Updated Rules checked 2026-10-21
Buying crypto on an exchange for the first time takes seven steps, in this order: pick an exchange, enter a referral code when you sign up, complete identity verification (KYC), put money into your account, place your first spot order, set up security, and withdraw when you need to. Taking Binance as the example, the exchange says identity verification is usually reviewed within 48 hours, a BTC/USDT order must be at least 5 USDT, and the spot fee for regular users is 0.1%, deducted from the coins you buy.
On a small first purchase, the trading fee is usually not the biggest cost. I ran the numbers with prices from Binance’s official API on 2026-10-21: buying BTC with 100 USDT at market costs about 0.10 USDT in fees; withdrawing that same BTC on the Bitcoin mainnet costs a network fee of 0.00002 BTC, about 1.67 USDT, more than 16 times the trading fee. If you deposit with a credit card, the card fee the exchange charges ranges from 2% to 3.80%, which is 2 to 3.80 USDT on 100 USDT.
Each step below comes with the official rules and the places people commonly get stuck. At the end, I work through 100 USDT from deposit to withdrawal and compare how the 13 exchanges this site covers differ for a beginner.
Key points: every new Binance user must complete identity verification at the “Verified” level before they can deposit or trade, and Binance says the review is usually done within 48 hours. If you forgot the referral code at sign-up, Binance only lets you bind one later within 30 days of registering and while the account has no deposits or trades; the other conditions include that your KYC information has not been used on another account in the past 180 days. Binance always deducts spot fees from the asset you receive: 0.1% for regular users, with a 25% discount when you pay in BNB. A BTC/USDT order must be at least 5 USDT. Binance’s official network data on 2026-10-21 shows that deposits are free, a BTC withdrawal on the Bitcoin mainnet costs 0.00002 BTC, and a USDT withdrawal costs 0.01 USDT on BEP20 and 1.5 USDT on TRC20. Buying BTC with 100 USDT at market and withdrawing it on the Bitcoin mainnet costs about 1.77 USDT in total, of which about 1.67 USDT is the withdrawal network fee.
The figures below were checked against official pages on 2026-10-21 (the data check date) and are shared for reference. Some numbers for other exchanges come from earlier checks in the site’s other guides; the date is given under each table.
What are the steps to buy crypto on an exchange for the first time?
Start with the whole route. Every step has a spot where mistakes are most likely, and the order matters: the referral code goes in at sign-up, deposits have to wait until KYC is approved, and it’s best to finish your security settings before you withdraw.
| Step | What to do | Official rule (Binance as the example) | Where people get stuck most |
|---|---|---|---|
| 1. Pick an exchange | Choose one based on what you’ll use it for | — | Looking only at ads or bonuses, not at fees or the rules for adding a code later |
| 2. Sign up | Register with email or phone and enter the referral code at the same time | A code can only be bound later within 30 days of registering and with no deposits or trades | Signing up first and thinking of the referral code afterwards |
| 3. KYC | Upload your ID, do the liveness check, confirm your personal details | New users must reach “Verified” before they can deposit and trade; usually reviewed within 48 hours | Details that don’t match the ID, which you can’t edit yourself once confirmed |
| 4. Deposit | Card, P2P, fiat, or a coin transfer from another platform | On-chain deposits are free; the network must match the sending side | Choosing the wrong network, leaving out the MEMO |
| 5. First order | Spot market order or limit order | 0.1% for regular users, deducted from the coins you receive; BTC/USDT minimum 5 USDT | Assuming a limit order is always cheaper |
| 6. Security settings | 2FA, anti-phishing code, withdrawal whitelist | Resetting 2FA or changing the authenticator restricts withdrawals for up to 48 hours | Changing settings only when you urgently need to withdraw, and getting withdrawals locked |
| 7. Withdraw | Send to your own wallet or another exchange | Network fees are charged per withdrawal; the first withdrawal to a new address triggers a security prompt | Picking only the cheapest network, which the receiving side doesn’t support |
Sources: Binance: How to complete identity verification for a personal account (updated 2026-07-02), Binance Referral Pro Mode FAQ (updated 2026-08-06), Binance: How spot trading fees are calculated, Binance BTC/USDT trading rules API, Binance: How to withdraw crypto (updated 2026-10-05) and Binance: Reset security verification, checked on 2026-10-21 (the withdrawal restriction after a 2FA reset comes from the 2026-10-18 check).
