How To Sign Up For A Cryptocurrency Exchange For The First Time

Posted on: 11 October 2021

As cryptocurrencies are becoming more widely adopted, there are a growing number of ways in which you can sign up for a cryptocurrency exchange. By doing so, you will be able to buy and sell Bitcoin and several other types of cryptocurrencies.

Find a Cryptocurrency Exchange Available in Your Area

If you are considering using a particular cryptocurrency exchange, make sure that the particular cryptocurrency exchange is available in your area. In some cases, an exchange might have different versions with each version being available in different parts of the world. There are also cryptocurrency exchanges that are only available in certain states.

Verify Your Identity

To use a cryptocurrency exchange, you will need to verify your identity. Financial services attempt to verify identities so that they can avoid enabling criminal activities and will also protect you from identity theft. You will usually need to provide a photo ID. 

Take Extra Security Measures

The best way to secure your cryptocurrency account is to use two-factor authentication. With this technology, you will not only be required to enter a password to use your cryptocurrency exchange but you will also need to have a temporary PIN sent to an email or mobile device.

It's much harder for a criminal to gain access to your device or account while also knowing your password, especially if you use a different password for every account. If you want to take your security to another level, you can also use an email only for the purpose of two-factor authentication.

Wait for Verification

After setting up your cryptocurrency exchange account, you will need to wait for your identity to be verified. You will also need to fund your account so you will be allowed to purchase crypto. This is a good time to research different types of cryptocurrencies you may want to invest in or use to make purchases.

Move the Crypto to Your Own Wallet

You do not want to keep the cryptocurrency on the exchange. Instead, you will want to move it to your own wallet where your asset will be more secure. A wallet is a piece of software that you have full control of and the most secure type of wallet is one that is not always offline. While cryptocurrency can be more secure than other assets, such as a fiat currency, you will still need to take security precautions.

For more information about cryptocurrency exchange and other processes, contact a financial service.