As a cryptocurrency beginner, one of the questions you might have in mind is how to buy your first cryptocurrency, where to buy cryptocurrency? what i
As a cryptocurrency beginner, one of the questions you might have in mind is how to buy your first cryptocurrency, where to buy cryptocurrency? what is a cryptocurrency exchange? how to set up a cryptocurrency exchange account? Mind you, there are different ways to get cryptocurrency for the first time, but the most common way is using a cryptocurrency exchange.
Regardless of whatever crypto you have in mind to purchase, using a cryptocurrency exchange platform will be the easiest and most user-friendly way to do this and also join the cryptospace.
Using the right exchange platform that suits your need is a priority and you need to know how to set them up properly. It involves an easy process with just a few steps to follow, and in this post, I have documented these steps in an easy-to-understand way.
Before we begin, in case you don’t already know what a cryptocurrency exchange is, let’s have a brief definition of the concept below:
What is a Cryptocurrency Exchange?
A cryptocurrency exchange is an online marketplace where you can buy, sell or trade cryptocurrencies. The platform serves as a middleman or an intermediary between a buyer and a seller.
Since it is a marketplace, you can find the prices of so many cryptos available in the market. You can also see the market cap of the coin and also the trade volume. Most of these exchanges have their in-built wallets, which are typically custodial (meaning you don’t have control of your private keys, the exchange does) unlike other types of wallets where you have full control of your private keys.
To know more about what a cryptocurrency exchange is, check out a detailed post here!
There are so many crypto exchanges available. Though they all generally serve the same purpose, they may also come with some unique features. Some are available in more countries than others, some have higher transaction fees than others, and some feature more crypto options than others, some are also more beginner friendly than others. so you should look for the one that suits your need.
Check out the best crypto exchanges for beginners here!
How To Set Up Your Cryptocurrency Exchange Account
Like we earlier said, though they generally serve the same purpose, there might be slight differences between exchanges, and setting up an account is one of them. While not all cryptocurrency exchange has the same set up process, there are general processes that are similar to all of them.
Binance, for example, is a very popular and fantastic platform but it isn’t entirely beginner-friendly and its setup will require some additional information for the KYC (Know Your Client) process. Check out our detailed list of the best cryptocurrency exchange in 2022.
To set up your crypto exchange, follow these steps below:
- Download the app from the app store or visit their website
- Provide personal information
- Confirm your email address
- Add a payment method
- Finish the KYC (Know Your Client) process
Download the App From the App Store or Visit their Website
The first thing you will have to do after choosing the exchange platform to use will be to download the app from Play Store for Android users or App Store for iOS users. You can also choose to visit their website directly and do your sign-up there.
Provide Personal Information
After downloading the app or visiting the website, you can now properly begin your sign-up process. You will need to provide some personal information like your first and last name, mobile number, and email address, and then set up a password.
Confirm Your Email Address
Just like every other platform, a confirmation message will be sent to your provided email address and you will need to open your inbox and click on the link that is provided in the message. The link redirects you to the platform displaying a success message.
Add a Payment Method
Once you have verified your email, you will have to log in with your email and the new password which you just set. Locate your profile and then look for the add “payment method” option.
Depending on the exchange you choose, you will be able to add the payment method that the platform supports. Payment options may include credit/debit cards, local bank transfers, and wire transfers among others.
Finish the KYC (Know Your Client) Process
For some exchanges, the above four steps will be enough to finish setup, but depending on the platform you choose, you might need to go through an extra layer of registration which is the “Know Your Client” process.
This process will require you to upload additional information like a Government-issued identification card, and your house address and sometimes prompt you to make a video or take a selfie of yourself for confirmation. The whole KYC process is just for identity verification.
Information Needed to Get Started
As we have rightly said, there are different requirements for different exchanges. While some might allow you to finish your setup on the go, others will require additional information. Below is a list of all the information you will need to provide to complete your sign-up in all crypto exchanges.
- Full, legal name (first and last name)
- Date of birth
- Your email addresses
- Your phone number
- Personal Address
- A copy of a utility bill sent to that address
- Your Social security number
- A Driver’s license, passport, or other government-issued ID
- A selfie or video of you holding your Government ID card
List of the most Popular Cryptocurrency Exchange
Below is a list of the most popular crypto exchange platforms for you to choose from:
Check out this post on how to buy Bitcoin on Binance and also a step-by-step guide on how to buy Bitcoin on Coinbase.
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