Crypto Accounts Explained: A Guide for Beginners

Updated: Jul 4, 2024

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Secure Your Digital Assets and Maximize Your Trading Potential

Getting started with cryptocurrencies can be both thrilling and challenging. As you step into the world of digital currencies, one of the first things you’ll need is a cryptocurrency account. This all-inclusive guide aims to give you the essential information and tools to successfully navigate the realm of crypto accounts. We’ll cover the basics, such as why a cryptocurrency account is necessary, examine the differences between crypto exchanges and brokers, and provide practical tips on creating and securing your account. By grasping these crucial elements, you’ll be ready to protect your digital assets and make the most of your trading experience.

Need Cryptocurrency account

Why Do You Need a Crypto Account?

Cryptocurrencies are digital currencies used online to purchase goods and services. They have tokens that can be bought, mined, or acquired in various ways. The first popular cryptocurrency, Bitcoin, started in 2009, and today there is a whole market for cryptocurrencies. People worldwide invest in and trade crypto to earn money, and new digital currencies are continuously emerging. To buy or trade crypto, you will need a cryptocurrency account. In this article, we’ll discuss what these accounts are, how they work, and why they are essential.

Crypto Exchanges or Brokers

The first step to trading cryptocurrency is to find a crypto exchange or a broker. Cryptocurrency exchanges are platforms where people can buy or sell crypto. They typically have low fees but use different types of trades, performance charts, and complex interfaces.

Some platforms offer user-friendly interfaces more suitable for beginners. On the other hand, brokers remove the complexity of trading crypto, providing simple interfaces through which users can interact with exchanges. Brokers generally have higher fees than exchanges, making money through fees or by selling trading information to large funds or other brokers. Despite being more convenient, brokers may have more potential limitations for your assets.

What is a Cryptocurrency Account?

Your cryptocurrency account is the account you create on an exchange, broker’s site, or wallet. You will need to create an account before you can exchange your money to buy or sell crypto. It’s your trading profile that allows the platform to recognize, identify, and track your behavior if necessary. It’s similar to using any e-commerce shopping site where you must create an account to buy products.

6 Crypto Accounts Compared

Annual fee$0$0$0$0$0
Min Deposit$10$10$10$10$10
Crypto Loansn/an/aYes, 4.5% APRYes, 4.99% APRn/a
Interest AccountYes, 14.5% APYLearn & get rewardsYes, 9.5% APYn/aYes, 8.05% APY
Trading AccountYes, multi crypto currenciesYes, 80+ cryptocurrenciesYes, multi cryptoYes, multi cryptocurrencies Yes, 50+ crypto currencies
Crypto CardYes, 5 different optionsCoinbase Visa Debit CardBlockFi Bitcoin Rewards VisaSofi World Elite MastercardGemini World Mastercard
Card BonusNot disclosedReceive $5 in bitcoin3.5% during your first 3 months.2x points (4% cashback)Receive $10 in bitcoin
RewardsUp to 8% crypto backUp to 4% crypto backUnlimited 1.5% back in BitcoinUnlimited 2% cashbackUp to 3% crypto back
Try it FreeTry itTry itTry itTry itTry it

Other Crypto offers and traders: Upgrade Bitcoin Visa, Ternio, Wirex

Creating Your Account for Trading Crypto

Once you’ve researched and selected an exchange platform or a broker, you will need to register and create an account. Some platforms will ask you to verify your account, while others won’t. In some cases, verification is required only after you’ve surpassed a certain amount you want to buy. The verification process usually involves providing an official government document and sending an image. By doing this, you reduce the chances of being scammed and comply with various regulatory requirements.

If you don’t verify your account, you probably won’t be able to buy or sell crypto. Apart from sending a copy of your ID, passport, or driver’s license, platforms often require users to send a selfie to verify your appearance.

Bottom Line

Your crypto account is the link between the crypto market and your assets. It allows you to buy, sell, and trade assets safely without any issues. Without it, you won’t be able to participate in the market. Exchanges that allow trading without a verified account are likely scams or untrustworthy. Make sure to avoid them and use platforms with robust security and verification mechanisms in place.

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