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The increasing popularity of crypto trading has caused a major breakthrough in the digital world. As per reports, the crypto market has experienced exponential growth from $397 billion to $2.8 trillion. This has pumped the excitement of users and now anyone from any part of the globe can make use of crypto exchanges to buy/sell crypto and take a taste of the virtual currencies. But wait, all of this is possible once you’ve picked an exchange like eToro, Kraken & verify KYC on crypto exchanges. Follow this guide and get KYC verified on Crypto exchange.
What is Crypto Exchange KYC?
KYC aka ‘Know Your Customer’ is an initial due diligence phase of Anti-Money Laundering (AML) procedures. When a crypto exchange on-boards a new user, the identity of the user has to be verified by the respective platform.
For verification, the user needs to provide basic information. After gathering the information from the user, it is processed and verified under the regulation act of Crypto.
Proper KYC ensures safety from both the ends- trading platforms and traders. It also eliminates the risk of financial crimes and money laundering.
KYC Verification for Crypto Exchange
1. Gather your documents
You will require two major documents namely PAN Card & Address Proof for verification. The address proof could be any document like Passport, Driving License, Utility Bill, or Aadhaar Card.
2. Upload Documents
Once you’ve gathered all the documents, now is the time to upload and get KYC verified on Crypto Exchanges.
Go to any of the Crypto Exchange platforms & find the ‘Complete KYC’ tab. Now you can upload your ID Proof like PAN Card details and Address Proof.
Make sure you upload clear pictures of documents from both the frontside & backside.
3. Add Bank Details
After uploading, the next step is to add & verify bank details. Pick any of the banking options from the Crypto Exchange and add your bank details like IFSC code, Account Number, Your Full Name, etc.
After you have gone through these 3 steps, you need to wait a while to get approval of KYC completion. After getting the approval, you can start your journey in the world of Cryptocurrency.
Can You Buy Crypto Without KYC?
Yes, you can buy Crypto KYC however it’s potentially riskier and more complicated. If you still wish to buy Crypto without identity verification, you can make use of Bitcoin ATMs and decentralized exchanges. Decentralized exchange works without the regulation of the central organization. You can go with automated market makers (AMMs) or peer-to-peer marketplaces. The only disadvantage of buying Crypto from Bitcoin ATMs is that you need to pay a higher fee.
So, the best way to buy/sell Crypto is to use exchange after you get KYC verified on Crypto Exchanges.