As many countries are legalizing cryptocurrency, the value of crypto coins is increasing. In addition to that, several people are showing a high interest in trading cryptocurrency. However, many of those people are novices who do not have much experience with crypto investments.
The first and foremost thing that you will need to start crypto trading is a cryptocurrency account. However, if you are not familiar with the procedure, we are here to help you out as our primary focus in this guide is to show you how to open a cryptocurrency trading account. Make sure to follow this go URL if you immediately want to create an account to start trading cryptocurrency.
Step By Step Detailed Guide On How To Open A Crypto Trading Account
Here is a detailed guide on how to open a crypto trading account.
Step 1: Searching for the app
In order to create a crypto trading account, you will have to choose a reliable crypto exchange platform. Currently, there are plenty of crypto exchanges in the market, so you can choose the best one based on the reviews.
Step 2: Download the cryptocurrency exchange app
After selecting a trusted crypto exchange platform, you will get two options to create a cryptocurrency trading account. You can make an account directly from the web browser or download the app from the Play Store (Android) or App Store (iOS).
Step 3: Filling in the details
If you click on the sign-up or sign-in options, you will be directed to a page where you have to fill in the details. These details include first name, last name, date of birth, gender, country, country code, mobile number, and email address.
Step 4: Email Confirmation
After submitting the essential details, you will receive a confirmation email in your inbox. All you have to do is click on the link to verify the email address.
Step 5: Security Options
Now, you will have to choose desired security alternatives. If you use your mobile number, you will receive a one-time password (OTP) through SMS. Some crypto exchange platforms have the option which lets you skip this step.
However, it is better to complete this step because it adds extra protection to your cryptocurrency trading account. In addition to that, many trade exchanges have an inbuilt passcode system which puts an additional layer of security to protect your account from cyber attacks.
Step 6: Completing the account KYC
When you sign up or login into the website of the crypto exchange, you will find a menu bar and some options under it. By clicking on that, you can see a “complete the KYC” option, then open it. Remember that the KYC verification documents might differ based on your country. Thus, you need to choose the country you are currently residing in.
To finish the KYC, you need to upload a copy of your government-issued ID, house address, postal code, passport size photo, and other details mentioned in the form. After filling in the details, check them once. Submitting these essential details for KYC verification can be done within an hour. Remember that entering the wrong information will not confirm your KYC. Now, you need to wait for some time so that the KYC verification will be completed.
There are some crypto exchanges that allow you to skip the KYC verification and these accounts are excellent for simple users who plan to invest in a tiny portion of cryptocurrency. Besides that, those crypto exchanges will offer only basic functions and provide access to a limited number of transactions if you do not submit KYC information. After creating your account, you need to fulfill the KYC details to use the full benefits of the crypto exchange.
Step 7: Adding money to your cryptocurrency account
If you get KYC verification, your account is ready for trading cryptocurrency. However, you need money to invest in crypto assets, so you have to deposit money into your account within the crypto exchange.
Again in the menu bar, you can see the “funds” option and click on that to select your country’s currency. Now, you will get two choices: deposits or withdrawals. Make sure to choose the “deposit” option and choose the payment mode to transfer to your wallet. Many exchanges offer UPI services and allow you to transfer money from your bank account directly.
If you select the UPI option, you need to add the total amount you want to deposit and your UPI VPA address. In order to verify this transaction, you have to open your payments app. This entire deposit and verification prices will be completed in some hours. One thing to remember is that many exchanges have a minimum deposit amount. For example, if the minimum amount is $50, you need to deposit $50 or more. Plus, it will not accept the amount below the limit.
For every deposit, the exchange will deduct an additional fee. In general, the fee charge might range from 0.2% to 1%. After transferring the money, you will see the funds in your account within the next 72 hours. Hence, you can start investing in various cryptocurrencies. Besides that, if you want to check the remaining money after making an investment, you can click on the “funds” option.
Step 8: Buying cryptocurrencies
Now, your trading account is completely set and you can start investing in cryptocurrencies. If you want to buy crypto coins, go to the “Quick Buy” option to immediately obtain various cryptocurrencies, such as Bitcoin, Dogecoin, Ethereum, Litecoin, and many more. Instead of investing in only one cryptocurrency, it is better to invest in various types of cryptocurrencies.
Trading cryptocurrency will give you high profits, but make sure not to overtrade it because it might lead to a huge money loss. Follow the above-mentioned steps to create a crypto trading account on a crypto exchange platform successfully. Remember to fill in only real details, and after signing up for an account, you can start investing in cryptocurrency.