Most people know that keeping Bitcoins in a crypto exchange account is not safe. However, it provides the necessary liquidity for trading Bitcoin. Bitcoin investing and trading is now more popular than ever. With the increasing value of this virtual currency, more people want to purchase and hold or trade Bitcoin.
Currently, people and institutions buy Bitcoin on digital platforms called cryptocurrency exchanges. For instance, you can purchase Bitcoin at BitQL using fiat money. Most trading platforms have a straightforward registration process. Thus, you can quickly sign up and start trading this virtual currency.
However, registering with a Bitcoin exchange isn’t like applying for a new credit card or opening a bank account. That’s why you need the following tops to create your account with a Bitcoin exchange.
Choose a Reputable Bitcoin Exchange
With Bitcoin’s popularity increasing by the day, platforms that allow users to register and trade Bitcoins keep emerging. Therefore, start by searching for a reputable Bitcoin exchange where you can register and start buying and selling this virtual currency. Security is a vital consideration when selecting a crypto exchange. Ideally, choose a platform with security features to ensure the safety of your cash and Bitcoin when using a crypto exchange. Some of the security features to consider include:
- Educational content
- Cryptocurrency selection
Also, register with a Bitcoin exchange only when its website’s URL starts with HTTPS:/ and not HTTP:/. Ideally, HTTPS means the site has an encrypted HTTP protocol, preventing changing and capturing data you send to the server.
Choose a crypto exchange that relevant authorities have licensed to operate in your area. Currently, you may not find a crypto exchange that works in all countries. Therefore, some platforms may not be available, depending on your location.
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However, you can find a crypto exchange operating in a geographical location like the U.S. Ideally, confirm that you can deposit and withdraw funds from the crypto exchange you want to sign up with to avoid locking your money where you can’t get it.
Prepare to Verify or Confirm Your Identity
Most Bitcoin trading platforms require new users to verify their identities. Usually, most crypto exchanges take new users through the Know Your Customer process. This process ensures that customers don’t use their services for illegal activities like money laundering.
KYC process entails providing your social security number, physical address, and date of birth. You may also have to scan and share your government-issued ID. This information helps the platform to confirm your identity.
Enable Two-Factor Authentication
2FA or two-factor authentication is a standard security feature for crypto exchanges. While using this feature is optional on some platforms, others make it mandatory. Ideally, you can use your password to access your crypto exchange account. Alternatively, the crypto exchange can send a code to your mobile phone or email address and require you to enter it when logging into your account.
You prevent other people from accessing your account without your authorization with two-factor authentication. Thus, activating this feature is essential even if a crypto exchange makes it optional.
You will find many Bitcoin exchanges online once you start trading this virtual currency. However, the internet has many scam websites whose owners want to steal your hard-earned money. Therefore, take adequate time researching the available platforms to pick a crypto exchange you can register with and start trading Bitcoin safely.
In most cases, a crypto exchange won’t allow you to start trading immediately because the identity verification process takes time. Also, prepare to fund your crypto exchange account with your preferred and acceptable payment method. Nevertheless, signing up and securing your crypto exchange account shouldn’t be too difficult if you follow these tips.