Table of Contents
How Long Does the Bitfinex Verification Process Take?Can You Speed Up The Bitfinex Verification Process?What to Do if Verification Is Taking too Long?Why Complete the Bitfinex Verification Process?What Are The Bitfinex Verification Levels?How Long Does Each Verification Take?How to Complete the Bitfinex Verification Process - Complete GuideFrequently Asked QuestionsConclusion
Bitfinex is one of the oldest and most popular cryptocurrency exchanges around. The reputable exchange was founded in Hong Kong in late 2012 and has become the choice of many crypto investors worldwide. To get the best trading experience on Bitnifex, customers must go through a standardized compliance measure by verifying their accounts.
This article will explain the entire Know Your Customer (KYC) process, explain how long the Bitfinex verification stage and what to do if ID verification takes too long.
How Long Does the Bitfinex Verification Process Take?
Once clients create an account with Bitfinex and link their email addresses, they will automatically receive a Basic level clearance that allows them to deposit and withdraw different cryptocurrencies. Basic and Basic Plus verification takes about 10 to 30 seconds to process. While the Intermediate and the Full tiers require a few days for approval. Additional verification is required for traders seeking to access advanced trading options, like Bitfinex Margin Trading and Funding, deposit, and withdrawal of fiat currencies.
To learn more about the features of the exchange, read our full Bitfinex review.
Can You Speed Up The Bitfinex Verification Process?
Usually, the exchange verifies new users in seconds for the basic level and about 48 - 72 hours for the intermediate and full verification. However, if a user provides incomplete information or documentation, the process may take longer. To ensure a rapid approval time, the following tips should be taken on board to speed up the process:
- Personal information matches the uploaded documents. A mismatch of the information entered on Bitfinex and shown on submitted documents will hold up the verification process. Therefore, it is essential to ensure all personal details match.
- Use the most recent documents. The proof of residence document must be valid and not older than 90 days from the date of submission. This is a common reason why Bitfinex verification can fail if older documents are used.
- Provide a recent bank account statement. A requirement to withdraw cash from Bitfinex is the user must provide a copy of a bank account statement. This is not common with other exchanges, therefore, new users should be aware that a statement will need to be submitted with their name as registered on the platform, and funds deposited into the customer’s account must come from this bank account.
What to Do if Verification Is Taking too Long?
If Bitfinex confirmation takes more than the aforementioned estimated period, the user can troubleshoot to understand the possible reasons. Check that the credentials and information submitted (like full name and account type) are correct, valid, and not expired. Ensure that the pictures of the credentials are clear, as blurry pictures may be an issue. Bitfinex traders can monitor the progress by checking their account page or by clicking on “Verification” from the website’s main menu.
Once the right documentation has been submitted properly and the user believes there’s no error on their path, they can reach out to the Bitfinex compliance team or contact Bitfinex support for more information.
Why Complete the Bitfinex Verification Process?
When customers create an account, the exchange automatically gives them basic-level clearance. However, the basic level only allows traders to deposit, trade, and withdraw cryptocurrencies from the platform. In other words, Basic level and Basic Plus profiles are restricted to crypto transfers and withdrawals only.
What Are The Bitfinex Verification Levels?
Bitfinex has four verification levels for its KYC compliance process:
- Basic Level. The Basic level is the least level that Bitfinex customers attain when they register an account on the cryptocurrency exchange. Usually, customers don’t need to do too much to get on the basic level. Once an account is created and the owner verifies and links their email address through the Bitfinex email or notification, they instantly get a basic clearance. Users will be able to deposit and withdraw various digital currencies on the exchange immediately. They can also participate in margin funding and OTC markets.
- Basic Plus Level. The Basic Plus level is the next level that Bitfinex customers can attain after creating an account on Bitfinex. It has similar features and benefits as the basic level - and profiles created before these dates can trade and invest without any upgrade. The major difference between the Basic and Basic Plus tiers is the access to the platform's affiliate program and Bitfinex Pulse. Bitfinex Pulse is the exchange's social network platform where traders can share and publish trading ideas and content.
- Intermediate Level. The intermediate level is for advanced traders. These users have access to derivatives trading, lending, and Bitfinex Borrow. Intermediate traders also have more funding and withdrawal options than Basic. They can deposit and withdraw fiat via SEPA transfers. To access these features, Bitfinex users must submit additional credentials like a national ID card or any other valid government-issued ID.
