It was in the year 2017 that KuCoin Cryptocurrency exchange was established by Michael Gan and Eric Don. It quickly became one of the most popular crypto trading platforms. KuCoin claims to be possessing more than 450 cryptocurrency pairs and 300 coins and trading even the most unusual digital assets, thereby making it one of its kind.
It is a Singapore based Exchange, the company has over 8 million users and has finalized over 795 million trades making 360 billion USD in trading volume.
The firm’s explosive success may also be linked to its stands, believing that advancement of technology will change the way we, as individuals, create and share value. So KuCoin aims to develop and execute technologically driven products that will make it very simple for individuals to get cryptocurrencies. KuCoin’s quick growth and success are also connected to the company’s strong community principles, which advices people to take part by bringing new and fresh ideas.
KucCoin offers different kinds of products and features, which includes the trading platform, an app for iOS and Android, KuCoin futures, KuCoin indexes, non-custodial trading through Arwen and KuCoin’s lending program, to name but a few.
The exchange has enforced KYC as a means to hinder money laundering, fraud, terrorism financing, and other illegal activities. In addition, completing ID verification gives many benefits to users, which includes increased daily withdrawal limits and the possibility to use the Fiat-Crypto feature.
Here, we will talk about the main benefits of undergoing a full ID verification on KuCoin and give an elaborate explanation on how to undergo the KYC process.
KuCoin has three levels of verification; however, the procedure is easy to understand;
It may take up to several business days to complete the verification process;
KuCoin will go through the details and send you a notification by email once the process is complete.
Benefits of completing a full ID verification on KuCoin
Undergoing the full KYC procedure offers lots of advantages to KuCoin’s clients. There are as follows:
Compliance with global financial regulations.
As the company tries to keep up to date with the regulatory developments in the blockchain industry and increase the platform’s trustworthiness and transparency, the Exchange asks its clients to fully verify their accounts. KuCoin aims to reduce the risks concerning money laundering, financing of terrorism and fraud. For this reason, full verification of ID helps to:
- ensures KuCoin’s compliance with Anti-Money Laundering and Counter the Financing of Terrorism legislation, as indicated in the User Identity Authentication Statement.
- Advanced verification level increases withdrawal limit. KuCoin’s clients enjoy higher daily withdrawal limits, if they are to complete KYC1 and KYC2 verification. Below we will be shown the highest withdrawal limit for each verification level, the advanced level has 3000 BTC as its daily limit.
|Verification Level||Daily Withdrawal Limit|
3. Easier account retrieval. If it happens that your account was accessed by a third party without your authorization for whatever reason, completing the full KYC procedure can help the user regain their account faster.
4. Enabled access to Fiat-Crypto service. Clients who undergo the KYC process will be able to take part in the traditional currencies and Crypto currencies’ deposit service, using traditional currencies to get digital assets. Customers with the status of “unverified” can not use this feature.
2-factor authentication (2FA)
Before proceeding to authenticating your ID, it is necessary to safeguard your account. For this, KuCoin recommends the usage of a 2-factor authenticator. The platform uses Google Authenticator to protect your account, hinder the theft of your assets, secure your KuCoin account, and provide an extra layer of protection.
To ensure the security of your account, please use Google Verification, Email Binding, Trading Password or Phone Number Binding and Trading Password combinations as good security methods.
Even if a trader creates a strong password, passwords alone are not safe enough. After you must have downloaded Google Authenticator and binding the Google two factor authentication to your device, even when your password gets stolen, one still needs your phone or secret key to log into your account once it has been bound.
Google creates and refreshes the Google two factor authentication code within the authenticator app on the phone every 30 seconds. It should be known that each code may be used just once.
How you can verify your KuCoin account.
Before you can start the ID verification process, you must first of all log in to your KuCoin account.
After registeration, you are authomatically given the ‘unverified’ status, which enables you to deposit, margin trade, exchange, withdrawal limit of 5 BTC. But for you to increase your benefits, you need to further complete the KYC1 and KYC2 verification steps.
On the screen, you will be shown your current verification status, which is ‘unverified’, with the benefits of going through the KYC1 process. If you wish to advance, then you have to click on ‘Start Verification’. Take note that you can not advance to KYC2 before completing the KYC1 verification.
After clicking on the ‘Start Verification’ button, you will be taken to the verification page. There, you’ll be asked to select your country/region of residency from the drop-down menu, prompted to fill in your full legal name and finally you must pick the correct form of identity document (any of these; passport, driver’s license, or ID card) and enter the reference number that comes with it. When you have done that, read the User Identity Authentication Statement, check the green box, and then click on “Submit.”
After you have provided the basic information about yourself, you will be directed to the next page, that will confirm the completion of the KYC1 procedure, you will see your current benefits achieved after completing the initial verification procedure.
For example, KYC1 authentication increases the operations that a user can access, allowing the client to trade traditional currencies to crypto currency with the daily limit of 70,000 USDT, take part in Futures trades at maximum leverage of 100x, and withdrawal limit of 200 BTC daily.
Nevertheless, those who wish to get more trading privileges can decide to go on to the next page and complete the KYC2 advanced procedure.
Advanced KYC2 verification
This level requires you to upload your identification documents and other necessary credentials to the system to prove your identity. It’s essential to know that the documents must be real, legal and unaltered; else the client stands the risk of failing the authentication procedure.
Here the customer is asked to either submit ID photos through the KuCoin app or by uploading both the front and the back of the document through the website.
Those who are going to use their phones should download the app, scan the QR code displayed on the screen, and upload the documents according to the instructions.
Or, clients can choose to use the web version to upload the necessary documents. see image below
It is important to bear in mind that the pictures of the documents must be in JPG or PNG format, with a maximum file size of 3 MB for photos submitted by using the phone app and 4 MB for documents uploaded through the desktop version.
When you have uploaded the front and back of your selected document, you must add a portrait photo of yourself with your original ID document, plus a hand written paper letter with the details below:
- Your handwritten signature, which is your full legal name.
- The Dynamic code that appears on the KuCoin’s website or app is made up of numbers and characters.
- The day’s date, using the format: ‘YEAR-MONTH-DAY.
It is extremely important to make sure that your face is clearly visible and your identity details are easily recognized and not obstructed. In addition, do bear in mind that the dynamic code you have to provide on your handwritten note changes every day, so make sure to double-check it before submitting the files. Note that using a typed signature or Photoshopped signature is forbidden, as this may end up with your verification not being successful.
If you are okay with the submitted photos of your ID and the information on the written note, click on ‘Submit’ to complete the process. If the photos are in the correct format and size, you will be directed to the next page, which confirms the submission of the flies and the estimated review time. Do keep in mind that the time it takes to complete the process may change depending on the amount of outstanding verifications.
KYC verified accounts are granted access to a greater daily withdrawal limit and improved KuCoin platform as a whole, added to preventing fraud, money laundering, terrorist funding, and other harmful activities. For this reason, clients are encouraged to complete the authentication process in order to get the full benefits from the exchange.
Although, even if a user decides not to verify his/her account, KuCoin permits this option for that client, allowing limited trades to be done.
Beware: This content should not be considered a recommendation for investment. Your money is at risk when you are investing.