Which exchange should be your first? 13 exchanges compared for beginners
For a first exchange, you can start with three things: how long identity verification takes, whether you can still add a referral code you forgot, and what your first spot order costs in fees. The table below puts the 13 exchanges this site covers side by side. The 100 USDT column is calculated straight from the VIP 0 Taker rate, without platform-token discounts or rebates. How to choose for other uses (futures, number of coins, earn products, security record) is covered in best crypto exchange.
| Exchange | KYC review time stated officially | Forgot the referral code at sign-up | Spot Maker / Taker | Fee on a 100 USDT market order |
|---|---|---|---|---|
| Binance | Usually within 48 hours | Can be bound within 30 days of registering if there are no deposits or trades yet | 0.1% / 0.1% | 0.10 USDT |
| OKX | About 30 seconds after upload; within 24 hours if further review is needed | Can’t be added or changed after the account is created | 0.08% / 0.1% | 0.10 USDT |
| Bybit | Usually about 15 minutes, up to 48 hours | Signing up with a referral code gives the invitee no rebate from the exchange; for another route, see Bybit fee rebate | 0.1% / 0.1% | 0.10 USDT |
| Bitget | Three different official statements: usually 60 minutes, usually 1 business day, up to 4 hours | Inviting a user who has already registered isn’t recognized | 0.1% / 0.1% | 0.10 USDT |
| MEXC | Usually within 15 minutes; some cases take 8 to 24 hours | Can be bound within 30 days after registering | 0% / 0.05% (major coins) | 0.05 USDT |
| Gate | Three different official statements: a few minutes to 1 business day, 1 to 3 business days for manual review, 10 minutes to 12 hours | No official process for adding one later could be found | 0.1% / 0.1% | 0.10 USDT |
| BingX | 2 to 10 minutes | Can be bound if you haven’t deposited yet (including buying crypto) and haven’t invited any friends | 0.1% / 0.1% | 0.10 USDT |
| KuCoin | Usually 3 to 5 minutes, up to 48 hours | You can submit a “Link Referrer” request, which KuCoin reviews; conditions not stated | 0.1% / 0.1% | 0.10 USDT |
| HTX | Not stated officially | Not stated officially | 0.2% / 0.2% | 0.20 USDT |
| XT | Within 2 days (XT says KYC is “recommended”) | Can only be entered at sign-up | 0.2% / 0.2% | 0.20 USDT |
| WEEX | Manual review usually within 3 business days | The referral relationship can’t be changed after successful registration | 0.1% / 0.1% | 0.10 USDT |
| Pionex | Usually within 1 hour; 1 to 3 business days in complex cases | Can be added within 14 days of registering (within 3 days if you’ve already placed a trade) | 0.05% / 0.05% | 0.05 USDT |
| Ourbit | Within 48 hours | Accounts with no referrer bound yet can bind one | 0% / 0% | 0 USDT |
Sources and dates: KYC review times come from each exchange’s official help center, collected in the site’s KYC guides (checked on 2026-10-13; Binance, OKX and BingX rechecked on 2026-10-21). The rules for adding a code later come from each exchange’s referral program rules (checked 2026-10-07 to 10-10; Binance rechecked on 2026-10-21 in the Referral Pro FAQ). Spot rates come from each exchange’s official fee page, checked 2026-10-11 to 10-12, with Binance, MEXC and Ourbit rechecked on 2026-10-21; see for example the Binance fee page, the OKX fee page, the MEXC fee overview and the Ourbit fee notice.