- Full Level. Bitfinex customers with Full access get all the platform’s features and benefits, including international bank transfers, crypto transfers, Margin Funding and Lending, Bitfinex Borrow, Margin Trading, and Exchange Trading. Full customers can deposit and withdraw fiat currencies and other various digital currencies on the platform. To upgrade an account to Full level, a user must submit two forms of valid government-issued ID documents, a telephone number, proof of residence, a bank account statement, a selfie from a smartphone camera, a financial questionnaire, and the Bitfinex KYC declaration document. Note that all credentials must be valid and not older than 3 months.
How Long Does Each Verification Take?
Bitfinex has four different levels for its customers, and each level has a separate processing time. The Basic level application is immediate and takes about 10 - 30 seconds to complete. Intermediate and Full level verifications take between 2 - 3 working days, provided the user correctly provides all the required information. Note that it can take longer if they do not submit the correct information.
| Bitfinex Verification Level | Verification Time |
|---|---|
| Basic | 10 - 30 seconds |
| Basic Plus | 10 - 30 seconds |
| Intermediate | 2 - 3 days |
| Full | 2 - 3 days |
How to Complete the Bitfinex Verification Process - Complete Guide
Users can complete the confirmation when they enter the welcome to the Bitfinex website page or mobile app through these easy steps:
1. Log into Bitfinex
Begin by login in to complete the verification process. Go to the 'Account' section of the screen and click 'Verification'. Click on the 'Begin Verification' button.
2. Complete account registration
Click on the “Account Type” button and select the “Individual” account. Select a country of residence among the dropdown options. Enter the reason for requesting account verification in the space provided. The user will be required to fill out personal details like full name, email address, residential address, etc. Then proceed to upload the required credentials after the prompt from the app.
3. Complete the verification process
The user will receive an email from Bitfinex when the account is successfully verified. The process takes 2 - 3 working days for intermediate and full verification, and it may take longer if it’s during a busy period at Bitfinex.
Frequently Asked Questions
Individuals on Bitfinex can trade on the exchange without verification. Ideally, once a user registers and confirms their email, they get a basic clearance and can start trading immediately. They can deposit and withdraw various digital currencies on Bitfinex instantly, but they can only withdraw in cryptocurrency with an unverified account. Besides Bitfinex, to find out which crypto exchanges don't require KYC, read this article next.
Yes, Bitfinex requires two valid government-issued ID documents and a selfie photo to complete the account confirmation. But these requirements are for users who want to upgrade their profiles from the basic level to intermediate or full user levels.
To verify a Bitfinex account, the account owner must visit the Bitfinex website or use the Bitfinex app. Once an account has been created, it comes with a basic trading clearance. But for full access, the platform requires its customers to submit credentials like two government-issued ID documents, proof of residence, a bank account statement and a selfie photograph.
Conclusion
Bitfinex accounts must undergo a mandatory ID verification or a KYC process to deposit and withdraw fiat currencies. The average approval time for basic accounts is between 10 to 30 seconds, while the higher verification levels can take a few days. This is the norm for most crypto exchanges, however, if the verification process is taking longer on Bitfinex, the best mitigation is to ensure the correct information has been provided by checking the verification status on their account.
FAQs
How Long Is Bitfinex Verification? | HedgewithCrypto? ›
The processing time for these requests vary depending on the level you are requesting: Intermediate and Full verification processing time for most applications is within 2-3 working days, depending on levels of public interest.
What is the verification process for Bitfinex? ›The verification process for Bitfinex is a standardised compliance measure for Anti-Money Laundering (AML), Know Your Customer(KYC), and Counter-Terrorism Financing (CTF) laws and regulations.
Can I trade on Bitfinex without verification? ›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 and/or to access advanced trading options.
Does Bitfinex require ID? ›For anti-money laundering and Know Your Customer (KYC) requirements, Bitfinex requires personal contact information and two valid forms of government-issued identification to open and fully verify your account. You'll need to share a selfie as well, confirming your identity matches your ID.
What is the daily limit for Bitfinex? ›Bitfinex doesn't charge any cryptocurrency withdrawal fees, but standard miner fees apply. Fully verified Bitfinex users can withdraw a minimum of 10,000 USD/EUR/GBP, 1,000,000 JPY, or 75,000 CNH daily to their bank account.
How long does Bittrex verification take? ›ID Verification can take up to 10 minutes to approve. You must keep the page open while the verification is processing. Once the ID verification has successfully gone through, you will be automatically taken to the next step in the process –– funding your account!
