit, Withdrawal Limits and Conditional Account Limits

Most platforms have fund deposit and withdrawal limits in place. It determines the amount of funds you can deposit in a single transaction or in a day/month. These will often be listed under the terms and conditions page or separately. Sometimes, a platform may also impose a conditional limit allowing you to trade within a strict financial limit (for example, $1000/1 Bitcoin per day of withdrawals) unless you pass full KYC.  These limits vary from platform to platform and will also depend on your country of residence. It is recommended to always check the deposit and withdrawal limits before registering on a platform. 

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