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February 10, 2022

Comprehensive guide on how to use a crypto wallet. Simple way: part 2

In the first part of this article, we analyzed the theoretical material and studied the instructions for creating a wallet on two exchanges. In this article, the topic will be supplemented with guides for four more platforms.

HitBTC

The old cryptocurrency trading exchange was established in 2013. It is not the most functional platform in comparison with competitors: there are no opportunities to earn money on staking and there are limited analysis tools. But on the other hand, the platform offers a high level of security and a good reputation. You need to go through a typical registration on the official website, https://hitbtc.com/, to start storing Bitcoin on the deposit of this exchange. Enter your e-mail address and password in the fields. After registering, you will receive an e-mail with a confirmation link.

The system will offer you the type of deposit operation:

  1. Purchasing cryptocurrency with a bank card;
  2. Obtaining an address for transfer.

Choose the option and currency you need.

If you need to receive bitcoins to an address (for example, if you need to withdraw funds from a PAMM account to a wallet), a public address and a QR code will be generated, which must be sent to the sender.

https://lh5.googleusercontent.com/k84x6QoZrjp721fINoVO0suUdQdfE1sm_w4YBw5TVr06M7mwAe8VhVuNVUpHUQQ02MEUolo0fryde06-8YS9viWARKdK1wtRPUrtQUdhYjFXi-5v_IBTEXvczF4O8y2_5rHXtJBD

To fully use the platform, you will have to go through the KYC procedure by providing the following data:

  1. Personal information, date of birth and country;
  2. Address of residence, city, and postal code;
  3. Documentation of identity (photo or scanned copy);
  4. A selfie with an identity document;
  5. Mobile phone number with a country code.

The exchange recommends setting up two-factor authentication first.

ByBit

A relatively new cryptocurrency platform, ByBit launched in 2018. The main office is located in Singapore. The company doesn't work with clients from several countries, including China and the United States.

The platform provides futures in addition to the classic spot market. The daily trading volume for December 2021 is approximately $5,600,000,000. The key feature of the service is that you don't need to go through verification to use it.

Step-by-step instructions for creating a repository:

  1. Registration. You need to specify an e-mail and a password at least 8 characters long with one number, a special character, and an uppercase letter.
  2. Operation confirmation. You need to enter the six-digit code received in the letter.

The system interface adjusts to the user's needs depending on the level of his skill.

https://lh3.googleusercontent.com/fdnIEhx7l_1qA8epjqpzHP2hDd7ba1culWL_JgPhKAHvElmlBZvaSC2W8m2_mC-BLUHEilTgTbLA6JjW25pEY8hszVViadBjL2wWVj4hHIcyo9nscNHoCtCtLO8RN5B9Tifi1DP5

To receive a deposit from another wallet, use the public key or code generated by the system.

https://lh4.googleusercontent.com/mAXZV6zC4CcjcOlYHwS128Ljn1Vqk35rwPURHAooyXnN0GsFboYozQEV5NWXW0YRRX8q0--qmPvp7rINWP7-9QDokf61YXrLlco6aZdt4q05QFqX9V-dq6qA88kkVrzHCY86HOec

With the services of an intermediary, you can buy the desired coin for fiat funds in the "Buy Cryptocurrency" section. The commission can range from 0 to 30%, depending on the amount, currency, and chosen intermediary.

OKEX

One of the oldest digital asset exchanges. It was created in 2013 by the developer of the OkCoin project, Star Xu, in Hong Kong. Then the head office moved to Malta, then to Seychelles.

The platform offers a desktop version of the terminal, mobile apps for iOS and Android, and trading tools.

To use the service, follow the instructions:

  1. Creating an account by e-mail or through authorization (Google or Telegram);
  2. Confirmation of the procedure;
  3. Selecting the desired option.

To replenish the deposit, copy the wallet address.

https://lh3.googleusercontent.com/BNcc_dUFuNHek6lncFMwVxqx9fGPMU6RNWVqE5Wrx8jmkKqnIhwi34UwZbySXh0NSwYDDjVVtpeLT6rW6klmjb8P38Kdv8LKbvYZ8A6LL6aiMaSgORy7ybPfbm7s_m2OuKHwa4Hs

Make sure you select the correct network when creating the address. Otherwise, the money may be lost forever. Identity verification is simplified compared to similar platforms, which allows for higher trading limits and other benefits.

https://lh4.googleusercontent.com/_1zsgt9T8IQNS064LPsctJKmka6nSsk5oh-5xnfnI2x3liu5CUEXO5QV-3IFAq3Vuev59A_MvyLPptNoAWem6ZKC5JzQzOy0Oh3CSZ1IYL4rEhZuRtc7jZj8fajDElgH7LeXtJx5

FTX

FTX is not so much a tool for trading as it is for leveraging derivatives in the digital asset niche. The features of the exchange include storing funds in a cold wallet. There are also additional settings, such as two-factor authentication.

To use the wallet:

Register on the website. The system offers increased requirements for password complexity for the security of customer accounts.

Go through two-level verification. You need to provide your personal data, mobile phone number, country of residence, and address of residence. Then upload the supporting documents to the system.

The user will not be able to replenish the account and withdraw money from it without full identification. Passing the 2FA setup is required. You are offered three ways: Google authentication, security key, or SMS by number.

https://lh5.googleusercontent.com/NO3XmfngrQGLLFToMGl8bSz8bxajDbSe_maGAEtbZBIyoZiHpXHp09j7Xv1aWABYG-jWEod5qpavVdf7H-2M2Cpls2tkFSG9RPVu7uBnevRhlSR6dIDkGRSmFXyty97ni-lpAag6

You can use the account in the "Wallet" tab: buy cryptocurrency or top up it from another service.

https://lh3.googleusercontent.com/ewgSBB7kNPFgUNOTbfgse7Rz5zldA8SGF2TbWwPIiEhR4LGpSCoR8IYM6nT6HoREVngag9_U_kQ0VD7IUDOJnunydE8Cmv0tWd5atz84PpvwJlSbp0DZOPz-_a9qufieRPVMXu77

Conclusion

The user needs to create a wallet to work with cryptocurrencies. The tool must be affordable, easy to use, and secure enough to meet the needs of a trader or investor.

Keeping funds in stock exchange accounts can be quite convenient for those planning to trade or exchange assets. The only caveat is the mandated identification on legal platforms.

This concludes the instructions for using popular storage methods.

Equite.io 2022