Let’s look at an example of creating an account on one of the most famous and popular services for working with digital assets – Binance. This is a leading ecosystem in the world of blockchain with a complex of products: finance, trading, education, investments, decentralized solutions.
Registration procedure
The Binance interface is translated into more than 40 languages, including Russian and Ukrainian. When visiting the site for the first time, the English version may open from the search. In this case, in the upper right corner of the main page you need to click on English and select the desired localization. There you should also specify the currency for further work.
After changing the interface language, you can start registration by clicking the corresponding button. As a result, a window for entering data will open. There are 2 ways of registration available:
- Via cell phone.
- By e-mail.
In this case, the system automatically substitutes the phone code of the country corresponding to the visitor’s IP-address. The user only has to enter the phone number itself.
The next step is to enter a password. The main requirements:
- Minimum 8 characters.
- Numbers and capital letters (one each) are required.
Optional step is to enter referral ID (if any). After checking the point about agreeing to the terms of service of Binance, you can click the “Create Account” button. The visitor will be prompted to enter a captcha by solving a small puzzle.
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An activation code will come to the specified contact information (in an email or message). It must be entered into a special form and wait for the end of registration.
The last step is to choose the type of work:
- Start trading by pre-filling the cryptocurrency account.
- Buy coins for fiat currency from a payment card.
- Buy cryptocurrency on the exchange.
Verification is mandatory from August 2021.
Registration on the Binance cryptocurrency exchange is also possible using a smartphone in the mobile version of the site.
Verification of identity
Account verification will provide access to all features. For verification, you need to select the appropriate item in the drop-down list when clicking on the account icon.
As part of the fight against crypto fraudsters and money laundering, the platform is constantly tightening security requirements, setting different levels of verification. Anonymous customers can not trade, deposit or withdraw money.
The available options for identity verification are:
- Intermediate verification – all new users must pass it.
- Extended verification – it is necessary to increase the limits.
Users who created an account before August 2021 and have not passed the intermediate verification can only close positions and cancel orders. After the mandatory identity verification, access to all products and services of the site will be fully restored.
Basic
The initial level of verification involved providing the following data:
- Citizenship.
- Surname, first name.
- Date of birth.
- Residential address.
- Phone number.
After the basic level of verification, the user received limits:
- Unlimited replenishment of the account with cryptocurrency.
- Withdrawal – no more than 2 bitcoins per day.
- Fiat deposit – $300 per day.
Additional services were also available – Binance DEX, Earn, Pool and a number of others.
The basic verification section is still published in the user guide, but in fact this level of verification is no longer performed.
Intermediate
This level of verification makes it possible to perform transactions with these limits:
- Cryptocurrency withdrawals – up to 100 bitcoins per day.
- Operations with fiat money – up to $50 thousand (with a limit of $500 thousand per month).
Verification of the intermediate level requires the following actions:
- Upload a photo of your face (take selfies).
- Pass the verification using phone or computer cameras (following the prompts on the screen).
- Take a photo of a passport or other identity document using a PC, mobile device.
The last point depends on the country of residence. It is necessary to confirm the identity by uploading a valid state sample document. For some countries, including Russia, Ukraine, the system offers to take a photo of the certificate using the webcam of the device. There is no possibility to upload an image.
If there is no camera on the computer, you should use a smartphone, having previously scanned the QR code. Then it is necessary to wait for the data verification to be completed. In addition to exchange operations, verified clients have access to unlimited use of the Binance-P2P service.
Advanced
This level of verification provides for checking the address of residence. It is necessary to provide supporting documents. The extended version increases the limit for fiat money transactions to $200 thousand per day or $2 million per month.
The above verification levels apply to a personal account. Corporate verification also has several options – basic, extended.
Account protection
In connection with the threat of account hacking, it will not be unreasonable to additionally configure the authorization and withdrawal options. Account protection is available in the “Security” tab of the drop-down menu list.
On the Binance platform, such measures are applied:
- A key in the form of a physical medium for storing passwords, Binance’s recommendation is the YubiKey service.
- Google Authenticator.
- SMS authorization for logging into the service and withdrawing funds.
- Address management – whitelist, keeping notes on each of them.
- Anti-phishing code for information protection.
Additional settings
It is not difficult to register on a cryptocurrency exchange. At the same time, it is important to properly configure the account, use all the services of the resource, including data protection. In this section, you can change the password, e-mail address specified during registration. The function of tracking suspicious account activity is available.
Exchange bonuses
Greater competition among cryptocurrency services forces owners to attract users with rewards for registration and active trading.
