After Bitcoin recently surged to 120,000, it has attracted more and more users. However, for beginners, questions like "How to open a Bitcoin account?" and "Are there any fees?" often become the primary obstacles to getting started. This article will systematically outline the entire process of opening a Bitcoin account, analyze related fees, and answer common questions to help you get started quickly.
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How much does it cost to open a Bitcoin account and trade?
Currently, opening a Bitcoin account means registering an account on a Bitcoin trading platform, so there is no cost to open an account, but trading does require money. The specific trading amount is controlled by the investor, while the Bitcoin trading platform will charge a certain fee, which may vary depending on different Bitcoin exchanges. Investors can calculate BTC trading fees based on the following points.
The Bitcoin network rules include a built-in transaction fee structure, which depends on the (standard) client recommended by the system. For example, using Bitcoin Core, the transfer requires passing through the following steps:
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Prepare the Bitcoin you want to send.
The client is responsible for collecting the Bitcoin balance in your wallet (Bitcoin-Qt) to prepare for payment, as every Bitcoin you receive exists in your wallet until you spend it.
For instance, if A transfers 2 Bitcoins to B and C transfers 3 Bitcoins to B, then the amounts from the two transfers will remain separately in B's wallet until spent. (Note: The two transfers will not "automatically merge" into 5 BTC).
After a while, different amounts of Bitcoin will accumulate in the wallet, so you need to consider which ones to use for payment.
The available amount is called the transaction "input," and the final sent amount (including change returned to the wallet) is called "output." If the transaction "output" (including change) is less than 0.01 BTC, a fee of 0.0001 BTC will be charged. When "selecting coins," the algorithm will try to avoid coins with change amounts less than 0.01 BTC.
How to open a Bitcoin account, are there any fees? Bitcoin account opening process and FAQs. -
The larger the amount and the older the coin age, the higher the priority.
If you send a small amount or your Bitcoin was mined not long ago, your transfer will no longer be free. Each transaction is assigned a priority, which is determined by the age of the coins, the size of the transaction in bytes, and the number of transactions. Specifically, for each input, the client will multiply the amount of Bitcoin by the time these coins have existed in the block (coin age), then sum all the products and divide by the size of the transaction (in bytes).
If you have a lot of small inputs and want to transfer for free, you can add a larger amount of older Bitcoin, which will raise the average priority and allow you to transfer Bitcoin for free. -
Charge per kilobyte.
The charge per kilobyte will be detected by the client at the end of the transfer based on the size of the transfer (in bytes), which generally depends on the size of the inputs and outputs. The calculation formula is as follows: 148 * input amount + 34 * output amount + 10. If the size of the transfer exceeds 10,000 bytes but the priority meets the free standard, it can still enjoy free transfer; otherwise, a fee will be charged. The default fee for every 1,000 bytes is 0.0001 BTC, but you can also adjust it in the client by opening the tab "Settings > Options > Main" for fee adjustments. If the set fee is less than 0.0001 BTC, it will be calculated as 0.0001. When this rule applies, it will replace step 2's rule rather than accumulate.
Bitcoin account opening process.
- Register an account, taking Binance as an example:
- Go to the Binance official website, you can click here to enter the Binance official website, click [Register with phone or email] -- select [Taiwan] as your country/region.
How much does it cost to open a Bitcoin account and trade?
How much does it cost to open a Bitcoin account and trade? - Choose to register with [Email] (recommended QQ, NetEase 163, Sohu email), enter your email and password as required. Carefully read the "Binance Terms of Service," check the box, and click [Register].
How much does it cost to open a Bitcoin account and trade?
Security tip:
For account security, when setting your account password, please ensure it is at least 8 characters long and includes uppercase letters and 1 digit.
If you need to fill in a referrer ID, please confirm with the referrer before filling it in. The referral relationship cannot be changed after successful registration. - Slide to the right to complete the puzzle for security verification.
How much does it cost to open a Bitcoin account and trade? - In the pop-up window, check the corresponding options as prompted.
How much does it cost to open a Bitcoin account and trade? - After selecting the corresponding options, the system will send a verification code to your email. The verification code is valid for 30 minutes. Please log in to your email to check the verification code and fill it in promptly.
How much does it cost to open a Bitcoin account and trade? - After entering the verification code, you will enter the following interface indicating that the registration was successful.
How much does it cost to open a Bitcoin account and trade? - For account security, it is recommended to enable two-factor authentication (Google 2FA or SMS 2FA).
How much does it cost to open a Bitcoin account and trade? - Identity verification.
- Log in to your Binance account (click here to register), click [User Center] - [Identity Verification].
