Today, verification processes have become extremely common and crucial in every business. And yes, this means going through the process of KYC verification, which mainly includes identity verification. This process is followed in banks and even online platforms such as cryptocurrency exchanges.
One such cryptocurrency exchange platform is Poloniex. Once users have successfully completed the Poloniex sign-up process and created their Poloniex account, users can complete their KYC requirements. So, what exactly comes under Poloniex KYC requirements? If you’re interested to know more, we suggest you continue reading.
Our Poloniex review will cover different steps and measures included in the verification process of Poloniex. We’ll be covering everything from different Poloniex verification levels to completing the KYC steps, so stay tuned!
Tips On The Poloniex KYC Verification
Poloniex utilizes an automated system for verifying any customer information. Although this makes the process of Poloniex account verification very efficient, it demands clear documents & images from the users.
So, before we move on to complete your KYC verification, here are some tips & suggestions you can follow to ensure your application is processed correctly:
- Use only your legal first & last name. See that it matches your official ID name precisely.
- Provide the complete current address.
- Make sure the pictures are taken in a bright, well-lit setting.
- Make sure the selfie & ID images are submitted separately.
- Make sure the document picture is visible & readable.
- Take the selfie on a solid background to enhance your camera focus.
- Make sure you have a valid ID. Government-issued ID tends to provide higher chances of getting verified.
- Make sure to submit the ID with clear visibility.
These are suggestions that can help ensure your account verification makes it to Level 2 in an instant. (Don’t know what level 2 verification is? Not to worry, we’ll get to it in a bit.)
Also, if any error messages appear on the profile page, make sure to keep an eye on the page along with your email account to ensure you get to re-submit your profile.
Poloniex Level 1 VS. Poloniex Level 2 Verification
The Poloniex Level 1 & Level 2 verification is a feature that allocates different usage for users in terms of trading, deposits, withdrawals, and lending.
Level 1 can be seen as the standard level that users automatically achieve after completing the sign-up process, as it only requires fulfilling three steps:
- Entering email address
- Entering password and
- Verifying the email
Level 1 verification offers customers unlimited trading & deposit, 100x leverage futures, along with a $10,000 withdrawal limit per day. Level 1 customers can also link their cards (MasterCard, debit, credit card, etc.) or Simplex accounts to start purchasing cryptos through the Simplex integration. Just make sure you’re eligible.
Level 2, on the other hand, is an additional upgrade that can be processed by completing the KYC verification after level 1. It allows each user with a daily withdrawal limit of $500,000 along with margin trading, faster resolutions when access to an account is lost, and custom Poloniex withdrawal limits.
Despite some differences here and there, both Level 1 & 2 verification share many features such as purchasing Bitcoins with cards, lending, staking rewards, etc.
Steps To Completing Poloniex KYC Verification
- To initiate your KYC verification, you must sign in to your Poloniex profile, either through a desktop browser or the Poloniex mobile app.
- For browser mode, go to the official Poloniex website and log in. Click the profile icon placed at the top-right of the screen.
- If you’re on the mobile app, open the Poloniex app, log in (if you haven’t already), go to settings and click the tab displaying your email.
Note: if you’re a first time client, you can sign up using a Poloniex referral code as well to save on the various fees on Poloniex.
Now getting back to the matter, clicking on the profile tab (on both browser and app) will open up your account profile, where you can find the ‘Verify Identity‘ tab (on the app) and ‘Get Started‘ tab (on the browser).
After clicking on your respective tab, make sure to fill in some basic profile information such as:
- First Name
- Last Name
- Date of Birth
- Phone Number details and
After submitting all the required details, you can proceed to the next step by clicking ‘continue‘ or ‘submit.’
The next step will include your ID verification, where users are required to scan any type of the listed document, e.g., Identity Card, Driver’s license, Passport, etc., along with your face. Make sure you give access to your camera to enable the scan.
How Long Does The Poloniex Verification Take?
For level 1 verification, users can have their account verified right after signing up. All that’s needed is email confirmation from the user’s end.
For level 2, once users complete all the KYC checks, Poloniex verification time generally ranges between 15 and 20 minutes. Once verified, users will get an email on their registered email account from Poloniex confirming the upgrade.
For any Poloniex pending verification that may take more than a couple of hours, users can place a request through Poloniex customer care. This can mainly happen due to internal or external technical issues.
Poloniex Verification FAQs
Although Poloniex had implemented the KYC and AML checks earlier when it catered to its U.S customer, it does not necessarily require identity verification from customers anymore. Hence, users can use the platform with any KYC verification.
If you’re facing any issues with your verification process, such as verification timeout’, you can restart your verification after a few minutes. You can also make sure several measures are kept in line, such as
– An updated browser
– Clear documents
– Correct document details, etc
To gain access to either level of account, i.e., levels 1 & 2, users have to verify their Poloniex account. This will also allow users to trade, deposit, and buy cryptos like BTC, withdraw, etc.