Lesson 1.0.0. How to Set Up Your Crypto Account
The first thing to do before you set up a crypto wallet is to identify the cryptocurrency exchange you want to use. Is it a Fiat or Non-Fiat Exchange?
For the purpose of this practical session, we will use Binance exchange. Binance is a cryptocurrency exchange that was founded in 2017 by Changpeng Zhao, a Chinese Canadian.
Binance grew rapidly so that by January 2018, it was the largest cryptocurrency exchange in the world in terms of trading volume with about 60 billion dollars being traded every 24 hours and about 35 million traders using its platform every week to trade a total of 355 crypto coins and 43 fiat currencies.
The total trading volume from its inception up to the writing of this manuscript (May 2021) was a whopping 2.63 trillion dollars, dwarfing all the other cryptocurrency exchanges. The statistics keep improving.
Thus, Binance is an exchange you should have an account with. The principles to open an account and trade with Binance is virtually the same for all other centralised cryptocurrency exchanges. Therefore, if you know how to use Binance, you will not find it difficult to use any other centralised crypto exchange.
1.1.0. How to Open a Crypto Account with Binance
Step 1: Go to Binance's Website.
Be sure you are on the website because there are a number of scams on the internet. To start setting up your Binance account, click on Binance website link: www.binance.com/en/register?ref=AB0BPSBL
Step 2: Complete the Sign-Up Process by inserting your email and Password.
We recommend using a Gmail account since it is quite safe and user friendly.
It is advised that you choose a password that is not easy to guess but is easy for you to remember.
Step 3: Agree to the Terms of Service.
Step 4: Click on “Create Account.”
This action will produce two results:
First, a verification code will be sent by Binance to the email address you have used to open this account.
Second, a new page will open requesting that you insert the verification code.
Step 5: Open your email account and look for the message from Binance with a 6-digit verification code. The message should be in your email inbox. If it is not there, check your spam.
Copy the verification code from the email address and insert it in your Binance account.
After entering the verification code, your email address will be confirmed, and your Binance account will be created.
Congrats on opening your Binance account! It is easy, isn’t it?
Lesson 1.0.1. Important Notice
Inside your Binance account are custodial wallets. This means that Binance has provided you with a number of crypto wallets in your account; however, Binance is the one that keeps the private keys of those wallets.
You can view the crypto wallets in your Binance account by clicking on the “wallet” icon and then on “Fiat and Spot.”
Interestingly, in some exchanges, after opening an account, you may be required to generate and activate the wallets that are in the account by clicking some buttons. If you see such things, do not be surprised.