What is the KYC Verification
On Bitfinex, verification refers to the more commonly known KYC, an acronym for “know your customer” or “know your client”.
The verification process is used to validate a customer’s identity. It includes information such as a valid government-issued identification card, utility bills with name and residential address, bank statement, etc.
— Is there a guide to the verification process?
Yes! The video below will take you through the procedure.
— Do I need to verify my account to start trading?
When you create an account on Bitfinex by linking your email address, your account becomes verified on the Basic level.
What Basic level allows:
- to deposit and withdraw most listed currencies on Bitfinex;
- to make exchange trading;
- to have access to the Bitfinex OTC market.
Further verification is required if you wish to deposit/withdraw fiat currencies (e.g. USD), for Margin Trading* and Margin Funding*, for selected utility and stablecoins (e.g. LEO, Tether USDt tokens) and/or to access advanced trading options.
*Starting from 1st January 2022, Margin Trading, Margin Funding and Lending Pro is available to Bitfinex users with a Basic Plus or higher verification level. This is only for users that created an account after 31st December 2021, accounts created before this date will be able to continue without verifying to Basic Plus or higher.
Note: As per our Terms of Service, we reserve the right to ask for KYC information at any point in time if your account activity raises flags.
— Which types of accounts are available?
Bitfinex offers two types of verification options:
- Individual account - for professionals and individual traders
- Corporate account - for institutional investors and corporations
— What levels of verification are available?
- Basic;
- Basic Plus;
- Intermediate;
- Full.
Each level of verification offers different advantages. For a complete overview, please check our dedicated article.
— How long does each verification level take?
The Basic level of verification is available immediately when creating an account and linking your email address.
Basic Plus offers an instant verification, only taking 10-30 seconds to complete.
Intermediate and Full account verification levels take 2-3 working days.
Note: Verification requests can take longer if they are incomplete or if they are submitted during periods of significant public interest in cryptocurrencies. You will be notified by email when your account is verified.
— What if my ID does not have an expiration date?
If your ID does not have an expiration date, please select the last date available on our verification page.
— What if I don't have an Area Code for my phone number?
Please enter a “0” instead of the area code.
— Which documents do you accept as Proofs of Residence?
- Utility bill (water, gas, mobile, internet, etc.);
- Letter from a government department;
- Tax statement;
- Insurance statement;
- Credit card statement;
- A certified statement from a Notary;
Note: The Proof of Residence provided must be no older than 90 days.
If you have any questions, please feel free to contact Bitfinex Support.
