With the domestic ban on cryptocurrency trading such as Bitcoin, many investors are turning to overseas platforms for trading and investment. In this article, we will introduce how to register for an overseas cryptocurrency trading account and provide some points to note during the registration process to help Taiwanese users smoothly open a foreign currency account and continue to participate in the global crypto market.
Why choose an overseas cryptocurrency account?
With the Chinese government's blanket ban on trading Bitcoin and other cryptocurrencies, many domestic users are unable to continue trading cryptocurrencies on local trading platforms. This has led a large number of investors to seek out overseas exchanges in order to continue participating in the global cryptocurrency market. Overseas platforms offer more flexible trading options, higher liquidity, and the ability to offer more competitive fees and more trading pairs.
Taiwan's legal environment for cryptocurrencies is relatively relaxed, so many Taiwanese users can also avoid the impact of domestic policy restrictions by registering for an overseas account. Choosing a legitimate overseas platform allows users to manage their assets more securely and trade freely around the world.
How to choose the right overseas exchange?
Choosing a reliable overseas exchange is the first step in registering an overseas cryptocurrency account. There are numerous cryptocurrency exchanges in the market, with different platforms offering different advantages and risks. When choosing an exchange, it is recommended to consider the following key factors:
Security: Choose an exchange with good security. For cryptocurrencies, the security of your funds is of paramount importance. Make sure the exchange has asset insurance or cold wallet technology to prevent hacking and loss of funds.
Fee and Liquidity: Most exchanges charge a fee for trading, and the fee structure may vary depending on volume, pairs and other factors. Choosing an exchange with low fees and high liquidity is especially important for long-term investors.
User experience and interface: Choose an exchange with a clear and easy-to-use interface, especially for new users, as a good user experience can increase trading efficiency and confidence.
Compliance and regulation: Despite the fact that regulatory policies on cryptocurrencies vary from country to country, it is still important to choose a compliant exchange. This protects the legitimate rights of users and avoids loss of funds due to exchange issues.
Basic Procedures for Registering Overseas Accounts
The process of registering for an overseas cryptocurrency account is relatively simple, but there are a few details to keep in mind. Below are the general registration steps:
Step 1: Select an Exchange and Create an Account
Choose a suitable exchange and visit its official website. Most exchanges offer a simple registration process where the user only needs to provide basic information such as email, cell phone number and setup password.
Step 2: Identity Verification (KYC)
Most overseas exchanges require users to undergo identity verification as part of a "Know Your Customer" (KYC) policy. Users are required to provide valid identification such as a passport, ID card or driver's license, and may be required to provide a current dated selfie to confirm the user's identity.
Step 3: Enable two-step verification
To improve account security, it is recommended to enable two-step verification (2FA). This usually requires the user to download an authentication application (e.g. Google Authenticator or Authy) on their phone and generate a one-time password for authentication each time they log in.
Step 4: Deposit and Withdrawal
After authentication, users can choose to deposit either fiat or cryptocurrency into their account. Most exchanges support bank transfers, credit cards or other payment methods. When withdrawing funds, it is necessary to follow the platform's withdrawal process and confirm the relevant handling fees.
Notes on Overseas Account Registration
When registering for an overseas cryptocurrency account, users should pay special attention to the following points:
Pay attention to privacy protection: Since cryptocurrency exchanges usually require users to provide personal information, it is recommended to choose a well-known exchange that emphasizes the protection of user privacy. Some exchanges offer privacy protection features to avoid misuse of user information.
Protect yourself from scams and phishing: When registering for an account, always make sure you're going to an official website. Avoid clicking on links from unknown sources to avoid being caught in a scam or phishing attack.
Avoid Rushing to Withdraw Funds: After registering and depositing funds on an overseas exchange, it is recommended that you do not rush to withdraw funds, but first familiarize yourself with the exchange's operating interface and conduct a small trade test. Make sure that you are familiar with the operation of the exchange before making large trades.
Compliance: Even though the legal environment for cryptocurrencies in Taiwan is relatively lenient, users should still be aware of and comply with local laws. In particular, when making large transactions or cross-border transfers, it is important to be aware of the possible tax implications.
Common Overseas Exchanges
For Taiwan users, you can refer to the following well-known trading platforms when choosing an overseas exchange:
Binance
Binance is one of the largest cryptocurrency exchanges in the world, offering a wide range of cryptocurrency trading pairs and low transaction fees. It supports multiple languages, including traditional Chinese, and has a rich set of features such as spot trading, futures trading, and pledging.
Coinbase
Coinbase is one of the largest cryptocurrency exchanges in the U.S. Coinbase's main focus is on simplicity and ease of use, especially for beginners. It has a clear interface, an easy transaction process, supports multiple payment methods, and offers complete security for your funds.
OKX
OKX is another popular cryptocurrency exchange that offers a wide range of trading options, including spot, futures, and perpetual contracts. Its commission program is attractive to active traders and supports registration and trading for Taiwanese users.
Conclusion and Future Prospects
With the rapid development of cryptocurrencies, domestic policy restrictions may cause some investors to turn to overseas platforms for trading. Choosing the right overseas exchange to register an account is not difficult, but users need to pay attention to aspects such as account security, identity verification and exchange compliance. For investors in Taiwan, knowing how to properly register and use overseas exchanges will allow them to capitalize on more opportunities in the global cryptocurrency market. It is also important to remain aware of market risks and invest with caution.
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