On 100 USDT, the fees differ by only a fraction of a USDT between exchanges. For a first purchase, it matters more whether you can fix a mistake: OKX and XT only accept a referral code at the moment you sign up, while Binance, MEXC, BingX, Pionex and Ourbit allow adding one later under certain conditions, and KuCoin accepts a separate request that it reviews. Ourbit charges no spot fees at all, so there is no spot rebate to get back.
How do you enter a referral code when signing up?
Enter the referral code before you submit the sign-up page; it’s a one-time step. A referral code ties your account to the referrer, and the exchange then refunds part of the fees you pay according to its referral rules. That refund is the rebate. Binance spells out its conditions for binding a code later in detail, and all 6 of the following must be met:
- your KYC information hasn’t been used on another account in the past 180 days;
- the account has no referral relationship yet;
- it’s a main account, not a sub-account;
- it was registered less than 30 days ago;
- the account has no deposit or trading history at all;
- it hasn’t been flagged as a wash trader.
The source is the Binance Referral Pro Mode FAQ (updated 2026-08-06, checked 2026-10-21). In other words, once you’ve deposited or bought anything, you can’t add a code yourself. If you sign up on your phone, watch the order too: if you download the app first and only then tap the referral link, the referral may not be bound. See app sign-up and referral code binding. To confirm after sign-up whether the code was bound, see how to check whether a referral code is bound; for every exchange’s conditions for adding a code later, see adding a referral code after sign-up.
Taking Binance as the example, this site’s Binance referral code is KEVINWU. Enter it at sign-up and Binance automatically refunds 20% of your net trading fees to your account, on both spot (including margin) and USDⓈ-M futures. This is the exchange’s own automatic rebate, credited directly by Binance; the rate syncs with the exchange every day and is tracked in the rebate rate report, and the method is explained in rebate data methodology.
Referral codes and rebate rates for the other exchanges are collected in crypto exchange referral codes. For what a referral code is and how it differs from an ordinary invite link, see what is a referral code.
What do you need for KYC identity verification, and how long does it take?
Have a valid original ID document ready, plus a phone or computer with a working camera. KYC is the exchange’s identity verification. Binance states that all new users must complete the “Verified” level before they can use products and services such as deposits and trading; existing accounts that are not yet verified can only withdraw, cancel orders, close positions and redeem (Binance identity verification guide, updated 2026-07-02).
- On the website, go to [Account] → [Identification] → [Get Verified]; in the app, tap [Verify Now] on the home screen.
- Choose your country of residence, the country/region that issued your ID, and the document type. Binance says most users can use a passport, national ID card or driver’s license, but the actual options depend on the country/region.
- Upload the front and back of the document, then do the liveness check: no hat or glasses, no filters, good lighting, face centered.
- Confirm your personal details. They must match the document, and once confirmed you can’t edit them yourself.
- Wait for the review. Binance says it is usually completed within 48 hours but may take longer in special cases, and you’ll get an email once you’re approved. Don’t refresh the browser or exit the app during the process.
Each person can have only one verified Binance personal account. Review speed varies a lot between exchanges, from about 30 seconds stated by OKX to 3 business days at WEEX; see the comparison table above. For other exchanges’ ID requirements and rejection reasons, see the individual guides such as Binance KYC, OKX KYC and Bitget KYC.
