January 27, 2022

How to use a crypto wallet: part 1

Cryptocurrencies are in increasing demand as a tool for earning and saving. The services that allow you to interact with them are becoming easier and more accessible.

Today we will talk about popular crypto wallets and look at the step-by-step creation of an account on Binance and Bitmex.

Cryptocurrency storage wallets

Cryptocurrencies can only be stored on electronic media. This is a basic requirement for using assets. The user can use them to send coins to another account, receive them to his account, and pay for goods and services.

A wallet has two main attributes: a public address, which is used as an identifier, and a private key, which grants access to funds. The key must be kept secret to prevent theft.

There are several types of wallets:

  1. Hot online wallets include browser extensions, mobile apps, services and the like.
  2. Cold offline wallets, desktop software.
  3. Paper wallets are documents that are generated for one-time use only.
  4. Hardware wallets are devices in the form of physical mediums.

They are divided into multicurrency and monocurrency options. Exchange accounts, where you can trade and earn money through staking, are also used for asset management.

How to create an account for storage on the exchange

Storing bitcoins on an exchange is convenient for traders and investors who often carry out payment transactions. Please note: it is not recommended to keep large amounts on the trading platform deposit for a long time due to security reasons.

In the first part of the article, we will show instructions for creating accounts on two popular exchanges suitable for intermediate storage of cryptocurrencies.

Binance

Binance is a platform launched in 2017 that quickly gained popularity and entered the top services in terms of capitalization and trading volume. Today, Binance provides users from different countries with the tools to send and receive transfers. There is also separate software for transactions in the Binance Smart Chain network, and mobile apps for smartphones and tablets.

To use them, please register at https://www.binance.com/en/register?ref=XDU6AU70.

Step 1. In the form, enter an e-mail address and a password that meets the requirements: at least 8 characters long, at least one number, a special character, and an uppercase letter.

https://lh5.googleusercontent.com/KuuB8d6tL0S2hmFM6kvo1pC3Ym0txgjdxs3wcj6cssBK08l65ql3iEr5mleieQ2f0gbZhl8ZUkDH_5JFfLMoQqkyc5pcBcAFf0gtq4Zr7nJVYhMxW7rebXMBBSIKjoYHefa2EvPP

Step 2. Confirm the creation of an account by entering the code from the letter or message sent to the specified contacts.

Step 3. Go through verification. Passing KYC is required to use the platform's capabilities and takes about 10 days. You need to indicate the date of birth, full name, citizenship, city and address of residence, zip code, and a valid government-issued document (passport, driver's license). The plus option increases the client's capabilities, including providing higher limits.

https://lh4.googleusercontent.com/BlWFG0LZpkngaAIpYDbDpN5bBBdOkVLrJ1XCphq2aCKQ1o65okLEJG84G-5ocvUyThHp-UZaXheSryu_E3VD20RABjb2vnkaD78W_ISvlTvIXFGvL2Z81DOGydJIgIm91WjPtQQ4

Step 4. After passing the verification in the "Wallets" section, use the "receive" function to make fast P2P transfers. You can withdraw funds using a bank card or SEPA fast international payments. Transaction fees average 1%.

In the "History" section, you can view the details of previous transactions. 

Bitmex

Website: https://www.bitmex.com/register/Erh07G.

The platform was created in 2014. It offers progressive tools for dealing with digital assets, including futures. The Russian-language interface is supported, there is an English version.

The layout may seem a little daunting to a beginner. Payment for the purchase of some currencies is made with the help of partners, which implies additional commissions.

https://lh6.googleusercontent.com/gO6PKjviMtqiaf4AiqKLftncEplDXkSGD9izIUNDv9h94-NIZIDdEKdKPwKBsLKLssP9tc2LULqz7lyHGkySdCrSXMHoXg25c1MiAeYm7Rign7X1rZcl1s9C_dxHzVnPkP6cY6Sq

Please use an e-mail address and a password of at least 12 characters. Confirm registration and log in to your account. Personal identification is required. It takes place immediately after registration and takes about 24 hours.

Verification requirements:

  1. Personal identification card;
  2. Selfie;
  3. Payment method verification;
  4. Residence certificate or browser data to confirm the location.

After verification, you can use the built-in Bitmex wallet (funds are stored in a cold way, which provides a higher level of security in the event of a hack). The Bitcoin on the service's website is called XBT: you can buy it from a card for dollars or other cryptocurrencies, as well as receive transfers from third-party platforms.

This concludes the article. Read the continuation in the next part.

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