![]() To withdraw or add fiat currencies to an account, verification is required. Thus, it has four types of accounts, Basic, Basic Plus, Intermediate and Full. It provides exchange trading for 38 currencies/tokens and also provides margin trading, margin funding, and an over-the-counter (OTC) market for large trades. They state they are the world’s largest exchange by volume for trading Bitcoin against the U.S. Requires proof of address (for example, a bank statement or utility bill).īitfinex is a cryptocurrency exchange that was founded in 2012. Requires an uploaded picture of ID documentation (for example, passport, ID card, or driver’s license). Requires Name, Address, Date of Birth and Nationality and has a lifetime limit of USD $300. As stated in their Techcrunch profile, “the company provides access to exchange digital currency pairs on the market while maintaining security, liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere.” According to Yahoo Finance, it is the world’s largest cryptocurrency exchange by trading volume.īinance has three levels of verification with respective deposit and withdrawal limits: Binance verificationīinance is a cryptocurrency exchange platform that combines digital technology and finance. Pro accounts also need to fill in a KYC questionnaire. ![]() The Intermediate and Pro accounts also require valid ID, proof of residence and a face photo (if in South Africa or the U.S.). Except for Starter accounts, employment information and SSN for U.S. All accounts require an email address, full name, date of birth, phone number and physical address for verification purposes. ![]() There are geographic restrictions based on the account type, services available and transaction levels permitted. Each level enables more funding options and higher limits, with Pro being the highest available.Ī user must be 18 years old to register or use an account. The account levels depend on how the account will be used. Kraken has four tiers of accounts, with different verification requirements: Starter, Express, Intermediate and Pro. dollars, British pounds and Japanese yen.” They state they are “the largest Bitcoin exchange in euro volume and liquidity and also trading Canadian dollars, U.S. Kraken is a U.S.-based crypto exchange that was founded in 2011 and offers 50+ tokens. In the U.S., a further step is to add your SSN. The types of verifications include phone number, personal details and photo ID. While Coinbase has account limits, these limits are determined based on the types of verifications that have been added to the account, the account age, purchase history, payment method and other factors. The company went public this year, the first major cryptocurrency exchange to do so. It has over 56 million users and traded over USD $335 billion worth of digital currencies in the first quarter of 2021. ![]() What steps are they using? How easy is it to sign up? What security measures are they taking to protect consumers and their businesses? Coinbase verificationĬoinbase, founded in 2012, is a U.S.-based digital currency wallet and platform. Let’s examine how some of the different exchanges are handling ID verification. These ID procedures, if not properly automated, slow down customer onboarding, resulting in customer abandonment and lost revenue. Identity verification procedures, while necessary for Know Your Customer ( KYC) compliance, often can make it difficult for clients to sign up and for the exchanges to process clients in a timely manner. Even though there has been a crypto downturn, the market can very quickly come back and if it does, people will likely flock back to it again to sign up for new accounts. As opposed to stock markets and other mature exchanges, which have had decades to build such systems, these companies don’t have a long track record of procedures to handle a massive influx of new customers and transactions. To handle these increases in trading volumes, crypto companies need to have the infrastructure and technology in place. While the market has slowed down since, crypto has had a long history of massive spikes and drops, so another spike wouldn’t be unusual. Since the start of 2021, cryptocurrency exchanges have been flooded with new investors there are now over 100 million crypto users, with a growth rate of 15.7% in January alone. ![]()
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