So, you want to know how to open a cryptocurrency account? To open a crypto account is basically the same as registering an account with a cryptocurrency exchange.
That’s what you want, right? The whole point of opening an account is to buy crypto? The fact is that the process is generally the same all over the world, however, some countries and exchanges have different rules and regulations to adhere to.
Crypto and KYC
On some exchanges, you’ll need to do a KYC or “Know your customer”. What this basically means is that you’ll need to verify your identity. When I registered an account on Binance (a great exchange to start with btw), I had to send a copy of my identification document and a photo of myself.
You’ll also need to fill out a few personal details. Thankfully not all exchange require a full-on KYC and might only need limited information. I don’t want to list a bunch of cryptocurrency exchange I believe don’t require a KYC since the market is always changing.
The fact remains that you’ll need to find out for yourself. It all depends on the country you reside in, the type of services you need and what exchanges you can access.
What to keep in mind
If you are new to cryptocurrency or are buying for the first time, it can be overwhelming. Remember that in order to make your first purchase, you’ll need access to a cryptocurrency exchange where you can deposit real money (fiat).
Not all international exchanges allow you to do so. That’s why it’s best to look for a crypto exchange in your country to start with. Use this exchange to deposit money and buy basic cryptocurrencies like Bitcoin, Litecoin and Ethereum.
In conjunction with an international or bigger exchange, unless your local exchange has the altcoin you want, use that big exchange to buy the altcoins you need buy exchanges the crypto you bought on the first exchange for them.
Here’s an example to further explain it. Let’s assume the following.
Resident: South Africa
Cryptocurrency you want to buy: Polymath
Exchanges that allow money deposit via credit/debit card: South African Exchange 1, South African Exchange 2, Cex.io (international exchange but comes with high fees)
Exchanges that have the cryptocurrency you want: Binance (can’t deposit money for South African residents, you need to send Bitcoin or something else to exchange it for the crypto you want), Bittrex (same situation as Binance).
Steps to follow: Buy Bitcoin on “South African Exchange 1”, send the Bitcoin to Binance and exchange it for Polymath.
Accounts needed: Register an account with “South African Exchange 1” and Binance.
You should now have a better idea of the buying process. I know this post is about how to open an account, but in order to do that accurately, you need to have a plan. I think the example proves my point.
General tips for opening a cryptocurrency account
These tips you should already see from the example above, but let’s do a quick recap.
#1 – Register an account with an exchange that allows you to deposit money
#2 – Register an account with an international exchange that allows buying and selling of most cryptocurrencies. Something like Binance or Bittrex are good options.
#3 – Don’t be scared. Cryptocurrency exchanges make sign up processes as simple as possible. Just follow the instructions given, fill out your details, save your password and you should be good to go. If needed, follow KYC procedures and wait for verification.
#4 – Don’t just register an account with any exchange. Make sure they are reputable before you give away any personal details. Do you they have any reviews, an online presence etc.
This post was maybe not exactly what you hoped for, but now you’re equipped better than ever before. Now get started and open your cryptocurrency account! Once you’ve done that, be sure to check out these beginner crypto trading strategies.