Crypto Exchange Account Opening: Where Users Get Stuck

Did you manage to open your account smoothly at a crypto assets (also known as virtual currencies) exchange — an order-book platform where users trade directly with one another?

Among those who have gone through the account-opening process, 20.1% said they "got stuck along the way and it took time to complete," while another 5.5% gave up on opening an account partway through.

The most common sticking point was "the review process took a long time, which made me anxious" (12.4%), highlighting that first-time account opening involves many hidden hurdles.

This survey analyzed in detail which steps trip users up and what psychological anxieties they experience, based on responses from 508 people with account-opening experience. We are publishing the results of this multi-faceted data aggregation and analysis to clarify areas exchanges should improve, how to enhance customer support, and the direction user education should take.

Respondent Demographics

Account Opening Status

This survey comprehensively analyzed the account-opening status at crypto asset exchanges.

Among respondents, about 57.9% (294 people) had already completed opening an account.

Looking more closely, this group splits into those who "opened an account and are still using it" (182 people, 35.8%) and those who "opened an account but are not using it" (84 people, 16.5%).

In addition, 28 people (5.5%) stopped partway through the account-opening process. Notably, there is also a group of 84 people (16.5%) who opened an account but are not currently using it.

The fact that over 42% of respondents (214 people, 42.1%) have never gone through the account-opening process at all suggests there is still significant room for market growth.

This suggests that users implicitly recognize that holding crypto assets requires the right knowledge.

It also became clear that many users want highly transparent trading throughout the entire process, from account opening to ongoing use.

How Difficult Is the Account-Opening Process, in Practice?

The account-opening process at a crypto asset exchange consists of multiple steps.

Filling out the application form, submitting identity verification documents, completing identity verification, undergoing review, and configuring system settings — users could potentially get stuck at any of these stages.

This survey asked the 294 respondents with account-opening experience detailed questions about how difficult they found the overall process. As a result, only 72 people (14.2%) said they were able to "complete the process smoothly."

Meanwhile, 102 people (20.1%) said they "got stuck along the way and it took time," revealing that roughly one in five users had a less-than-smooth account-opening experience.

Also worth noting is that 94 people (18.5%) said they "hesitated a bit but completed the process." These users ultimately succeeded in opening an account, but they still experienced psychological and time-related burdens along the way — meaning that 54.3% of those who completed the process encountered some form of difficulty.

Ranking of Sticking Points

So what challenges do users actually face during the account-opening process? We asked the 294 respondents with account-opening experience in detail, using a multiple-answer format.

The most common sticking point was "the review process took a long time, which made me anxious," cited by 63 people (12.4%). This is less a technical issue than a matter of psychological anxiety.

This shows that users feel anxious due to a lack of information about how long the review will take and what stage the process is currently at.

The second most common sticking point was "I couldn't take or upload photos properly," cited by 49 people (9.6%).

This suggests technical hurdles related to device usability, shooting conditions, and how easy the upload function is to use. The third most common sticking point was "there were too many fields to fill in, which felt like a hassle," cited by 48 people (9.4%).

While it's understandable that a large amount of information is required for the sake of personal data protection, it became clear that users perceive the burden of entering that information as significant.

Beyond the procedural steps themselves, account opening comes with various anxieties. Which of these anxieties resonate with your own experience?

Ranking of Anxiety Factors During Account Opening

Separate from procedural sticking points, it is also important to understand what psychological anxieties users experience.

This survey asked "What anxieties did you feel when opening your account?" using a multiple-answer format. The most common anxiety was "whether this is really a safe exchange," cited by 73 people (14.4%).

This figure reflects a situation in which users are unsure how to judge the trustworthiness of an exchange.

The second most common anxiety was "worrying about getting caught up in fraud or trouble," cited by 68 people (13.4%).

Users are aware that fraud cases can occur in the crypto asset industry, and first-time users in particular tend to be concerned about this risk.

The third most common anxiety was "whether security measures are sufficient," cited by 61 people (12.0%). Concerns exist around risks such as personal data leaks, account takeovers, and outflows of funds.

To dispel these anxieties, users will need to choose an exchange that is highly transparent and that they can feel safe using from a personal data protection standpoint.

Ranking of Information Sources

Understanding which information sources users rely on before opening an account matters for both marketing strategy and building customer trust. This survey asked "Where did you gather information about account opening?" using a multiple-answer format.

