How Do I Open A Crypto Account – At Atani, we know that for new users, getting started in the world of trading can seem overwhelming, especially when they encounter the first barrier to entry: creating an account on an exchange. However, since setting up an exchange account for trading is so simple, nothing could be further from the truth. In fact, it’s a process you can complete in minutes, including KYC (Know Your Customer) verification, and most exchanges apply to a new account.
Want to learn how to open an account without fear of making a mistake? Well, this guide is meant to guide you step by step in this task.
How Do I Open A Crypto Account
Before you get started, it’s good to know exactly what a cryptocurrency exchange is and what its role is in the cryptocurrency world. So from here we can give you the following definition of exchanges:
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A cryptocurrency exchange is an asset market, a place where you and thousands of others buy and sell cryptocurrencies to make a profit thanks to price differences (buy and sell) created by supply and demand dynamics. property.
That is, stock markets or cryptocurrencies are similar to the traditional stock markets we are used to, such as the IBEX 35, Dow Jones or Nasdaq, only instead of dealing with traditional assets (such as commodities, sums of money). Handle cryptocurrencies and their derivatives (NFT tokens, cryptocurrencies and more).
This brings us to the next question: is it legal? The answer to this is: yes, it is perfectly legal except in countries where this activity is expressly prohibited. In this case, you should know the regulation of your country to know whether it is prohibited or not. However, most cryptocurrency transactions in the world are legal. Of course, many countries have tax obligations that you must meet if you participate in these markets.
There are various crypto exchanges operating around the world today. In fact, this number is increasing every year. Each platform is trying to attract potential users interested in cryptocurrencies.
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Of this large group of exchanges, there are some that are well known in society. Not only for the period they operate, but also for the large market that others manage and contribute to. In such a case, we can specify such exchanges:
These are just some of the most important cryptocurrency exchanges around the world. In fact, Atani supports these exchanges and a few more as you can see in this image. You can create an account on any exchange and use it on Atani.
However, we must make the following statement: not all available exchanges are safe. People’s huge interest in cryptocurrencies has also created an opportunity for people with bad intentions to scam people who are interested in cryptocurrencies.
At this point, we invite you to research the exchange, find out how long it has been operating, its security policy and functionality, and ask the community about it. Remember: the safety of your money on an exchange depends on that exchange, choose. The one that gives you the best protection and in that regard has the widest support.
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The first step to creating an exchange account is to have a crypto wallet available. Cryptocurrency wallet is specialized software that allows you to manage, send and receive your cryptocurrency balances. With them you can receive payments later or make them in a very simple way. In fact, most cryptocurrency wallets are very easy to use.
Your money there is controlled by a company that guarantees its availability through its app. This method is similar to that used by commercial banks. That is, money is always controlled by their systems. These types of wallets are usually smartphone apps (both Android and iOS). But there are also web apps that you can access from any device.
The main advantage of these wallets is that they can be used very quickly. Moreover, they are easy to use and have very friendly interfaces. However, they are more susceptible to theft through hacking, phishing or other attacks.
In these wallets, money is always under your control. Since you are in control of the coins, this type of wallet is very secure. For these purposes, these wallets generate a phrase called a seed phrase. This phrase is used to back up the wallet and is usually followed by a passcode that you must enter.
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In any case, both the passphrase and the given password should be guarded diligently. All this to avoid losing access to this money. Remember, if you lose your sperm, no one can give you access again. This type of wallet can be installed on a smartphone (Android or iOS) or on a computer (special software). But there are also physical devices (hardware wallets) that are extremely secure.
Choosing a crypto wallet should meet your needs. If you are careful, enable the security options (2FA, email verification or others). Also, guardian wallets are a good option to save some money. Remember, guardian wallets are usually free, easy to use, but tend to charge quite high transaction fees. This is especially true during periods of high traffic on crypto networks.
On the other hand, non-custodial wallets have a higher level of security. These have additional options to accept payments in other cryptocurrencies. and the ability to adjust payment fees for each transaction. When it comes to hardware wallet, the security mechanism is better than any other wallet.
However, consider the features that will most influence your decision to choose one type of wallet or another: control of your money. Remember that in a guardian wallet, the money is not really in your control and you can lose all your money if the platform is hacked. In non-custodial wallets, control is complete and the risk of hacking is still there, but these are minimized if you are careful when handling the device on which the wallet is installed.
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Our recommendation in this case is to only use custodial wallets with small amounts of money and keep your savings (or larger amounts) well protected in non-custodial wallets, if possible hardware wallets that you can access only under conditions you can control. This combination allows you to keep your money in the safest way at all times.
The next thing is to choose the exchange that best suits your needs. To make it simple, all exchanges today offer you a large number of trading pairs, good liquidity and great trading options. In this sense, it is the small details that make you decide on one option or the other.
However, sifting through the exchanges is a bit of a chore, but following these criteria will help you choose the best one for your particular case.
Now we will show you how to create an account on Binance, one of the largest crypto exchanges in the world. To do this, the first thing you need to do is go to the Binance home page.
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In this case, you will need to click the “Register” button in the upper left corner of the website to start the account creation process. In a few minutes you will see the registration page where you have to enter the basic registration data:
Remember to choose a secure and unique password and keep it in a safe place, as the security of your account and your money depends on it.
The system will ask you to confirm your data with a code that will be sent to your registered email address, open your email and enter this code to confirm the registration. After verifying the code, you will get an active Binance account as shown in the image below.
In this case, Binance allows you to track their journey for new users or go directly to the account dashboard. Note that among the travel options there is the option to send money to your Binance wallet. This is necessary, because in order to trade cryptocurrencies on Binance, the money must be in the wallet of the Binance custodian, that is, you need to send money to Binance, with this money, the platform allows you to trade.
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In any case, funds can be withdrawn to Binance at any time via cryptocurrency exchange (sending the funds to the wallet we invite you to create in the first step) or, if possible, via bank transfer.
In this case, choose the option that suits you best. If you want to raise money at this early stage, you can do so, but if you want to get to know the platform better before deciding whether to trade with it or not, you can skip the trip and raise money later. In all cases the decision is solely yours.