Ready, Set, Crypto! How to open your crypto account and get trading.

If you're eager to start buying, selling or trading cryptocurrencies, you'll be pleased to know that it really is very easy to get going.

Cryptocurrency exchanges offer ease of use, customer support and competitive transaction rates. For these reasons and more, traders and investors -- particularly newcomers -- often opt to buy, sell and trade via an exchange.

Once you've settled on your choice of exchange, setting up a crypto account is simple and straightforward, and most exchanges follow a similar process.

Let's look at how to set up a crypto account with Cointree.

1. Sign up

First things first, new users must sign up to the exchange. This triggers the creation of your user account and cryptocurrency wallet to facilitate transactions.

To sign up, Cointree users provide their email address, choose a password and agree to the exchange's terms and conditions of use.

Passwords should be sufficiently strong to ensure that your account information and any coins held in your wallet remain secure. Most exchanges provide tips on choosing a strong password; be sure to follow their advice.

2. Secure your account

Having completed the sign up process, new Cointree account holders should next update their account information in the 'Security' link under 'My Account' to ensure account security.

Enabling email and/or moblie verification for transactions turns on user notifications of account activities. Cointree also encourages its users to enable two-factor authentication. This increases account security by requiring a unique, time-sensitive code (sent to your mobile or email) to be entered each time you log into your account.

3. Verify your ID

Verifying your ID is an important part of the account set up process. Taking a mere five minutes, this step ensures that exchanges comply with local laws. It also protects against fraud and money laundering, keeping exchange costs down for everyone. Cointree uses a trusted online verification service, greenID, to verify account holder identification.

Cointree account holders are required to upload a photo of themselves holding both a current form of photo ID (driver's licence or passport with details clearly visible) and a signed note with the message, 'cointree.com.au, bitcoin purchases'.

Users then complete their ID check by entering the information found on their photo ID and verifying their address. Australian account holders should enter the address most recently registered with the Australian Electoral Commission (AEC), as addresses are crosschecked against this database.

The ID verification process is then complete. Confirmation of ID verification will generally be provided in 1-2 business days.

4. Link your bank account

Linking your bank account with your Cointree account allows you to sell bitcoin -- as well as make purchases through POLi payments (one of Cointree's three payment methods).

If your bank account is in the same name as your Cointree account, simply enter your account details in the 'Link bank account' section. Cointree will then deposit one cent into your linked bank account to finalise the process.

If you are linking a joint bank account, you will be required to upload a copy of a statement for verification purposes. If your account is in the name of a company, trust, or self-managed super fund, a member of Cointree's friendly Customer Support Team will be in touch.

Again, confirmation of bank account verification will generally be provided in 1-2 business days.

What are you waiting for?

Setting up an account with a cryptocurrency exchange really is a very quick, easy and straightforward process.

If you're ready to step into the cryptocurrency marketplace, why not set up your account today?


Credit: Laura Hawting on behalf of Cointree and reviewed by Anouk Pinchetti education consultant Blockchain Centre.