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How to create an account in cryptocurrency exchange?

Creating an account in a cryptocurrency exchange
Before you can start buying cryptos, you need to create an account in your chosen cryptocurrency exchange. What should you be aware of when creating exchange account and how to create exchange account?
(Page last updated: 20th of February 2022)
Great exchanges to choose from
500 USDT
Join now and get up to 500 USDT.
Bonus money can be used for trading only.
KYC Icon
needed
Cryptos amount Icon
380+
Fiat payment option Icon
yes
USA Icon
yes
Fees Icon
0.1%
Trust Icon
90/100
Go to exchange
USA
Bittrex accepts users from 46 U.S. states.
Bittrex is not licensed in U.S. but comply with all US laws, according to themselves.
KYC Icon
required
Cryptos amount Icon
300+
Fiat payment option Icon
yes
USA Icon
yes
Fees Icon
0.75%
Trust Icon
75/100
Go to exchange
USA
Cryptocurrency exchange licensed in the United States.
Kraken is not open to residents of New York and Washington state.
KYC Icon
needed
Cryptos amount Icon
70+
Fiat payment option Icon
yes
USA Icon
yes
Fees Icon
0.26%
Trust Icon
98/100
Go to exchange
$100 in points
Get $100 in Gate.io Points & claim up to $5500 worth of USDTest.
Exact bonus amount depends on luck and your trading.
KYC Icon
required
Cryptos amount Icon
1000
Fiat payment option Icon
no
USA Icon
yes
Fees Icon
0.2%
Trust Icon
95/100
Go to exchange
€8 free
Get €8.47 in Bitcoin when you trade for €84.68!
Both buying and selling help you release the bonus.
KYC Icon
required
Cryptos amount Icon
250+
Fiat payment option Icon
yes
USA Icon
yes
Fees Icon
0.5%
Trust Icon
96/100
Go to exchange
10% fee reduction
Register through us and trade in Binance with lower fees!
Binance fees can be taken down even further by paying with BNB.
KYC Icon
required
Cryptos amount Icon
500+
Fiat payment option Icon
yes
USA Icon
no
Fees Icon
0.1%
Trust Icon
88/100
Go to exchange
How to create an account

Signing up on crypto exchange

If you're just getting started with cryptocurrencies, creating an account in a cryptocurrency exchange should be among one of the first things you do.

As a crypto enthusiast just getting started in the crypto space it's easier to start with just an exchange, instead of first trying to figure out which crypto wallet you should use or what not.

Creating an account in good a cryptocurrency exchange will initially satisfy all your needs - deposit fiat money, buy your first cryptos and store them in the exchange. Note that generally it's not recommended to keep huge amounts of cryptos in an exchange account, but just get started, it's more than good enough.

One of the easiest exchanges to get started this way is Binance.

Step by step: how to set up an exchange account

There are numerous cryptocurrency exchanges to choose from and they do not all function the same way.

But the basic registration process is pretty similar independent of your chosen trading platform.

  • Go to the exchange website
  • Click Sign up - the button can normally be found in the top-right corner
  • Enter your name, email address, and any other information asked
  • Enter your phone number

In most cases you do need to share your email and phone number during the first steps and you also need to verify them immediately (you'll be sent a code to both of them).

Now that your account has been created, you need to go through the identity verification process also known as KYC process (Know Your Customer).

And you're ready to go!

In some exchanges it is possible to deposit and trade also without KYC, but mostly that's not the case. And even in case of those exchanges they might want you to verify yourself before you can make your first withdrawal.

Information you need to share with the exchange

The exact information an exchange asks from you can vary, but normally they can ask for:

  • Full name
  • Date of birth
  • Address
  • Email address
  • Phone number
  • A copy of your ID card or passport
  • Sometimes also a selfie of you holding your document and potentially a hand-written note.
  • A copy of utility bill or bank statement to verify your address
  • Social security number

You might also be asked about the source of your money and some other questions.

Time it takes to create an account

Creating an account on a cryptocurrency exchange can sound intimidating at first with all the info they can ask for, but the process is actually painless and very fast.

In most cases it doesn't take you more than just couple of minutes to sign up for an exchange and very often this time can even include the KYC process.

The latter is possible if the exchange has automated the verification process.

Why should you create an account on a crypto exchange?

If you are serious about cryptos, if you want to buy cryptocurrencies for HODL or trade cryptocurrencies continuously, crypto exchanges are the best places to do that.

How to choose a crypto exchange?

But before you create an account on a crypto exchange, which exchange should you choose?

Which criteria should you pay attention to when choosing an exchange?

You can read more about choosing the best cryptocurrency exchange here, but let's quickly look at the basics.

Trust and security

Crypto exchanges are still mostly working in a gray area, which means it's extremely important to do your own due diligence, and make sure you only create account in trustworthy exchanges with lots of active accounts and ideally years of history.

You don't want to risk your money more than you have to. Cryptos are risky enough investment already and you don't want to worry about the safety of your cryptos.

Availability

Not all crypto exchanges are open to everyone. Most of them have some kind of geographic restrictions.

So before creating a crypto exchange account, make sure they actually accept users from your country.

Crypto selection

If you want to buy Bitcoin, it doesn't really matter how big crypto selection the exchange has. Bitcoin is always listed.

But if you want to buy less known altcoins, then you need to look around more.

UI

Good user interface makes buying and selling cryptos easier. Independent of whether you're a beginner or a professional.

But if you're a beginner, it's even more important not to get immediately overwhelmed.

Payment methods

As a beginner, it's very good if the exchange has fiat deposit and withdrawal option, as this makes everything so much easier.

Not every good Bitcoin exchange offers this option.

But when it comes to exchanges with fiat payment options, we can recommend Binance and Kucoin.

Fees

Depending on the exchange, the fees can easily vary tenfold.

Look for exchanges where fiat deposit and withdrawal fees wouldn't be more than 3% (max) and trading fees would be as close to 0.1% as possible.

Other things to keep in mind when creating an exchange account

The moment you have created an account on a cryptocurrency exchange, we recommend you to immediately set up two-factor authentication.

This makes your account more secure and gives you peace of mind.

If your chosen exchange does not requite you to verify your identity, we do recommend you to do it anyway.

Mainly for two reasons.

  1. Firstly, they might decide at a later date that they start requiring KYC now and it's a hassle to deal with it just when you want to make a withdrawal.
  2. Secondly, it might help to regain access to your account, should you not be able to log in anymore for one reason or another.

Create an account and get started with cryptos

Creating an account on a crypto exchange is the first step towards starting your own crypto portfolio. Account creation process is fast and you can usually expect to get started in a matter of minutes of maximum an hour or two.

Jay Gory image
Author: Jay Gory
I became interested in cryptocurrencies only a bit more than a year ago. Since then I have been in investing in cryptos using different crypto exchanges, playing around with crypto trading bots, and also launched Cryptolorium.com to share my crypto journey and my results with all crypto traders.
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