How can we help?
< All Topics
Print

Step 1 – Choose your exchange

As of the time of this writing Mythril supports Kucoin and Kraken exchanges. Additional exchanges like Binance.us, FTX.us, Binance.com, Bybit, etc. will be added in the future and subscribers will be notified via social media channels and email coorespondance when additions are made.

What are exchanges?

They are internet accessible software platforms that allow exchanging one cryptocurrency for another, the buying and selling of coins, and the exchange of fiat money into crypto.

Crypto exchanges set the rate of the currencies — both coins and tokens. The cryptocurrency rate usually depends on the actions of sellers and buyers.

Various crypto exchanges different options and functions but all offer much of the same functionality. Crypto exchanges — like Kucoin and Kraken are designed for regular traders and allow you to buy and sell crypto with lower commission fees.

Basically, crypto exchanges work similarly to regular stock exchanges. The difference is that, on a stock exchange, traders buy and sell assets — shares or derivatives — in order to profit from their changing rates. While on crypto exchanges, traders use cryptocurrency pairs to profit from the highly volatile currency rates. Crypto, unlike stocks, never shuts down on weekends or nights – it’s 24/7 which is why copy trading an algorithm like Mythril helps you to not miss opportunities.

KuCoin Exchange (recommended)

KuCoin is a popular global altcoin exchange. It rivals many of the large exchanges in the amount of coins offered, its global reach, and its many choices of base pairs.

Kucoin has low trading fees (0.09%) when compared to Kraken and about 100 more coin pairs to trade. While Mythril does not trade on all of the coin pairs it does currently support more than Kraken.

Kucoin does not require KYC (Know Your Customer) but strongly recommends it for all of its users and allows unverified accounts up to 2BTC withdraws per day.

It is strongly recommended setting up all security measures like 2FA and Email/SMS verification after signing up to secure your account from unauthorized access, theft or hacks. Mythril AI or any of its affiliates are not responsible for any lost funds.

Kraken Exchange

Kraken is a United States-based cryptocurrency exchange and bank, founded in 2011. The exchange provides cryptocurrency-to-fiat-money trading, and provides price information to Bloomberg Terminal. As of 2021, Kraken is available to residents of 48 US states and 176 countries, and lists 70 cryptocurrencies available for trade.

Kraken has some of the highest trading fees (0.25%) when compared to KuCoin but it’s based in the United States and falls under all of the regulation and security of the SEC, FINCEN, CFTC, etc.. Users of Kraken can enjoy world class security and performance.

Kraken does require KYC per United States regulation standards.

*NOTE* New York and Washington State do not allow the use of the Kraken exchange. Click Here for more information

If you are located in a restricted country or state we recommend using KuCoin

It is strongly recommended setting up all security measures like 2FA and Email/SMS verification after signing up to secure your account from unauthorized access, theft or hacks. Mythril AI or any of its affiliates are not responsible for any lost funds.

Previous Quick Start Guide
Next Step 2 – How to buy cryptocurrency
Table of Contents