How long does it take to verify crypto account? ›This is a case-by-case process and may take anywhere from a few hours to a couple of business days, depending on many factors (e.g. your country of application, nationality, quality of the pictures, etc.).
Can I withdraw USD from Bitfinex? ›Important: Bitfinex supports fiat currency withdrawal of US Dollar (USD), Euro (EUR), Great British Pound (GBP), Japanese Yen (JPY) and Chinese Yuan (CNH).
What is the best crypto trading platform without verification? ›- KuCoin.
- CoinEx.
- Bisq.
- Hodl Hodl.
- Local Crypto.
- Local Moneros.
- BlockDX.
Which crypto exchange has no verification? CoinSwitch is one of the top cryptocurrency exchanges that require no KYC verification since it allows you to trade crypto at the best rates. They allow you to trade 400+ cryptos, cryptocurrencies, and tokens without having to create an account on any exchange.
What is the minimum deposit for Bitfinex? ›
Bitfinex provides access to trading Crypto for clients outside prohibited jurisdictions with no minimum deposit to set up an account. If you fund your account with fiat currency, they enforce a 10,000 minimum for USD, EUR, and GBP. However, if you fund your account with Crypto, they do not enforce a minimum deposit.
Can I open Binance without ID? ›Financial institutions must first verify the stated identity of a potential customer before opening an account. Because there are no legal verification standards, this process may look different for each bank. Some identifying documents required by KYC processes include: Driver's License / Government-issued photo ID.
Where to buy crypto without ID verification? ›Switchere site offers the best way to buy crypto and all leading altcoins without ID verification using any credit, prepaid, or debit card issued by VISA, Mastercard, or Maestro.
How much is Bitfinex USD withdrawal fee? ›For fiat withdrawals, the fee is 0.100%, with a minimum fee of 60 (USD/Euro). For express bank wire withdrawals, the fee is 1.000%, with a minimum fee of 100 (USD/Euro). Withdrawals towards another Bitfinex user's address are free of charge.
Can I deposit USD in Bitfinex? ›Note: Bitfinex supports fiat currency deposits of US Dollar (USD), Euro (EUR), Pound sterling (GBP), Japanese Yen (JPY) and Chinese Yuan (CNH).
What countries can use Bitfinex? ›- Bangladesh.
- Bolivia.
- Ecuador.
- Kyrgyzstan.
Bittrex will issue you a 1099 form for the IRS if you: Sold crypto for fiat currency - like USD. Traded crypto for crypto. Spent crypto on goods or services.
Can you trade on Bittrex without verification? ›Because Bittrex Global is highly regulated, we do require that you complete a strict KYC process in order to verify your identity. This helps to protect all of our millions of users around the world.
How long does Kraken verification take? ›| Starter | 1-2 minutes | automated* |
|---|---|---|
| Express | under 1 minute | automated* |
| Intermediate | 4-5 minutes | automated* |
| Pro - Personal | a few days | manual |
| Pro - Business | 5 days | manual |
A high volume of traffic: A large number of transactions slows down the processing speed and increases wait times due to the backlog of pending transactions. You can view the number of transactions on a blockchain tracker like Blockchain.com.
Can I use Binance without verification? ›
Posted by Frank Gogol in Crypto | Updated on June 6, 2023
Verification is necessary for enhanced security, compliance with financial regulations, and access to higher trading limits. The duration of Binance verification varies, but completing it is essential for unrestricted trading on the platform.
If you're linking a bank account in the United States, you'll be prompted to enter Know Your Customer (KYC) details to verify your identity, including your name, contact information, and Social Security number. Fully verified users can deposit funds and make withdrawals up to Crypto.com's daily and monthly limits.
Why can't i withdraw from Bitfinex? ›A withdrawal being "on hold" usually means that your withdrawal cannot be processed due to a hold on your account. In most instances, a withdrawal hold of five days is triggered after making specific security setting changes to your account.
How do I get my money from Bitfinex? ›- Firstly, go to your Wallet page and select Withdrawals.
- Select the type of withdrawal you want to make: Cryptocurrency, Bank transfer, Tether tokens or Lightning Network.
- Select the currency you want to withdraw from Bitfinex.
- Choose which of your wallets you will be withdrawing from.
