You’ve taken an interest in cryptocurrency and opened an account at a crypto exchange.
Having come this far, you’ve already taken the first step!😊
But after you finish opening your account, don’t you sometimes have questions like these?
“What should I do next?”
“Is it okay to deposit Japanese yen right away?”
“Are there things I should check before buying Bitcoin?”
“There are so many numbers on the trading screen, I don’t know where to look…”
I think many people manage to get through the account opening process but then get stuck afterward.
Even I, when using a new service for the first time, tend to think, “Well, what do I do now?” the moment registration is finished (laughs).
In the case of cryptocurrency, since you’ll be using your own money, it’s a bit nerve-wracking to proceed without understanding things, isn’t it?
So, this time, I will introduce what you should check after opening your crypto exchange account, divided into 5 steps.
I will explain things as gently as possible so that you, as a beginner in cryptocurrency, can prepare without rushing.
You don’t have to buy cryptocurrency immediately after opening an account
First, there is something I want to tell you right away.
That is, just because you’ve finished opening an account, it doesn’t mean you need to buy cryptocurrency immediately.
After creating an account, it’s perfectly fine to spend time checking the trading screen, researching deposit methods, and confirming fees.
“Since I went to the trouble of creating an account, I have to buy it quickly.”
There is no need to think that way.
Because cryptocurrency prices fluctuate, it is more important to understand how to use the service first rather than rushing to purchase.
If you set your initial goal to
“getting used to the mechanisms and operations”
rather than
“making a profit,”
I think you’ll feel a bit more at ease.
STEP 1. Check the trading screen and account status
Once your account opening is complete, first take a slow look at the exchange screen.
When you log in, you might see items like the following:
・Japanese yen balance
・Cryptocurrency held
・Sales office (Exchange/Brokerage)
・Trading exchange
・Deposit
・Withdrawal
・Purchase history and transaction history
・Various settings
The names and layouts of the screens differ depending on the service, but the basic items are similar.
At first, there might be a lot of numbers lined up, and it might look a bit difficult.
But you don’t need to understand everything all at once.
First, just try checking:
“Where is the Japanese yen balance displayed?”
“Where is the screen to buy cryptocurrency?”
“Where are the deposit and withdrawal menus?”
You don’t need to purchase cryptocurrency just to look at the screen and get used to the operations.
When there is an item you don’t understand, it is also recommended to check the help page or frequently asked questions on the official website.
STEP 2. Check deposit methods and fees
To purchase cryptocurrency, you will first need to deposit Japanese yen into your exchange account.
Depending on the service, several deposit methods may be available, such as bank transfers or internet banking.
However, deposit methods, fees, and the time it takes for funds to be reflected vary depending on the exchange you use.
Therefore, check the official website before making a deposit.
Points you especially want to check include the following:
Things to check before depositing
・Which banks or methods can be used to deposit
・Whether there is a deposit fee
・The time it takes for deposited money to be reflected
・Whether there are rules for the name on the deposit
・Whether a minimum deposit amount is set
・Whether there are times when it cannot be used due to maintenance, etc.
If you think, “I deposited money, but it’s not reflected in my balance,” you might panic.
However, there are cases where processing on the bank side or the exchange side takes time.
If you check the reflection time and precautions before depositing, you will be able to handle it calmly.
Deposit only the necessary amount at first
When depositing for the first time, it is safer not to put in a large amount suddenly.
While you are not used to cryptocurrency trading, try checking the deposit method and screen movements with a small amount.
Of course, even with a small amount, there is a possibility that the price will drop.
Do not use money for living expenses, rent, or money you plan to use in the near future for purchasing cryptocurrency.
STEP 3. Research the cryptocurrency you want to buy
Before depositing Japanese yen, it is also important to think about which cryptocurrency you will purchase.
There are various types of cryptocurrencies, starting with Bitcoin and Ethereum.
Each has its own purpose and characteristics, and price movements are not the same.
Just because it is a hot topic on social media does not mean the value of that cryptocurrency will definitely go up.
“Because everyone is buying it”
“Because a famous person introduced it”
You want to avoid purchasing for reasons like these.
First, try researching things like the following:
・What was that cryptocurrency created for?
・What kind of mechanism is it used for?
・Which exchanges is it handled on?
・Is it a currency with large price fluctuations?
・What network supports its purchase and remittance?
You don’t need to understand professional details from the beginning.
“This cryptocurrency is used for this purpose, I see.”
Start by understanding it roughly.
Rather than purchasing without understanding, purchasing after researching even a little makes it easier to take responsibility for your own money.
STEP 4. Check the sales office and trading exchange again
When purchasing cryptocurrency, check whether you will use a “sales office” (brokerage) or a “trading exchange.”
A sales office is a place where you buy and sell cryptocurrency at the price presented by the operating company.
