How to Open a Bitcoin Trading Account in 5 Minutes - Step by Step Procedure
To Open a Live Bitcoin Trading Account you can go to an online Bitcoin Trading broker website and OPEN AN ACCOUNT. Once you go to the Bitcoin Trading broker of your choice and select this option of opening an account, you will then have to fill some online forms - the step by step process of filling these forms is explained in this article. If you fill the forms correctly and follow the account opening procedure explained below you can have your account opened within 5 minutes.
With this online trading account you can trade the following: Forex currencies, Bitcoin, Silver, Oil, CFDs, Futures and Stock Indices.
With this same account using the MT4 platform you can trade newly added CryptoCurrencies:
With this trading account there is no need for a Bitcoin wallet - Bitcoin is a Cryptocurrency that can be traded in the same way as other online currencies - BTCUSD (Bitcoin / US Dollar) can now be traded as a cash CFD.
How to Open an Online Bitcoin Trading Account
To open this live trading Bitcoin Trading account, a trader has to fill some online forms provided by a Bitcoin Trading broker. The account opening online form can be obtained from your online trading broker.
Process of opening a real Bitcoin Trading account is one where your broker will also require you to upload the following required documents:
What Documents Are Required To Open An Online BTCUSD Trading Account?
1. Proof of ID - Color copy of ID card or Passport - A color copy of valid passport or other official identification document that is issued by authorities (e.g. Driver's license, identity card, etc). The identification document must contain the client's full name, an issue or expiry date, the client's place and date of birth or tax identification number & client's signature.
2. Proof of Residence - Color copy of utility bill - A recent utility bill (e.g. Electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within the last 6 months and confirming your registered address (physical residential address not post office address).
You can use your mobile phone to take pictures of these documents and upload them direct from your phone(this is the best option). Alternatively, use a digital camera, upload the pictures to your PC desktop computer and then upload these supporting documents on to your account
To Find where to upload these supporting documents look for the option 'Upload Documents' - this option is shown below. Please note after opening your account it'll not get validated until you have completed uploading these supporting documents.
Please note if you do not upload the above required documents your account won't be validated - Make sure you upload the above documents to get your account verified. More than 50% of all new traders do not succeed in opening their Online Trading account because they fail to upload the required accompanying documents. If you correctly upload all the required documents then your account will be verified & you can start trading with your trading account within five minutes. Take color photo of these 2 documents with your smartphone & upload these docs directly to your Forex and Bitcoin Trading broker website using your mobile phone browser.
Where to Upload Documents on the Bitcoin Trading Account
Once you've filled and Submitted the account opening forms that your broker will have provided you with, you will get access to the following trader cabinet: This will now be your Bitcoin Trading account.
Why is a Copy of My ID & Utility Bill that Has My Name Required?
These documents are required by your Forex and Bitcoin Trading broker to safe-guard against money laundering. AML, or Anti Money Laundering Regulations necessitate that all online brokers ask proof of ID & Residence with your name so as to verify that you're a resident citizen of the country you claim you are from as well as a Copy of Utility Bill that shows your exact location where you reside, that way you can't come up with some fake identity or fake residency location to use for money laundering.
All regulated Forex and Bitcoin Trading brokers must comply with this requirement prior to opening a account for a new client.
Once your online Forex and Bitcoin broker receives these online account opening application forms plus the above documents, your application will be processed and you'll be assigned a login account number & a password for live Bitcoin Trading account.
Once your uploaded documents are approved by your broker - your account will then get verified. Your log in details will be sent to your email address. An example of a validated account is illustrated and shown below:
This is KYC - Know Your Client, it is more of a legal requirement than a mere formality, your broker must follow this policy and try to do everything to know who their client is, so as to guard against money laundering activities.
You can then use your details to log into your MT4 platform and begin trading on this verified account. You can also use the same log in details to login to your trader cabinet on the Forex and Bitcoin Trading broker website. On the myaccount area trader cabinet you can deposit money, withdraw money & view trading reports of your Bitcoin Trading broker account.
Trader Cabinet
The Bitcoin account trader cabinet is a client area where once a trader opens a live account, then they can login to this trader cabinet and do the following operations; deposit money, withdraw money, generate trade reports, upload documents and get to view the balance of their trading transactions as shown below.