How do you fund an exchange account? Card, P2P, fiat and crypto transfers compared
There are four common ways to deposit, and the cost gap between them is much bigger than the gap in trading fees. The table below shows the exchange-side fees for putting in about 100 USDT, not counting anything your bank or the sending platform charges separately.
| Deposit method | Fee charged by the exchange (official) | On about 100 USDT | What to watch |
|---|---|---|---|
| Buying crypto with a credit/debit card | Binance’s blog says “up to about 2%”; Bybit 3.70% for Visa and Mastercard issued outside the EU; BingX 3.80% outside the EU; OKX 2.49% for USD | About 2 to 3.80 USDT | Your card issuer may charge a separate foreign transaction fee; OKX states that some banks treat this payment as a cash advance |
| P2P (buying from other users) | OKX, Bitget, MEXC, Gate, KuCoin, HTX, WEEX and Pionex state they charge no trading fee; Binance may charge Makers/Takers depending on the market | Fees are mostly 0; the cost is in the price the merchant quotes | The exchange only holds the seller’s coins in escrow; your payment happens off the platform; only press “Paid” after you’ve actually paid |
| Fiat bank deposit | Depends on region and currency; Binance’s buy page states that fees and quotes depend on the payment method, currency and market conditions | No fixed figure stated officially | Whether it’s available and which currencies are supported depends on where you live |
| Transferring crypto in from another platform (deposit) | Binance doesn’t charge for deposits | 0; the sending platform charges a withdrawal network fee | The network must match on both sides; fill in the MEMO when required |
Sources: card fees from the Binance blog (2024-10-22), the Bybit card fee table, the BingX bank card purchase FAQ and OKX’s guide to buying with a card, checked 2026-10-17; P2P from the Binance P2P guide, OKX fee rules and other exchanges’ guides, checked 2026-10-21; fiat from the Binance buy page (2026-10-17); deposits from Binance’s official network data, read 2026-10-21.
A card is the fastest, but on 100 USDT you pay 2 to 3.80 USDT, 20 to 38 times the spot fee, and the card fee isn’t a trading fee, so rebates don’t cover it. For details, see credit card crypto fees compared. For the P2P process and how to avoid scams, see the C2C/P2P trading guide. The official rule (Binance, OKX) is that the seller releases the coins within 15 minutes of confirming receipt of the full payment, and you file an appeal if there’s a dispute.
When you transfer crypto in from another platform, Binance’s deposit guide states that the network you choose must be the same as the sending platform’s network; with the wrong network, funds may be lost and cannot be recovered. Coins such as XRP and EOS require a MEMO. Binance also announced on 2026-09-23 that from 2026-09-29 the Funding account no longer supports on-chain deposits and you should choose the Spot account on the deposit page; go by the options the page actually shows (Binance announcement). For the terms, see network and Memo/Tag; for what to do after sending to the wrong network, see how to recover a wrong-network deposit.
Local-currency deposit options vary by country, so check the exchange’s deposit page for what’s available where you live.
Your first order: market or limit?
Use a market order if you want to buy right away, and a limit order if you want to set the price yourself. A market order immediately fills against sell orders already on the order book and pays the Taker rate; a limit order sits on the order book waiting for someone to fill it and pays the Maker rate, but it won’t fill if the price never reaches it. In the app, go to [Trade] → [Spot], pick a trading pair such as BTC/USDT, and place the order.
People often say “limit orders are cheaper,” but that depends on the exchange. On Binance, regular users pay 0.1% on spot as both Maker and Taker, so a limit order doesn’t lower the fee; its only advantage is controlling the fill price. OKX charges Maker 0.08% and Taker 0.1%, and MEXC charges Maker 0% and Taker 0.05% on major coins, so placing limit orders is only really cheaper on those two. For why the rates differ, see Maker vs Taker fees.
Before you place an order on Binance, you also need to know three official rules:
- The fee is deducted from the asset you receive: buy BTC and the fee comes out of the BTC; sell BTC for USDT and it comes out of the USDT (Binance spot fee guide). So the BTC you buy with 100 USDT arrives slightly below “100 ÷ price.”
- BNB gives a 25% discount: with enough BNB in your Spot wallet and the BNB fee deduction turned on, the spot rate drops from 0.1% to 0.075% and is paid in BNB; if you don’t have enough BNB, the full fee applies (Binance BNB fee deduction guide, checked 2026-10-21).