The operation is relatively simple, so it may be easy to understand for those purchasing for the first time.
On the other hand, a trading exchange is a place where users buy and sell with each other.
A transaction is established when the conditions of the buyer and the seller match.
Regardless of which one you use, it is important to check the price and fees before purchasing.
When using a sales office
At a sales office, you enter the purchase amount or quantity and purchase while checking the displayed content.
However, the “spread,” which is the difference between the purchase price and the selling price, may become a substantial cost.
Therefore, before pressing the purchase button, check the price when buying and the price when selling.
When using a trading exchange
At a trading exchange, you may specify the price and quantity you want to buy and place an order.
Several order methods, such as market orders and limit orders, may be available.
A market order is an order method that prioritizes completing the transaction.
A limit order is an order method where you specify the price you desire.
However, with a limit order, the transaction may not be established if the price does not reach your desired level or if there is no counterparty that matches your conditions.
At first, make sure to understand the order method before operating.
If a screen you don’t understand appears, don’t force yourself to proceed; it’s fine to stop and check once.
STEP 5. Make a final check before purchasing
Before finally purchasing cryptocurrency, check several items.
You might feel like “I want to buy it quickly!” but it is important to calm down here once.
Checkpoints before purchasing
・Is the type of cryptocurrency you are purchasing correct?
・Is the purchase amount or quantity correct?
・Are you using a sales office or a trading exchange?
・Have you checked the purchase price?
・Have you checked the fees or spread?
・Do you understand the order method?
・Can you check the balance after purchase?
・Are you not using money necessary for living?
When operating on a smartphone, there is a possibility of mistaking cryptocurrencies with similar names.
Also, you need to be careful about input errors in the amount.
Before pressing the purchase button, try checking the content displayed on the screen slowly.
“There are mistakes that can be prevented by just a few seconds of checking.”
Thinking this way makes it easier to operate calmly.
What do you do after buying cryptocurrency for the first time?
Once you have successfully purchased, first try checking the transaction history or the assets held screen.
Check if the type and quantity of the cryptocurrency you purchased are displayed correctly.
Also, understand that the amount you purchased and the current valuation may change.
Because cryptocurrency prices fluctuate, the valuation may change immediately after purchase.
Just because the price has dropped a little, there is no need to panic and sell immediately.
Conversely, just because the price has gone up, there is no need to rush and make additional purchases.
After purchasing, try using the time to learn how it moves while watching the price fluctuations.
The first purchase is not just about making a profit.
By actually purchasing, you can experience how to read the screen, price movements, and the flow of transactions.
I think that experience will be a trigger for learning next.
Scams to be careful about when starting cryptocurrency
When you start cryptocurrency, you might start seeing various information on social media, etc.
There is useful information, but you need to be careful because there is also content that leads to scams.
For example,
“You will definitely make a profit”
“You can increase it with principal guarantee”
“If you send money to this wallet, you will receive a special reward”
“I want you to tell me your private key or seed phrase”
Be wary of stories like these.
In cryptocurrency trading, it is not guaranteed that you will definitely make a profit.
Also, legitimate support staff will basically never ask for your password, private key, or seed phrase.
Before opening suspicious links or sending money to unknown parties, check the information on the official website.
If you feel even a little uneasy, it is important to stop once without acting immediately.
If you are opening an account, compare the service content
People who are starting cryptocurrency from now on will start by choosing a crypto exchange.
When choosing an exchange, do not decide just by the impression of advertisements, but check the actual service content.
In particular, it becomes easier to choose if you compare points like the following:
・Types of cryptocurrencies handled
・Support status for sales offices and trading exchanges
・Fees and spreads
・Deposit and withdrawal methods
・Ease of use on smartphones
・Security measures
・Support system
Features and usage conditions differ depending on the service.
Before applying, please check the latest information on the official website.
Summary: After opening an account, check one by one without rushing
This time, I introduced what to do after opening a crypto exchange account.
After opening an account, I think it is easy to understand if you proceed in the following order:
1. Check the trading screen and account status
2. Research deposit methods and fees
3. Learn about the cryptocurrency to purchase
4. Check the difference between a sales office and a trading exchange
5. Finally check the amount and fees before purchasing
Cryptocurrency is not something you must purchase immediately after creating an account.
First, look at the screen, research the mechanism, and resolve things you don’t understand one by one.
When I start something new, I get tired if I try to understand everything from the beginning.
That is why I try to divide what I can do into small parts and proceed.
Cryptocurrency is the same, and
“Today I will check the trading screen”
“Next I will research the deposit method”
“After that I will consider purchasing a small amount”
It is fine if you proceed one step at a time like this.😊
Don’t rush, let’s prepare at your own pace.
You, who have finished opening an account, are already standing at the starting line.
All that’s left is to not overdo it and acquire the correct knowledge little by little.