How much does it cost to open a Bitcoin account and trade? - Or click [Verify] on the homepage.
How much does it cost to open a Bitcoin account and trade? - Here, you can see the corresponding certification levels: "Standard Identity Verification," "Advanced Identity Verification," and "Enterprise Certification." The limits vary by country or region. Click the button next to "Primary residence country/region" to select your residence country or region.
How much does it cost to open a Bitcoin account and trade?
Then, click [Get Started] to verify your personal account.
How much does it cost to open a Bitcoin account and trade? - Select your nationality and enter your identity information and supplementary information as instructed. Please ensure that all information you enter matches your identification documents. Once confirmed, you will not be able to change it.
How much does it cost to open a Bitcoin account and trade?
How much does it cost to open a Bitcoin account and trade? - Click [Continue], select the type of document and the country or region that issued your document.
How much does it cost to open a Bitcoin account and trade? - Click [Continue] to take and upload your document photos.
How much does it cost to open a Bitcoin account and trade?
The photos should clearly and completely display the information above. After completing, click [Continue].
How much does it cost to open a Bitcoin account and trade?
How much does it cost to open a Bitcoin account and trade? - After uploading, click [Continue]. Upload your portrait photo according to the sample demonstration, and click [Continue].
How much does it cost to open a Bitcoin account and trade? - The system will then require you to complete a facial verification. Please do not wear hats, glasses, or use filters, and ensure that the lighting is sufficient.
How much does it cost to open a Bitcoin account and trade?
Additionally, you can also scan the QR code with your mobile app to complete facial verification.
How much does it cost to open a Bitcoin account and trade? - After completing the above process, please be patient. Binance will review your application in a timely manner. Once your application is approved, Binance will send you an email notification.
Key questions and answers about opening a Bitcoin account.
Is opening an account really completely free?
Creating a wallet and exchange account is indeed free. However, there will be fees for trading (buying/selling), depositing, and withdrawing funds.
Is identity verification (KYC) mandatory?
To purchase Bitcoin or fiat currency on mainstream compliant exchanges, KYC must be completed to comply with anti-money laundering regulations. If you only use a decentralized wallet to receive/send Bitcoin, KYC is not required.
How long does it take to open an account?
Creating a wallet takes only a few minutes. Exchange registration and basic verification are also quick, but complete KYC review usually takes a few hours to 3 business days, depending on the platform and the quality of the verification documents.
Where is the correct place to buy Bitcoin?
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Mainstream legitimate trading platforms.
Secondary exchanges, such as:
Binance: The largest exchange globally, offering an extremely rich variety of cryptocurrencies, trading pairs (spot, contracts, etc.), financial products, and relatively low trading fees. Its user interface is complex and requires time to learn. Registration usually requires strict identity verification (KYC).
Coinbase: The largest publicly listed exchange in the U.S., known for compliance and user-friendliness, especially suitable for beginners. High security, but relatively high trading fees, and fewer cryptocurrencies available compared to Binance. Offers simple educational rewards.
Kraken: An established exchange with a good reputation for security and professional trading features, offering a rich variety of cryptocurrencies and trading types (such as futures, staking). Its interface is not as intuitive as Coinbase. -
Decentralized exchanges.
Representative platforms: Uniswap, PancakeSwap, SushiSwap, etc.
Principle: Operates directly on the blockchain, allowing users to connect through wallets for peer-to-peer trading without registration or KYC (usually).
Advantages: Relatively higher privacy; users truly control their assets (private keys are in their hands).
Disadvantages and risks:
High operational threshold: Requires familiarity with wallet usage (such as Metamask), Gas fees (blockchain transaction fees) settings, token authorization, etc. Operational errors may lead to asset loss.
Liquidity risk: Some trading pairs may have insufficient liquidity, leading to high slippage or inability to execute trades.
Smart contract risk: DEX relies on smart contracts, which may have vulnerabilities that can be exploited.
No customer support: When encountering problems, users usually have to rely on the community or documentation for self-help.
Price discovery efficiency: May not be as effective as centralized exchanges.
Summary.
The core of opening a Bitcoin account lies in choosing a compliant platform, completing real-name verification, and strengthening security settings. In terms of fees, trading fees are the main cost, which can be optimized by choosing low-fee platforms or using limit orders. For beginners, it is recommended to start with small amounts (whether for deposits, withdrawals, or trades, always conduct small tests during the first operation to confirm the entire process and addresses are correct before proceeding) and gradually familiarize themselves with market rules. Reminder: Bitcoin is highly volatile, so operate and view it rationally.