The most common source of information was "news sites," cited by 65 people (12.8%). Industry news, exchange reviews, and articles about safety have a major influence on first-time users' decisions.

The second most common source was "social media," cited by 62 people (12.2%). It became clear that information sharing via social platforms such as X, Facebook, and LINE plays an important role in acquiring younger users in particular.

The third most common source was "specialist media and blogs," cited by 55 people (10.8%), suggesting that the opinions of media outlets and bloggers focused on the crypto asset industry influence users' decision-making.

Cross-Analysis of Account-Opening Experience by Generation

Account-opening experience may follow different patterns depending on generation. The respondents to this survey break down by generation as follows, and analyzing each generation's experience revealed detailed age-related insights.

By generation, Generation Y (born 1981-1996) accounted for the largest share of account-opening experience at 37.6%, followed by the "Employment Ice Age" generation — a Japan-specific cohort born 1970-1980 who entered the job market during Japan's prolonged post-bubble hiring slump — at 30.3%, and Generation Z (born 1997-2012) at 13.2%.

When you ran into trouble, where did you turn for help? In reality, many users are not making full use of the support available to them.

Support Usage and Demand

How much users who got stuck during the account-opening process actually make use of an exchange's support features is an important indicator.

According to responses on "use of support features," only 64 people (12.6%) actually used support features.

Meanwhile, 38 people (7.5%) said they "wanted to use support but didn't," suggesting there may be issues with the awareness, accessibility, or quality of support features.

Demand for Expert Consultation Services

We also surveyed how much demand exists for expert consultation services to resolve the anxieties and difficulties users face when opening an account. 62 people (12.2%) said they "would definitely like to use" such a service, while 52 people (10.2%) said they "would like to use it if the opportunity arose."

In total, 22.4% of users indicated latent demand for an expert consultation service.

The Post-Opening Drop-Off Problem (Analyzing the 16.5% Who Opened an Account but Don't Use It)

One particularly notable finding of this survey is that as much as 16.5% (84 people) of respondents opened an account but are not currently using it.

This group consists of people who overcame the psychological hurdles of crypto asset trading and made it all the way to opening an account. In other words, they are users who have already "taken the first step" and represent a segment with a high likelihood of entering the crypto asset market.

The cause of this drop-off is likely not the account-opening process itself, but rather difficulties with the first trading experience after opening an account, the complexity of platform features, or changes in market conditions.

Conclusion

The account-opening process is a critical touchpoint that shapes a user's initial experience and is a decisive factor in the long-term customer relationship that follows.

One of the sticking points revealed by this survey is the possibility of drop-off driven by psychological anxiety.

Users weigh whether to enter the crypto asset market from a broad range of perspectives, and improvements in areas such as how identity verification documents are submitted, the transparency of the review process, and simplifying security settings can help reduce customer acquisition costs and improve retention.

Knowing in advance the sticking points revealed by this survey's data can help make the account-opening process smoother. Preparing identity verification documents, knowing roughly how long the review will take, and understanding the initial setup steps — simply knowing these things in advance can significantly ease anxiety.

This report is intended for informational purposes only and does not constitute any solicitation or advice regarding investment. Investing in crypto assets carries a high level of risk, and investment decisions should be made at your own responsibility. We provide no guarantee as to the accuracy, completeness, or usefulness of the content of this report. Please make any final investment decisions on your own judgment, and consult a professional as needed.

Survey Overview

Survey date: February 24, 2026
Survey method: Internet survey
Survey target: Men and women residing in Japan (people currently investing in crypto assets, or who have invested in the past)
Valid responses: 508
Conducted by: Clabo Inc.

Survey Questions

• Have you ever opened an account at a crypto exchange?
• Regarding opening an account at a crypto exchange, which of the following best describes your current situation?
• Please tell us all the points where you got stuck when opening an account at a crypto exchange.
• What was the main reason you stopped partway through opening an account, or that it took time before you started using it?
• What aspects made you feel anxious when opening your account?
• What information sources did you refer to when opening your account?
• Did you use any support or consultation services when opening your account?
• If a service were available that let you consult an expert about opening a crypto account, would you want to use it?

This article is for informational purposes only and does not constitute financial or investment advice. Please consult a qualified professional before making investment decisions.