KYC Process: 6 Simple and Easy Steps

kyc know your customer

De-Mystifying the KYC (Know-Your-Customer Process) in 6 Simple Steps:

Firstly let’s sort out what KYC is, and why it’s necessary.

What Is KYC?

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).

How Does KYC Work? Completing Your KYC with CryptoFish

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.

1. Register

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.

2. Select Cryptocurrency

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.

know your customer

kyc details explained

3. Wallet Details

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.

how to kyc

4. Billing Info

know your customer guide

Here we need to acquire your personal details as well as billing address to ensure you are who you say you are, and that transaction can go through smoothly. Read and agree to the Terms and Conditions as well as Privacy Policy (check the box) and click Continue.

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.

kyc tutorial

5. Payment

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.

6. Verification

know your customer ID

know your customer address

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..

7. Thank You

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.

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