- Minimum amount: each BTC/USDT order must be at least 5 USDT, market orders included; limit order quantities go in steps of 0.00001 BTC (Binance BTC/USDT trading rules API, read 2026-10-21). You don’t have to buy a whole bitcoin at once.
Most exchanges also offer a “Convert” feature labeled 0 fees, but the cost is built into the spread of the quote; OKX officially discloses a maximum Convert spread of 1.00% (checked 2026-10-21). For how it compares with spot, see Convert vs spot. Also, for your first purchase, be clear on the difference between spot and futures: futures use leverage, and when the price moves against you the position may be liquidated and you lose your margin. For the difference between the two, see spot vs futures.
How much does it cost in total to buy BTC with 100 USDT for the first time?
Assumptions: at 2026-10-21 19:29 (UTC+8), the lowest ask on Binance BTC/USDT was 83,486.01 USDT with about 6.2 BTC available at that price, so a 100 USDT market order has no slippage. Regular-user Taker rate 0.1%, the USDT is already in the Spot account, and after buying, the BTC is withdrawn to a wallet on the Bitcoin mainnet.
| Item | Calculation | Result |
|---|---|---|
| Amount bought at market | 100 ÷ 83,486.01 | 0.00119781 BTC |
| Spot fee (Taker 0.1%, deducted in BTC) | 0.00119781 × 0.1% | 0.00000120 BTC, about 0.10 USDT |
| Credited to the Spot account | 0.00119781 − 0.00000120 | 0.00119661 BTC, about 99.90 USDT |
| Paying with BNB instead (0.075%) | 100 × 0.075% | About 0.075 USDT worth of BNB paid; the full BTC amount is credited |
| Withdrawal on the Bitcoin mainnet | Fixed 0.00002 BTC | About 1.67 USDT |
| Actually received in the wallet | 0.00119661 − 0.00002 | 0.00117661 BTC, about 98.23 USDT |
| Total cost | Trading fee + withdrawal network fee | About 1.77 USDT, or 1.77% |
Sources and method: the price is from Binance’s official market data API (2026-10-21 11:29:20 UTC) and the withdrawal fee from Binance’s official network data, read the same day. BTC is converted to USDT at the same price and rounded to 0.01 USDT. Referral rebates are not included.
In this example, the withdrawal network fee makes up more than 90% of the total cost. Do it differently and the result changes a lot:
- Don’t withdraw yet: the cost is only 0.10 USDT. Keep the BTC in your exchange account and withdraw once you’ve built up more; the network fee is charged per withdrawal and doesn’t go up with a larger amount.
- Your wallet supports the Lightning Network: Binance charges 0.000001 BTC for a BTC withdrawal on Lightning, about 0.08 USDT, for a total of about 0.18 USDT; but make sure the receiving wallet supports Lightning.
- Deposit by card: putting 100 USDT on a Visa or Mastercard issued outside the EU at Bybit costs 3.70 USDT in card fees; add the 1.77 USDT above and the total is about 5.47 USDT, before any bank fees.
On a Binance account registered with this site’s referral code, 20% of your net spot fees is refunded on top. At the 0.1% spot rate, 100 USDT is the first order, and 1,000 and 10,000 USDT are trading volume built up afterwards:
| Monthly volume | Fees (0.1%) | Auto rebate (20%) | Net fees |
|---|---|---|---|
| 100 USDT | 0.1 USDT | 0.02 USDT | 0.08 USDT |
| 1,000 USDT | 1 USDT | 0.2 USDT | 0.8 USDT |
| 10,000 USDT | 10 USDT | 2 USDT | 8 USDT |
Example at a spot fee rate of 0.1% and the current 20% automatic rebate (rate updated 2026-10-24). Your exchange statement prevails.
Rebates only refund trading fees; withdrawal network fees and card fees are not covered. For each exchange’s effective rate after the rebate, see actual fees after referral rebates; for the cost of buying a little every month, see crypto DCA fees compared.