To begin, log in to your Bitfinex account and verify that your account is at least at the Intermediate verification level. Note: If you have not yet completed or upgraded your verification, you can do so here. 2. Then, navigate to the Wallet page > Withdrawals > Bank transfer.
Which crypto exchange has fastest verification? ›- Coinbase Verification. Coinbase was founded in 2012, and it's a US-based digital currency and wallet platform. ...
- Kraken Verification. ...
- Binance Verification. ...
- Bitfinex Verification. ...
- OKEx Verification.
Conversation. The verification process for Bitfinex is a standardised compliance measure for Anti-Money Laundering (AML), Know Your Customer(KYC), and Counter-Terrorism Financing (CTF) laws and regulations.
How to buy crypto without SSN? ›When you buy or sell bitcoin at an ATM, it will not be necessary to produce your SSN. Depending on the amount of the transaction, you may need to provide only your phone number, or you might need to supply your phone number and a photo ID.
How to bypass crypto ID verification? ›Q #2) How can I buy Bitcoin without verification? Answer: Simply sign up for an account with ShapeShift, BitQuick, and LocalBitcoins.com, Paxful, and DameCoins. After this, they will allow you to deposit fiat money via different methods like PayPal, bank transfers, and credit cards.
How do I cash out crypto without KYC? ›Binance, Kraken, and Kucoin have integrated blockchain technology in payments so that you can make crypto-to-fiat exchanges without KYC. They only require your email address to complete the signup process and facilitate fast and easy deposits and withdrawals.
Does Kraken require KYC? ›
Laws and regulations require that we verify your account by asking who you are and where you live. Kraken takes every measure to prevent fraud and be fully compliant with KYC and AML regulations for trading of cryptocurrencies.
Can U.S. citizens trade on Bitfinex? ›Can US residents use Bitfinex? Bitfinex is not licensed to operate in the U.S., according to U.S. FinCEN. Bitfinex's own terms of service also prohibits U.S. citizens or residents from using the platform.
Who owns Bitfinex? ›Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc, and is registered in the British Virgin Islands. Bitfinex was founded in 2012. It was originally a peer-to-peer Bitcoin exchange, and later added support for other cryptocurrencies.
Is Bitfinex better than Binance? ›Binance has a large selection of 400+ supported coins compared to Bitfinex which has 170+. Both exchanges offer fiat currencies and cryptocurrencies. On Bitfinex the minimum deposit in fiat is much higher: $10,000 or the equivalent in other currencies.
Does Binance require SSN? ›Opening a Binance.US Account
Traders can also deposit and withdraw cryptocurrency, buy, sell and convert cryptocurrencies, and become eligible for Advanced Trading Feature. To sign up for Basic Verification, traders need to provide: Full legal name and date of birth. Social security number.
Go to Binance.com and log in to your account. Click [Profile] - [Wallet] - [Verification]. Then, click the arrow to expand the verification data.
Can you trade on Binance in USA? ›Trade On Binance in the US
You can now buy and sell currencies on the exchange while in the US. Go to the Trade tab in the top panel of the Binance.com dashboard, click Markets or Advanced tabs, and you'll see the available trade pairs to choose from.
ShapeShift is a crypto exchange that allows you to buy Bitcoins without verification. However, for that, you need to buy altcoins or other digital tokens before buying. Verification: You can buy Bitcoins with no ID, but you need to buy altcoins or other digital tokens like Litecoin, Ripple, Tether, etc., before buying.
Which crypto wallet doesn t require ID? ›Bitsquare is a peer-to-peer marketplace for cryptocurrencies like Bitcoins. It is a fully decentralized exchange that requires no name, email ID, or verification. To be a truly anonymous peer-to-peer network, it uses Tor and doesn't hold fiat or bitcoins on their servers or in their account.
Can I buy Bitcoin on Coinbase without ID verification? ›As a regulated financial services company, Coinbase is required to identify the users on our platform. Per the Coinbase User Terms, we require all customers to verify their identity to continue using our service.
How much does Bitfinex charge for deposits? ›
What are the Deposit Fees at Bitfinex? For cryptocurrency deposits to Bitfinex, there are no additional fees. For bank deposits such as USD, JPY, EUR, GBP and CNH, the fee is 0.1%, with a minimum fee of $60.
