It’s no secret that the crypto currency market is volatile and unpredictable. In fact, the price of bitcoin has gone up by as much as 5,000% in the past year alone. It is very difficult to predict when the market will be at its highest or lowest point. This is why it is important for you to have a cryptocurrency exchange account so that you can trade on the market with ease.
What is an exchange?
An exchange is a place where people trade their coins. These exchanges are not regulated by any government. They are run by private companies who use the services of third party companies to help them run the exchange. The company that runs the exchange has the responsibility of protecting the users’ assets from hackers and fraudsters. When you buy or sell a coin through an exchange, the exchange takes care of the transaction for you.
What are the benefits of having an exchange account?
1. You will be able to access the latest news about the cryptocurrency market.
2. You will be able to buy and sell your coins with ease.
3. You will be able to keep track of your account balance and transaction history.
4. You will be able to participate in ICOs.
5. You will be able to invest in the cryptocurrency market.
6. You will be able to make easy money through arbitrage trading.
How do I open an account?
To open an account, you need to first go to the website of the exchange you wish to use. Once you are there, you need to register for an account. There are different types of accounts such as personal, corporate, and institutional. Personal accounts are for individuals while institutional accounts are for organizations and institutions.
After registering, you will need to verify your account. This is done by uploading two types of documents. One is a copy of your photo ID. The other is a bank statement showing your financial transactions over the past three months.
After verifying your account, you will need to fund your account. The process of funding your account is the same as opening a regular bank account. After funding your account, you can now start trading.