Cryptocurrency exchanges (hereafter referred to as "exchanges") are platforms where users trade digital assets. Beyond trading, they often offer additional services, such as:
- Depositing/Withdrawing crypto to/from private wallets or other exchanges.
- Investment products like staking or savings accounts.
- Fiat on/off-ramps, enabling conversions between traditional money and cryptocurrencies.
Given their bank-like functions, exchanges are subject to strict regulations. Registering typically involves more steps than a standard website—similar to opening a bank account. Below, we outline the common registration process and key considerations.
Step-by-Step Registration Guide
1. Account Registration
Two primary methods exist:
A. Email Registration
- Enter your email and set a password.
- Verify via a confirmation link or code sent to your inbox.
B. Mobile Number Registration
- Provide your phone number.
- Enter the SMS verification code received.
At this stage, you gain basic access. Some exchanges allow limited trading and deposits/withdrawals without further verification. However, fiat services (e.g., buying crypto with USD) usually require identity verification.
2. Identity Verification (KYC Level 1)
Know Your Customer (KYC) ensures compliance with anti-money laundering laws.
Requirements:
Government-issued ID (e.g., passport or driver’s license).
Note:
- Submit photos (scans/prints may be rejected).
- Avoid adding watermarks (e.g., "For Exchange Use Only").
- For non-native exchanges, use a passport to prevent name mismatches in international transfers.
Proof of Identity Ownership:
- Selfie with ID + handwritten note (include date, your name, and exchange name).
- Live facial recognition via the exchange’s app (follow on-screen prompts).
Processing times vary. Follow up with customer support if unresolved after 3 days.
3. Identity Verification (KYC Level 2)
Required for fiat deposits/withdrawals. Additional steps may include:
- Linking a bank account under your name.
- Proof of address (e.g., utility bills or bank statements ≤3 months old).
4. Recommended Exchanges
Many exchanges offer fee discounts for using referral codes. Here are three options:
- Taiwan-based, fully compliant, with bank-trusted fiat reserves.
- Zero withdrawal fees for select cryptocurrencies.
- The world’s largest platform with extensive trading pairs and yield services.
FAQs
Q1: Why do exchanges require KYC?
A1: To prevent fraud, money laundering, and comply with global regulations.
Q2: Can I trade without completing KYC?
A2: Some exchanges allow limited trading, but fiat services typically require full verification.
Q3: What if my KYC submission is rejected?
A3: Ensure documents are clear/unedited. Contact support with a new submission if needed.
Q4: Are referrals mandatory?
A4: No, but they often reduce trading fees.
Q5: How long does verification take?
A5: From minutes to 3 business days, depending on the exchange.
By following these steps, you can securely register and start trading on a cryptocurrency exchange. Always prioritize platforms with strong compliance and user protections.