How much is BTC on Bitfinex USD? ›| BTC/USD | 26,935 | 0.06% |
|---|---|---|
| ETH/USD | 1,814.5 | -0.09% |
| USDt/USD | 1.0006 | -0.01% |
| XRP/USD | 0.46597 | -0.19% |
| LTC/USD | 92.563 | 1.14% |
1. Firstly, tap on the currency you wish to send and then click Transfer on the Balances box. 2. Next, you will see the option to click on the Wallet you wish to transfer funds out of and the relevant wallets you can transfer the funds to.
What payment method does Bitfinex use? ›On Bitfinex, you can purchase cryptocurrencies directly from an integrated third-party service using a payment card such as a credit card or a debit card. Supported payment cards include MasterCard, Visa and UnionPay.
Can you turn crypto into USD? ›The process is the same as currency exchanges in the airport of a foreign country. You deposit your bitcoin into the exchange. Once the exchange has received your bitcoin, you can request a withdrawal in the currency of your choice. The withdrawal will be paid into your bank account.
How do I open a Bitfinex account? ›First of all, open the Bitfinex Mobile App and find the Sign-Up button on the top right-hand side. 2. Then, create an account by entering the required information: Username, Email, Password, Country of residence, and Referral Code (Optional). After entering the information, press the Sign Up button.
Is Bitfinex regulated? ›Regulated in Kazakhstan and El Salvador, Bitfinex Securities harnesses our industry-leading liquidity and cutting-edge trading engine to provide a revolutionary new way of issuing and trading tokenised digital assets.
Where is Bitfinex located? ›iFinex Inc. (Bitfinex) is a Cryptocurrency Exchange located in British Virgin Islands, North America.
Who is the CEO of Bitfinex? ›JL van der Velde is the CEO of Bitfinex. A technologist & entrepreneur, JL has amassed 30 years of experience in the international tech industry.
Which types of two factor authentication does Bitfinex offer? ›Your security is always our priority
Configure two-factor authentication using Google Authenticator, or a U2F Security Key.
How does crypto verification work? ›
All transactions that go into a blockchain are verified by select nodes participating in the network. All blocks are encrypted, and once they're closed, the contents of the block are permanently sealed and cannot be changed.
How long does Bitfinex withdrawal processing take? ›A Regular bank wire withdrawal is sent out from Bitfinex within 5 - 10 business days and credited to your account following processing by the receiving party.
What is needed to verify blockchain? ›Log into your Blockchain.com Exchange account via iOS/Android mobile app. Select Profile on the bottom navigation bar. Select Limits & Fees and click Apply Now next to Full Access field. You will prompted to proceed with identity verification process powered by Veriff.
What is the easiest 2 factor authentication? ›The Best Two-Factor Authentication App
Authy is a runner-up and Google Authenticator is an also-great pick for those who don't want cloud backups. The most important thing you can do to increase your online security, alongside using a password manager, is to enable two-factor authentication everywhere you can.
MFA is more secure than 2FA. But many companies still use 2FA for two reasons. One, it's cheaper and easier to setup. Most software suites support 2FA, but not all of them support MFA.
Can you trade crypto without verification? ›Frequently Asked Questions. Q #1) Can you trade Bitcoin without verification? Answer: Yes. You can actually trade it for fiat without a single verification on different marketplaces like ShapeShift, BitQuick, and LocalBitcoins.com, Paxful, and DameCoins.
How does IRS verify crypto? ›The IRS can track cryptocurrency transactions through several methods, including the use of subpoenas, blockchain analysis, and third-party reporting by cryptocurrency exchanges.
Can I withdraw crypto without verification? ›Bitcoin ATMs probably offer the quickest and safest way to withdraw your Bitcoin earnings with no verification. They are similar to fiat ATMs, where you exchange Bitcoin for cash. To withdraw Bitcoin earnings, visit the nearest ATM, submit the desired Bitcoin amount and take the cash in exchange.
What happens if I do not verify my blockchain? ›Verifying your identity helps prevent fraud and ensures that no one, except you, can use your payment information. If the documents you provided are not valid or don't match the other personal identification information, your submission will be rejected.
How much can you send on blockchain without verification? ›For security and compliance reasons, users who deposited more than $100,000 in fiat or $200,000 in crypto must complete the Platinum verification process. In addition, US residents must provide their social security number if the amount of their deposit is equal to or exceeds $2,000 USD.
How long does it take to verify a blockchain transaction? ›
What is the average Bitcoin confirmation time? Bitcoin blocks, containing all the most recent transactions, are added to the blockchain every 10 minutes. That means in theory, your transaction will receive its first confirmation within 10 minutes of the request being sent.