In 2021, the list of exchanges with the best bonuses included the services listed below.
| Service | Bonuses | Terms |
|---|---|---|
| Binance | $5 coupon. | Deposit $50 or more first time. |
| $50 Spot Cashback Voucher. | First cryptocurrency deposit of $50 or more. Spot transaction of $100 or more. |
|
| OKEx | Bonus $2 in bitcoins. Discount card for 20 USDT. |
For buying $20 worth of cryptocurrency within 30 days of registration. For funding your account with $100. |
| Currency.com. | $50 welcome bonus. | After account verification, making a deposit of $20 or more, and making a leveraged trade (all within the first month of registration). |
| Huobi | Total bonus $180. | Issued for completing tasks after registration (verification, making a deposit, reaching certain spot trading volumes, etc.). |
| ByBit | $10. $50. |
New user. First deposit. |
There are also bonuses for using exchange tokens. Most major trading resources have released their own cryptocurrency to support the ecosystem:
- BNB – the token of the Binance platform.
- EXM – from the EXMO exchange.
- BTMX – from Bitmax.
- GT – from GateChain.
- OKB – from OKEx.
- HT – from HUOBI.
Advantages of bonuses:
- You can start trading without depositing your own funds.
- Allow you to test your strategy and increase your profits.
Disadvantages:
- Reduces the fear of losing funds on trading.
- Bonus money cannot be withdrawn.
- The objectivity of site evaluation is reduced. Clients are distracted from the real shortcomings of the interface and the work of the support service.
Account replenishment
Methods of depositing money:
- Replenishment with fiat funds from a bank card.
- Electronic payment systems.
- Direct cryptocurrency transfer.
- Using intra-exchange P2P services (transactions are carried out directly between participants).
- Online exchangers.
On some services, other ways of funding the account are available, up to the transfer of cash (to counterparties from P2P-platforms).
The best cryptocurrency exchanges
The criteria for choosing a trading platform are reliability, transaction volume, number of digital assets, additional features and so on.
If we evaluate each exchange according to these parameters, the list of the best looks like this.
Binance
The project appeared in 2017 and quickly became the leader of the rating by various indicators. Binance is the largest platform in terms of average daily transaction volume and the number of available assets. In 2021, 395 trading pairs are available.
Coinbase
American cryptocurrency exchange focused on the US market. It is among the top five platforms in terms of average daily trading volume. There are 114 pairs available to clients. It is considered one of the most reliable services in the digital world.
It is distinguished by high requirements to data protection, mandatory verification, thorough document verification. Complies with the norms of the American legislation in the field of cryptocurrencies.
OKEx
Takes the 3rd place in terms of average daily trading volume (as of October 2021). There is support for exchanging coins for fiat currency, futures, a decentralized platform (DEX), a platform for steaking. It is distinguished by complex functionality, recommended for experienced traders. 296 trading pairs are available.
EXMO
A variant for clients from Eastern Europe. There is support for local currencies – ruble, hryvnia, zloty, lira and others. Russian language interface is added on the site. 61 trading pairs are available.
In addition, there are LocalBitcoins, Bittrex, Kraken, Poloniex, Bitfinex, Yobit, Huobi and other platforms.
How to choose an exchange
Popular cryptocurrencies are available on any platform, coins of young projects are more often traded only on large platforms. A beginner who wants to try his hand at trading should register on a crypto exchange with minimum deposit requirements, small commissions and a demo account for training.
The advantages of the platform are such characteristics:
- Russian-language interface.
- A wide range of deposit and withdrawal methods.
- Positive reviews on forums and specialized sites.
Experienced traders pay attention to the tools for trading and analysis, additional functionality, own token, support for margin operations.
All large platforms are tightening security requirements. New users will have to undergo identity verification to access the full functionality.
Frequently Asked Questions
✅ Can I register on several exchanges at once?
Yes, simultaneous trading on different services allows you to choose the platforms with the best exchange rate.
❕ Is it safe to provide a third-party resource with my personal data, including documents and photos?
Verification is the main means to fight crypto fraudsters. Exchanges are interested in the safety of user data. Of course, hacker attacks and information leaks are possible, but no institution with access to the network is immune from this.
❓ Where is the best place for a newcomer to trading?
There is no unambiguous answer to this question. You need to know your preferences in trading tools, experience in trading, and budget. It is best to start with sites that provide demo account, with simple and clear interface, bonuses for account opening and registration.
📊 Why do the ratings of exchanges differ on different resources?
Evaluation criteria do not coincide – the volume of trading, the number of cryptocurrency pairs, the commission for transactions with currency, reliability. Each of these characteristics can affect the position in the rating in its own way.
❗ Where to address with a question about trading on a crypto exchange?
It is best to write to the support staff. Serious resources value their reputation and are ready to help customers. You can also use the help or internal blog, there are answers to many questions.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
