Firstly let’s sort out what KYC is, and why it’s necessary.
Know Your Customer is the process of a business verifying your identity. More often than not, it is a legal and regulatory requirement, ensuring that the company’s services are not misused, and in helping the service provider avoid identity theft, financial fraud, money laundering and illicit funding.
It is not unusual for KYC to ask for some or all of the following information, depending on what you are signing up for: full name, residence address, citizenship, birth date, photo of government issued ID (driver’s license, passport, ID card), social security number or tax identification, bank statement, utility bill and /or photo of bank card (if necessary for funding).
On CryptoFish, we have made it as simple (as well as legal) as possible. When you buy any of the cryptocurrencies we have on offer, you are required to follow a basic KYC requirement. Below we will take you through it, step by step, so rest assured you complete it in the quickest time possible.
Enter your name, email address and a password of your choice, and voila – you’re in. Alternatively, you can sign in with your Google or Facebook account.
Select which cryptocurrencies you’d like to purchase, how much, and which fiat currency you would like the price to be displayed in. Currently CryptoFish shows fiat amounts in only Euros and Dollars, however we are working to add more in the near future. Click on the buy now button at the bottom of the page when you are ready to proceed.
Confirm the amount of your desired cryptocurrency that you are looking to buy, and enter your crypto wallet address. Don’t have one? Click here to download one, or use the dropdown options are the bottom of the screen.
You will receive a verification email and text message. Please click on the link in the email, and enter the 4-digit code that was sent to the number provided. Then click Continue.
Step Two in the process asks for your credit or debit card details in order to facilitate the payment. For your safety, your card details are never stored and it will be necessary to enter them again in the future.
This is where KYC comes in. Identity verification can be done by uploading your government issued ID, passport or driver’s license, depending on your region. On the page you will find several guidelines laid out for you to ensure a seamless process (i.e. no flash, all four corners visible). Hint: a photo or picture taken of the ID document is more likely to succeed or pass than a scanned copy.
Typically this verification process is instant, but can take a little longer if the document is hard to read or not clear..
Once your information is submitted, you will receive an email confirming the application and to notify you when your transaction has gone through.
We hope we’ve answered your questions on how does KYC work. If you have any questions, we have a great FAQ section on our website, as well as friendly staff on site (in the live chat) to help you with any questions.
By signing up for updates you will receive the most relevant global news stories. The CryptoFish News Desk cuts through the online hype so you don’t have to.