2026 Crypto Exchange Account Opening Guide: Required Documents, eKYC, Screening Process & Key Points

To start trading crypto assets (virtual currencies), you first need to open an account with a cryptocurrency exchange. As of 2026, most domestic exchanges primarily use eKYC (electronic identity verification), which can be completed entirely on a smartphone, allowing you to begin trading in as little as five minutes or even on the same day. However, if you are not aware of the required documents and conditions for passing the review in advance, your application process may be delayed. Therefore, this article explains the necessary documents, the identity verification process, and common pitfalls step by step. Please note that crypto assets are highly volatile and carry risks such as loss of principal and potential hacking incidents. Before starting to trade, please check the latest fees and security measures on each exchange's official website.

Required Documents and Identity Verification (eKYC) Basics

Opening an account legally requires submitting proof of identity and your My Number (Individual Number). Commonly accepted documents include a driver's license, My Number card, passport, or residence card. Many exchanges now use an "eKYC" system where you simply take photos of your documents and a selfie using a smartphone, eliminating the need for mail-in submissions or in-person visits. For instance, SBI VC Trade states that accounts can be opened in as little as five minutes using their "My Number Account Opening" app. Rakuten Wallet ceased new applications for its "Rakuraku Identity Verification" service in August 2025; currently, verification requires either a My Number card or linkage to a Rakuten Bank account. Since supported documents and methods vary by provider, always check the official website for the latest information.

Specific Steps to Open an Account (5 Steps)

The general process is as follows. First, register your email address and password on the exchange's official website or app. Next, complete identity verification by uploading photos of your identification documents and a selfie (eKYC). Ensure both the front and back of the documents are clearly visible, with no reflections or shadows. Third, enter your My Number (individual taxpayer ID) and upload any additional required documents. Fourth, the exchange will conduct a review, typically notifying you of the result within a few minutes to a few hours. Finally, once approved, deposit funds via bank transfer or at a convenience store to begin trading. With bitFlyer, selecting "Quick Identity Verification" allows you to start trading as soon as the same day.

Common Pitfalls and How to Avoid Them

A frequent cause of failure during account opening is incomplete or incorrect documentation. Common issues include cropped document edges, illegible text, expired IDs, or mismatches between the name on the document and the name in the photo ID. Additionally, certain smartphone models may not support My Number card scanning, which can halt the application process. To avoid these problems, place documents flat in a well-lit area, clean your camera lens before taking photos, and ensure all information is clearly visible. Furthermore, some brokers enforce stricter verification requirements depending on your country of residence or nationality, so we recommend reviewing their support pages beforehand.

Key Points and Risks in Choosing an Exchange

After opening an account, compare trading fees, available instruments, and security measures to select the right exchange. Domestic exchanges are registered with the Financial Services Agency (FSA) and meet certain safety standards; however, they cannot eliminate all risks. Cryptocurrencies are highly volatile, and there is a possibility of losing your principal investment. Additionally, risks exist regarding asset loss due to exchange system failures or hacking incidents. Before starting to trade, it is crucial to assess your own risk tolerance and ensure you only invest funds you can afford to lose. For comparisons of various exchanges, please also refer to our Cryptocurrency Exchange Comparison.

Summary

Opening an account with a cryptocurrency exchange in has become incredibly streamlined, often taking as little as 5 minutes if you have a smartphone and valid identification documents. However, procedures can sometimes stall due to specific photo requirements for documents or differences in verification methods across platforms. Therefore, the key to success is checking official information beforehand and preparing clear, high-quality documents. Even after you start trading, always remain aware of price volatility and security risks, and act at your own discretion.

Risks and Disclosure

Risk: Cryptocurrencies are highly volatile, and there is a risk of losing your principal. This article provides general information based on data as of 2026-08-06 and does not constitute investment solicitation, advice, or a recommendation for specific assets. Trading eligibility and tax regulations vary by country/region; therefore, please verify the regulations in your country of residence and the latest terms of each exchange before proceeding.

Affiliate Disclosure: This article may contain advertising (affiliate) links, through which our site may earn compensation at no additional cost to you. Such compensation does not influence our evaluations.

Frequently Asked Questions

What documents are required to open an account?

Common documents include a driver's license, My Number card, passport, or residence card. Accepted documents vary by exchange, so check the official website of the exchange you choose.

What is eKYC?

eKYC stands for electronic Know Your Customer. It is a method of identity verification where you take photos of your documents and your face using a smartphone, and the review is completed online. No mailing or in-person visit is required, and some exchanges allow you to open an account in as little as 5 minutes.

Why might my account opening application be rejected?

Common reasons include blurry or illegible documents, expired IDs, a mismatch between the name on the document and the face photo, or failure to submit your My Number. To avoid rejection, take clear photos of your documents on a flat surface in good lighting, ensuring all information is readable.

How long does it take to open an account?

The time varies by exchange and verification method. With eKYC, many exchanges complete the process in as little as 5 minutes to the same day. However, if there are issues with your documents, it may take several days.

What are the risks of crypto trading?

Risks include price volatility (potential loss of principal), loss of assets due to hacking or system failures, and the risk of an exchange going bankrupt. Trade at your own risk and only with funds you can afford to lose.