Opening an Account with a Cryptocurrency Exchange – Bittrex, BitMEX, BITFINEX

Opening an Account with a Cryptocurrency Exchange - Bittrex, BitMEX, BITFINEX

If you want to trade Cryptocurrencies, you need to open an account with a Cryptocurrency exchange. It is like opening an account with a securities company when you invest in stocks. This time, I will explain how to open an account with globally major Cryptocurrency exchanges, Bittrex, BitMEX, and BITFINEX.

 

 

Opening an Account with Bittrex

The procedure to open an account with Bittrex is as follows;

  1. Access the website
  2. E-mail verification

As for the exchanges I introduce this time, it is unnecessary to confirm all your personal information as of June 2018. For example, Cryptocurrency exchanges in Japan require uploading personal ID such as driver’s license, but it is not the case with those exchanges here. Therefore, it takes only a few minutes to complete account opening after accessing the website.

 

Accessing the Website

First, access the website of Bittrex and enter your E-mail address, Password and Confirm Password.

Bittrex_HP

Then go through “Terms of Service”, tick the box of “I agree~ “, and click “Sign Up”.

 

E-mail Verification

You will receive an e-mail with a URL from Bittrex. Then click the URL and your e-mail address will be verified. After that, the login screen is displayed, so enter your registered e-mail address and password to log in.

Bittrex_login

 

Opening an Account with BitMEX

The account opening with BitMEX is similar procedure as the previous section;

  1. Access the website
  2. E-mail verification

 

Accessing the Website

If you access the website of BitMEX, it shows the registration screen as below. Enter your E-mail address, Password, Country of Residence and your Name.

BitMEX_HP

Then go through “Term of Service”, tick the box and click “Register”.

 

E-mail Verification

BitMEX will send you an e-mail with a URL, so click the URL, then your e-mail address will be verified and you will automatically log in. From the next time, enter your e-mail address and password on the login screen below.

BitMEX_login

Opening an Account with BITFINEX

The procedure to open an account with BITFINEX is as follows;

・ Confirm the important notices

・ Sign UP

・ E-mail verification

There is a little difference with above cases, however, it takes only a few minutes to complete the registration with BITFINEX.

 

Confirm the Important Notices

When you click “Sign Up” on the website of BITFINEX, the notice below will be shown. It is about “Minimum Account Equity”, “Verification Timeline” and “Inactivity Fee”, so read through them and tick “I understand” if they’re ok with you.

BITFINEX_notice

Sign UP

Next, enter your Username, E-mail address, Password, Time zone and Captcha Text to confirm you’re not a robot. Then click “Open Account”.

BITFINEX_signup

E-mail Verification

You will receive an e-mail to your registered e-mail address, so click “CONFIRM EMAIL ADDRESS” in the e-mail. Then your e-mail address will be verified and the registration will be completed.

 

 

Points to Be Aware of by Beginners

If you are a beginner of Cryptocurrency, please be aware of the points below when you open accounts with those exchanges above.

・Many kinds of Cryptocurrencies can be traded

・Different base currency

・Don’t forget two-factor authentication

 

Many Kinds of Cryptocurrencies can be Traded

First, you can trade so many types of Cryptocurrencies with the exchanges above. For example, Japanese Crypto exchanges are limited to deal with less than 10 Cryptocurrencies, but those exchanges above deal with thousands of Cryptocurrencies.

Even the price of a major Cryptocurrency like Bitcoin, which has the largest trading volume, rises and falls by several % daily. On the other hand, some minor Cryptocurrencies rise and fall in a far wider range. In other words, the Crypto exchanges I introduced here are dealing with highly risky Cryptocurrencies as well. Regarding Cryptocurrencies, it is not unusual that the value of a currency falls to half in a month, so beginners should be careful when trading.

 

Different Base Currency

For the Crypto exchanges listed above, US dollar is the base currency. Therefore, when you purchase a Cryptocurrency from them, you either need to deposit US dollar, or purchase a major Cryptocurrency like Bitcoin in another Crypto exchange and send it.

 

For example, you purchase Bitcoin at an exchange named A and send it to the exchange mentioned above. After that, you can purchase another Cryptocurrency using the Bitcoin you sent. In other words, if you want to purchase by Fiat Currency, you can deposit US dollar, or if you purchase by Cryptocurrency, you need to buy major coin like Bitcoin from another exchange.

 

Don’t Forget Two-Factor Authentication

Finally, although this can be said for any exchange, be sure to set up “two-factor authentication”. As some beginners do not understand the importance of two-factor authentication, I recommend you to set up two-factor authentication when you open an account.

 

Two-factor authentication means 2 step verification. Normally, when you log in, you only enter the password that you set upon registration. And most of you use the same password when you send and receive money. It means you would have high risk of illegal remittance if your password was leaked or stolen.

 

To prevent it, we prepare a second-level password called “One Time Password”, which is shown and changed in a minute, other than the first password. The setting of two-factor authentication differs in each exchange, but you can set it from “account” or “security” section after logging into your account.

 

Since the website is in English, you can translate it into your language by right click “translation”. If you set two-factor authentication, you need one time password issued by a smartphone application to log in or to remit your money. This improves the security of your account dramatically.

 

 

Conclusion

As shown above, it takes only a few minutes to complete account opening with the three Cryptocurrency exchanges I introduced this time. Especially, you don’t need to register your personal information, which has advantages of “quickness” and “reducing the risk of personal information leakage”. However, please remember to set two-factor authentication to protect yourself.