After buying, which security settings should you set up first?
Finish these before your first withdrawal, because changing security settings itself locks withdrawals: 10 of the 13 exchanges covered on this site state that withdrawals are restricted for 24 hours after you change settings such as the authenticator, and Binance restricts them for up to 48 hours after you reset 2FA or change the authenticator (checked 2026-10-18).
- Two-factor authentication (2FA): use an authenticator app or a passkey. Binance’s account security tips recommend a passkey or an authenticator app instead of SMS verification. When you link an authenticator, write the secret key down separately so you can recover it if you change phones.
- Anti-phishing code: once set, Binance’s official emails and text messages include this code, which is 6 to 8 characters long (Binance: What is an anti-phishing code). If you get an “official email” without the code, don’t click any links in it.
- Withdrawal whitelist: once Binance’s whitelist is on, you can only withdraw to whitelisted addresses, and editing the whitelist may pause withdrawals for 24, 48 or 72 hours (Binance: Managing withdrawal settings).
- Bookmark the official website: always go in from the bookmark, and never log in through search ads or links in private messages.
For the full settings paths and a comparison across the 13 exchanges, see exchange account security settings; for how to unlock a locked account, see what to do if your exchange account is frozen.
How do you withdraw to a wallet or another exchange?
A withdrawal moves coins from the exchange to an external address. In the Binance app the path is [More] → [Pay] → [Send]; on the website it’s [Assets] → [Overview] → the withdrawal page. Paste the receiving address, choose the network, enter the amount, and finally verify with a passkey or 2FA (Binance withdrawal guide, updated 2026-10-05). The network fee is charged per withdrawal, regardless of the amount:
| Coin and network | Binance withdrawal network fee | Minimum withdrawal | Share of a 100 USDT withdrawal |
|---|---|---|---|
| USDT, BNB Smart Chain (BEP20) | 0.01 USDT | 5 USDT | 0.01% |
| USDT, Solana | 0.3 USDT | 5 USDT | 0.3% |
| USDT, Ethereum (ERC20) | 0.6 USDT | 3 USDT | 0.6% |
| USDT, Tron (TRC20) | 1.5 USDT | 5 USDT | 1.5% |
| BTC, Bitcoin mainnet | 0.00002 BTC (about 1.67 USDT) | 0.0001 BTC | About 1.67% |
| BTC, Lightning Network | 0.000001 BTC (about 0.08 USDT) | 0.00002 BTC | About 0.08% |
Source: Binance’s official network data, read 2026-10-21 11:29 UTC; BTC converted at the price at the same time, 83,486.01 USDT. Network fees change with on-chain conditions; the figure on the withdrawal page is what counts.
For the same 100 USDT withdrawal, TRC20 costs 150 times as much as BEP20, but you can’t just pick the cheapest. Binance’s guide states that you should choose the network based on what the receiving platform supports, and that choosing an incompatible network may result in permanent loss of funds. The first withdrawal to a new address triggers a security prompt, and Binance recommends sending a small amount first to confirm the address is correct. For each exchange’s USDT fees on every network, see USDT withdrawal fees compared; for daily withdrawal limits, see exchange withdrawal limits compared; for which kind of wallet to use for self-custody, see the crypto wallet guide.
What risks should you know before buying crypto for the first time?
- Price risk: crypto prices are highly volatile and may fall after you buy; spot trading on an exchange does not protect your principal.
- Leverage risk: futures and margin trading can get your position liquidated and wipe out your entire margin; they are a different product from spot.
- Platform risk: coins held on an exchange are in the exchange’s custody. Of the 13 exchanges this site covers, 7 have had platform wallets hacked (compiled 2026-10-12), and the most common effect after a hack is a withdrawal suspension. See exchange security record and proof of reserves compared.
- Operational risk: coins sent on the wrong network or without the MEMO can’t always be recovered, and recovery usually costs a fee.
