HOW TO GET QUICK ACCOUNT APPROVAL BY BROKERS,E-WALLETS AND CRYPTO EXCHANGES

Read Time:3 Minute, 35 Second

HOW TO GET QUICK ACCOUNT APPROVAL BY BROKERS,E-WALLETS AND CRYPTO EXCHANGES., HOW TO GET QUICK ACCOUNT APPROVAL BY BROKERS,E-WALLETS AND CRYPTO EXCHANGES. Account verification popularly known as KYC (KNOW YOUR CUSTOMER) or AML (Anti-Money Laundering) policies is the first daunting tasks that you will encounter if you want to transact in the digital space.

Why do you need to get verified or pass KYC?

Most of these entities (brokers, payment processors or crypto exchanges) must comply with global financial and legal regulations from their respective regulators. This means that they are required by law to ask all customers verify their accounts in order to curb fraud and money laundering in their respective platform. Verification unlocks other important features in your account such as withdrawal capability and limits. In most cases you may not be able to withdraw a single coin from these platforms if your account is not verified. The verification process helps the entities to serve you better. For instance, in approving a a deposit or withdrawal, if your details match those from the payment processor used , the transaction is approved quickly compared to a case where the ID doesn’t match. This protects your money in case someone else fraudulently tries to access your account.

What details do they require in the verification process?

Proof of Identity: This are government-issued ID documents. They include, a valid passport, a driver’s license or a national Identity Card. A permit of r
Proof of residency: documents that proves one’s address are a Bank Statement or A Utility bill for electricity, water, gas or internet. A proof of residency should not have lasted more than 3 months. However, some entities allow a proof of residence dated within the past 6 months.
Facial Identity: this may be a portrait photo of yourself (passport size photo) or a live scan of your face using your device camera. This sounds creepy and risky but it’s required by some entities, in most cases crypto exchanges.

So What do I need to do to get a fast verification?

Provide correct and credible information

Make sure the information you provide when creating an account matches that on your ID, passport or driver’s license. Most people are not keen on the details they fill when opening their account. All they focus on is that they get an account.

Make sure you upload the correct document in the right section.

Sometimes the verification process fails because you uploaded the wrong document, for example if you were asked to upload the rear photo of your ID, then mistakenly you upload the front side. Your verification won’t go through.

Counter check the quality of your photo before uploading.

Ensure that the photo of your documents captures all the details in it. It should be clear and not blurry. It’s hard to extract correct details from blurry and unclear images which may lead rejection of your verification request.

Ensure you have access to the email address you provided.

Notification on whether your account has been approved or not is usually sent to the email address you provided. If the verification failed, they give the reasons for rejecting your request in these emails. If you don’t have access to your email, you won’t find out these details. In case you didn’t receive any feedback concerning your verification, check your SPAM folder in your mailbox, the feedback may be in there. If the verification process fails multiple times, send them a reply on your email asking for further clarification.

Watch out on the proof of address/residency.

A whooping majority of accounts in Africa fail to pass the verification process because of the proof of address. Utility bills are currently being paid via mobile money and most folks are unbanked. Therefore, most of them don’t have documents that meet the criteria set by this entities. It’s advisable to submit a bank statement that captures the name and address you similar to what you submitted when you created your account. If such details don’t match, your verification request may be rejected. I hope you found this article useful and informative. Tune in in our next articles as we shed light on more topics on the digital economy