With crypto assets gaining acceptance around and coins like bitcoin and ether at an all-time high, there could be no better time to get into the exciting world of crypto. But wait, before you start trading and become a Power Crypto user, you will need to go through the Know Your Customer (KYC) process.
crypto exchanges like zebpe A strict KYC strategy has been adopted since inception to ensure the safety of funds of genuine investors. What’s more, the KYC verification process is as simple as anywhere else on crypto exchanges.
There are a few things you should keep in mind while completing the KYC process while using a crypto exchange. We are taking the example of ZebPay in this article as KYC procedures are standard in most exchanges.
Step 1 – Gather Your Documents
After opening an account with a crypto exchange, you will need to submit the following documents for your KYC verification:
1 – PAN card and
2- Address Proof
Address proof is usually a document between you Aadhaar Card OR Passport or Driving License or any utility bill for the last three months. More robust crypto exchanges, such as zebpe For example, also ask for a check or bank statement to verify your account.
Step 2 – Steps to be taken
Once you are ready to upload your documents, follow these simple steps.
1 – Go to the Settings page of your crypto exchange and look for the Verify Identity or Complete KYC tab.
2 – To start from there you have to upload your ID proof. You can upload your PAN card details from your phone gallery during this step or use your phone camera to click a picture of your PAN card.
3 – After this your address proof will have to be uploaded. For this choose the type of identity you are going to upload, be it your Aadhar card, driving license, passport or utility bill.
4 – Make sure to upload all the images required as per the document type. For example, if you are uploading your Aadhar card details, make sure that you have uploaded the photographs of both the front and back side of the card.
5 – Filling the KYC details is a part of the process. The next step involves adding and verifying your bank details. Select the Banking option from the Settings page of your exchange and follow the instructions to add your bank details.
6 – You may also need to add a picture of your bank check or bank statement along with providing the details. Follow the same procedure for linking your PAN card as mentioned above for this step as well, ensuring that your name, account number and IFSC code are clearly visible.
And voila! That’s all. You no longer need to wait for your crypto exchange to approve your KYC and bank details before starting your journey into the fascinating world of cryptocurrency.
Step 3 – Why you need KYC
KYC is a mandatory process when any monetary transaction is involved, even outside the world of cryptocurrency such as with banks and mutual funds. KYC authenticates you and your details and adds to the overall security of the crypto exchange.
Essentially, being able to do any financial transaction requires your KYC first. When you complete your KYC verification process, you have provided information about the crypto exchange, in this case your identity, address and financial history. Once your verification is complete, you can exchange your currency at the bank to buy cryptocurrency and enter the fascinating world of blockchain.
Step 4 – Minimize the risk of KYC rejection
Now that you know the importance of KYC, you need to ensure that your application does not get rejected at a crypto exchange. If you have followed the steps mentioned above, there should be no problem with your KYC but sometimes rejections happen. Follow the points given below to avoid facing KYC rejection.
1 – First of all, take a good look at your images submitted for verification. Sometimes, crypto exchanges will be unable to authenticate your documents if they are unclear or unclear, which can lead to KYC rejection.
2 – Cross check that the photo ID like passport or driving license is not expired as it may invalidate your identity proof.
3 – Lastly, ensure that the bank details provided are correct and if you are uploading a check or bank details as a supporting document, make sure that the information such as your name, account number and IFSC details are clearly visible is visible.
Completing the KYC formalities is the first step to a successful crypto asset journey. The process is designed to ensure that identity verification is done at an early stage to ensure transparency and prevent fraud incidents in the industry, whose rapid growth has attracted genuine but unwanted elements as well.
Take your time and go through all the steps mentioned here as well as any specific steps required by your cryptocurrency exchange for a smooth and successful KYC application. Lastly, make sure you choose a secure and reliable cryptocurrency exchange like ZebPay which provides easy to upload as well as a robust platform to keep your coins safe.
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