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.
*Important:
- Intermediate verification is required to access Margin Trading, Margin Funding, Bitfinex Borrow, and Lending Pro. This applies to users who created an account after March 1, 2022.
- Basic Plus verification is required for accounts created between January 1st, 2022 and March 1st, 2022.
- Accounts created before these dates will be able to continue without having to upgrade their verification levels.
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 Proof 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.