- Scam risk: fake support agents, fake exchange websites and platforms that demand an “unfreezing fee” before you can withdraw are all common. The tactics are covered in types of crypto exchange scams and fake exchange withdrawal scams.
FAQ
What do you need to buy crypto on an exchange for the first time?
You need an email address or phone number, a valid original ID document, and a funding source (a bank card, P2P, or coins on another platform). If you want to use a referral code, have it ready before you sign up and enter it on the sign-up page; Binance only allows binding one later within 30 days of registering and while the account has no deposits or trades.
Can I still add a referral code after signing up?
It depends on the exchange: some allow it, and others only accept a code at sign-up. Binance and MEXC allow it within 30 days of registering (Binance also requires no deposits or trades on the account), BingX if you haven’t deposited and haven’t invited any friends, and Pionex within 14 days of registering; OKX and XT only accept a code at sign-up, while KuCoin lets you submit a “Link Referrer” request in its Help Center, which it reviews without stating any conditions. For the full comparison, see adding a referral code after sign-up.
What is the minimum amount to buy crypto on an exchange?
On Binance, each BTC/USDT order must be at least 5 USDT, market orders included (official trading rules API, 2026-10-21). You can buy bitcoin down to several decimal places and don’t need a whole coin at once. For very small amounts, though, also check the withdrawal network fee: the minimum BTC withdrawal on the Bitcoin mainnet is 0.0001 BTC, and the network fee is 0.00002 BTC.
Which has lower fees, a market order or a limit order?
It depends on whether the exchange’s Maker and Taker rates differ. On Binance, regular users pay 0.1% on spot for both, so a limit order doesn’t lower the fee. OKX charges Maker 0.08% and Taker 0.1%, and MEXC charges Maker 0% and Taker 0.05% on major coins, so limit orders only save money on those two, at the cost that they may not fill.
Is buying crypto with a credit card worth it?
A card is the most convenient, but it costs much more than spot trading. For the exchange’s card fee, Binance’s blog says up to about 2%, Bybit charges 3.70% on Visa and Mastercard issued outside the EU, and BingX charges 3.80%; on 100 USDT that’s 2 to 3.80 USDT, while a spot market order costs only about 0.10 USDT. Your card issuer may also charge a foreign transaction fee or treat the payment as a cash advance.
Do I have to withdraw the coins I buy to my own wallet?
No. You can keep them on the exchange or withdraw them to your own wallet; each has trade-offs. Keeping them on the exchange makes trading easy and avoids network fees, but the exchange holds your assets. In your own wallet, you keep the private key or seed phrase yourself and pay a network fee on every withdrawal, for example 0.00002 BTC for BTC on the Bitcoin mainnet at Binance.
What if my KYC isn’t approved?
Retake or re-upload according to the rejection reason; common reasons are an unclear document, poor lighting, or details that don’t match the document. On Binance, personal details can’t be edited yourself once confirmed, and an expired document or a name change goes through the [Update Identity] process. On Bybit, if you’re rejected more than 5 times within 24 hours, you have to wait another 24 hours before retrying, and Bitget also allows at most 5 attempts within 24 hours (checked 2026-10-13).
What should I watch for on my first withdrawal?
First confirm that the receiving side supports the network you choose, then test with a small amount. Binance’s withdrawal guide states that choosing an incompatible network may result in permanent loss of funds; the first withdrawal to a new address triggers a security prompt, and Binance recommends sending a small amount first. If you’ve just changed security settings such as 2FA, withdrawals may be restricted for 24 to 48 hours.
Further reading: to choose an exchange by use case, see best crypto exchange; for a ranking by lowest fees, see lowest-fee crypto exchanges; for terms such as deposit, withdrawal and transfer, see deposit and withdrawal terms explained; for what a UID is, see what is an exchange UID; to practice on a demo account first, see exchange demo trading; for other terms, see the crypto glossary.