Starting Bitcoin (virtual currency / cryptocurrency): Part 4 - Actually open an account

Let's start Bitcoin (cryptocurrency) - Part 4

Let's actually set up an account

There are several exchanges domestically.

For example...

◇：bitfler

◇：bitbanktrade

◇：jbits

◇：kraken

◇：btcbox

◇：zaif

and so on.

Each has different “supported currencies”

and may “team up with favorable fees”

and some focus on "trading tools/methods" as a selling point

and some emphasize “trading volume”

There are various aspects. So

you should choose according to your goals

for example

“Because I want to trade frequently, I want low fees”

“A place that handles a lot of altcoins in addition to Bitcoin”

“A place with cheap and fast deposits/withdrawals”

etc. List a few conditions

(Many of you reading this are experienced in FX,

so it might be fine to align with your own experience)

Then pick one (or several) that fit and open an account.

However, one caution: compared with FX, the market size is still relatively small,

and orders may not be filled, so trading volume

is also a useful benchmark.

The steps depend on the exchange, but generally are as follows

1: Complete the site’s account opening procedure

2: Set an email address and password.

3: Click the confirmation URL in the email you receive.

4: Deposit into your account or deposit Bitcoin.

5: Start trading

But

6: Complete identity verification documents to raise your grade.

and so on.

These steps can take from a few minutes to a few days.

The part that takes time is “◇: 4”Cash deposits or “◇: 6”Identity verification approval, right?

So apart from these, the rest can be completed in just a few minutes.

Now, why is this “◇6:Grade by identity verification so important?

Because with just the initial grade when opening the account, you can do almost nothing.

That may be a stretch, but for example there are restrictions on the amount you can buy/sell Bitcoin

or restrictions on cash withdrawals, or FX trading limitations, which can be quite inconvenient.

To take one example, with Bitflyer

the initial standby class only allows “deposit and sending of Bitcoin”

(in other words you cannot trade or deposit/withdraw cash)

and as you go through “mobile phone verification,” “bank account verification,” and “identity verification documents,”

these restrictions are gradually lifted.

For details, seethe diagram

Other exchanges have different stages and restriction contents,

but generally, with the initial account opening grade there is not much you can do

at first.

So why not go ahead and create an account first?

Next time, I will write about actual trading methods and exchanges.

(This article is free. There are no paid sections, so please note).

Postscript:

The season seems to be changing; it suddenly feels cold.

It was hot just the other day, and now winter preparation is already underway.

Please take care not to fall ill.

Investment Navi+ asked me to write a new article.

I hope to show it to you soon.

(Please revise this part for full publication).