Crypto Exchange Questions and Answers
Short, direct answers to a beginner's main questions about exchanges, P2P, withdrawals, fees, security and taxes.
🏦 Exchanges and choosing one
Which crypto exchange is best for a beginner in the CIS region?
Bybit is the optimal start for a beginner from Russia, Ukraine or Kazakhstan: an English (and Russian) interface, convenient P2P for rubles, hryvnias and tenge, and low fees. The alternative is Binance with maximum liquidity. See the full exchange ranking.
Which is better — Bybit or Binance?
Bybit is more convenient for beginners (simpler interface, Russian-language support, favorable P2P), while Binance is more powerful for experienced users (liquidity, lower futures fees). For a start in the CIS region, go with Bybit. Read more — Bybit or Binance.
Which exchange has the lowest fees?
The lowest spot trading fees are at MEXC (often 0% maker) and Gate.io. On futures the difference is small, averaging 0.02–0.06%.
Do you need verification (KYC) to trade?
For basic trading an email is often enough, but P2P, higher limits and fiat withdrawals require identity verification. MEXC and Gate.io have softer KYC requirements.
What is copy trading?
Copy trading is the automatic copying of experienced traders' trades. You pick a trader by their statistics, and their trades are replicated on your account. The leader in copy trading is Bitget.
🤝 P2P and buying
What is P2P in simple terms?
P2P is buying cryptocurrency directly from another person, where the exchange acts as a guarantor and holds the crypto in escrow until payment is confirmed. This lets you buy USDT for rubles, hryvnias or tenge. Read more — what is P2P.
How do you buy USDT for rubles, hryvnias or tenge?
Through P2P on an exchange: pick a seller with a high rating, pay via SBP, Kaspi, PrivatBank or a card, and receive USDT protected by escrow. It is most convenient on Bybit and OKX.
How do you check a P2P seller before a trade?
Look at the completion rate (from 95%), the number of completed trades (hundreds is better), how long they have been on the exchange and verified-merchant status. Trade only inside the exchange. Read more — how to check a merchant.
How much does it cost to buy or withdraw USDT via P2P?
P2P trades are usually free of fees — you only lose on the exchange-rate difference (spread), typically less than 1–2%.
What is USDT?
USDT (Tether) is a stablecoin pegged to the US dollar 1:1. It is used to hold money in crypto without exchange-rate swings and for P2P settlements.
💸 Withdrawals and banks
How do you withdraw cryptocurrency to fiat?
The easiest way is via P2P: you sell USDT and the buyer transfers money to your card or via an instant payment system. The fee is usually 0–2% and it takes 5–15 minutes. Read more — how to withdraw crypto to fiat.
Why might a bank block your card after P2P?
Because of signs of suspicious transactions: frequent transfers from different people, large amounts. The mere fact of crypto transactions is not prohibited. Don't split artificially and accept money only to a card in your own name. Read more — card blocking after P2P.
🔐 Security and taxes
Is it safe to store cryptocurrency on an exchange?
For trading and small amounts — yes, but large savings are safer kept in a personal wallet. Choose exchanges with Proof of Reserves and enable 2FA. Read more — how to protect your crypto.
Do you have to pay tax on cryptocurrency?
In most CIS countries tax arises on income — when you sell crypto for more than you bought it. Tax is calculated on the profit. Rates differ by country. Read more — crypto tax in the CIS region.