How To Open Crypto Trading Account

Despite how recently they appeared, cryptocurrencies have taken up a large part of the economic scene and captured the attention of investors across every segment, thanks to their explosive gains and their unprecedented rise over the recent period.

Available data indicate that cryptocurrencies first appeared on the economic scene in the period after the 2008 global crisis, when Bitcoin brought the spark to this kind of market.

The market began with only seven cryptocurrencies, and these coins ran in a random way until 2013. But with the appearance of cryptocurrency pricing websites, the number of cryptocurrencies rose to 3,908 during 2009.

With the COVID-19 pandemic, which lit the path for cryptocurrencies and helped push them to the top, many investors came forward to back this kind of currency, which encouraged a lot of people to try trading them in the hope of quick profit.

If you want to try opening an account to trade cryptocurrencies, then we suggest you read this article, which will show you the way and how to open a crypto trading account.

It also covers the best platforms for trading them, how you can withdraw your profits after trading cryptocurrencies, plus the main risks you may face while trading cryptocurrencies.

How do you open a crypto trading account?

Before we explain how to open a cryptocurrency trading account, we should first explain what a crypto account is.

A cryptocurrency account is an online bank account for digital currencies. It lets its users store, send, hold and receive cryptocurrencies.

Every “BTC” cryptocurrency account has its own name, but opening a crypto account takes a long time, because each transaction is verified through the “Blockchain”, the specialized bank for cryptocurrencies.

Every cryptocurrency account has a maximum value you want to invest, which can take up to 24 hours; so if you carry out buy or sell trades on cryptocurrencies, you should trade cryptocurrency CFDs, which give users flexibility and ease of handling.

Now, in the following lines, we will show you how to open a cryptocurrency trading account. First, you enter the bank through its own link, which is https://blockchain.info

Next, you go to create a page or a new e-wallet in the “Blockchain” bank, then link the account to your email and set a password.

You should make sure the password is correct, strong and secure, since the bank requires the password to be made up of English letters and numbers.

Then press Continue so you can open a “Blockchain” account. After finishing these steps, a very important page will appear, because it contains a critical phrase, which is the only key to your password or your “Blockchain” bank account.

Many advise keeping this phrase away from anyone, preferably on a separate sheet of your own, and many experts advise against keeping it on your computer or in your email, to ensure secrecy.

After doing all these steps, press Continue, and you will find that the bank automatically opens a login page for you, and you will find a confirmation message on your email confirming that the account is active.

You will find the login link and the link to activate your email, plus a “Confirmation Code”, which is the code you type when withdrawing and depositing in your e-wallet; keep it with the rest of the earlier information.

After all these previous steps, you will find the link to activate your email in your inbox. Press it and the bank will move you to a confirmation page, and your email is confirmed successfully.

Now press “Login Now”, and the login page for your “Blockchain” bank account will appear, with your login name filled in automatically.

Now enter your password and log in to your bank account; your home page will then appear.

After opening your account, your code will appear at the bottom of the page. Be sure to keep it, as it is your own code that you will use with the other companies that deal in digital currency in order to receive funds. And now we can say congratulations, the account has been opened successfully.

See also: What is trading and what are its fields online?

What are the best platforms for trading cryptocurrencies?

After explaining how to open a cryptocurrency trading account, we should cover the best platforms for trading cryptocurrencies. Recently, many platforms for trading cryptocurrencies have appeared.

These platforms organize and ease the relationship between the seller and the buyer, and provide a large amount of liquidity that speeds up the trading process as much as possible.

Now we will mention the most important cryptocurrency trading platforms:

See also: A guide to learning trading from scratch .. how beginners trade stocks

Binance platform

Binance is one of the strongest cryptocurrency platforms. It is easy to use and it is also highly secure.

The platform holds a large amount of cryptocurrencies, especially the newer coins, and it charges very low fees on transactions compared with other platforms.

The platform also supports many languages, including Arabic.

FXTM platform

The platform specializes in trading with financial leverage, and it lets the trader take positions whether prices rise or fall in the forex and index markets.

It also lets the trader take positions whether prices rise or fall, not only in the forex markets but also in commodities, stocks and cryptocurrencies.

The platform helps traders, whether a seasoned trader with wide experience or someone completely new to this world, find freedom in the financial markets.

The company has managed to attract more than 2 million clients from 150 countries around the world.

IC Market

IC Markets is a global broker for trading forex CFDs.

The company was founded and started its activity in 2007 in Sydney, Australia.

The company states that its goal is to close the gap between the features and tools available to individual traders and those of the large institutions, which helps create an ideal trading environment.

The platform offers trading on raw prices, and it provides the best solutions for active traders.

How do you withdraw profits after trading cryptocurrencies?

You need to follow a set of steps to be able to withdraw your profits from trading cryptocurrencies, which we will mention for you now:

Open one of the trading platforms you use, let us say Binance. Click the word Trade, then convert an amount of the cryptocurrency you want to take profit from into “BUSD”, a stablecoin equal to the dollar (each 1 BUSD = 1 USD).

Then do the second step: go to the wallet, then choose withdraw in the local “fiat” currency, then choose “USD”.

A side menu will appear where you enter the amount you want to withdraw and choose the “SWIFT” bank transfer method, then press Continue.

Now fill in your bank account information in the list that appears:

  • In the first field, write your name as registered on the platform
  • In the second field, write your bank account number
  • In the third field, put the bank name
  • In the fourth field, put the bank’s SWIFT code
  • In the fifth field, put your address and country.

Finally, press Save for future withdrawal, then press Continue. A window will appear with all the withdrawal details; check the information, then confirm the process. It may take 3 to 5 business days for the amount to reach your bank account.

See also: How to calculate forex risk per trade

What are the risks of working in cryptocurrency trading?

Despite the record gains that investing in cryptocurrencies achieves, at the same time it is high risk. Its risks are:

  1. The constant fluctuations in the market value of cryptocurrencies; you can make a lot of profit in the morning, but by the middle of the night it can reveal a sharp drop.
  2. The risk of it being criminalized, as many countries and some jurisdictions still criminalize investing in cryptocurrencies.
  3. Hacking; the cryptocurrency exchange is more exposed to hacking compared with other global market exchanges.
  4. Cryptocurrencies are not accepted everywhere.

At the end of our article, we want to make clear that investing in cryptocurrencies is fraught with many risks despite its large and fast gains. So you must be sure you fully understand the risks that trading involves, and you should invest only a part of your savings that you can afford to lose, not all of your savings.

Risk & disclosure: This article is for educational purposes only and is not investment advice. Cryptocurrencies are highly volatile and trading CFDs with leverage carries a high risk of losing money rapidly; you may lose more than you can afford, so only invest a portion of your savings that you can afford to lose. Some links on this page are affiliate links: if you open an account through them we may earn a commission at no extra cost to you. Do your own research before making any financial decision.

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