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KYC verification is one of the basic requirements for any cryptocurrency exchange with strict know-your-customer (KYC) policies. KYC is a must to avoid potential market risks, as exchanges must verify each user’s identification and registration information to protect their platform against illicit practices.
So, if you have an account with KuCoin or are thinking of creating an account, then you need to complete a KYC Verification. But the good news is that it’s pretty easy to do. It takes about 15 minutes to complete, and you’ll be done.
In this article, we will answer all the questions related to going through the KYC verification process on KuCoin.
In This Post:
- Do You Need KYC Verification for KuCoin?
- How to Verify KuCoin (Step-By-Step)
- How Long Does KuCoin Verification Take?
- Can You Deposit on KuCoin Without Verification?
- Can You Withdraw on KuCoin Without Verification?
- What Should I Do if I Have Problems Verifying my KuCoin Account?
- Wrapping Up
- Reference
Do You Need KYC Verification for KuCoin?
If you are an account holder on KuCoin, you must go through the KYC verification process.
You need to complete the KYC verification for KuCoin by submitting personal information and a photo of an official identification card.
It would be best to verify your identity to protect the platform from fraud and illegal activities so that you and all other exchange users can trade safely and securely.
Now, suppose you have been using KuCoin for some time. In that case, you know that it has a two-step verification process implemented: one is email confirmation, and the other is Google Authenticator.
So, if you have just signed up for an account with KuCoin and verified your email address, you can start using the platform immediately. But unfortunately, this is not enough to start trading.
And it would be best if you verified your identity through KYC before you can start trading.
KuCoin is a cryptocurrency exchange platform that relies on KYC/AML policies to protect its traders and investors from fraud (as cryptocurrency exchanges operate on a marketplace) and comply with the regulations of the country they are based in.
Therefore, if you’re purchasing cryptocurrency or trading, KuCoin will require you to go through the KYC verification process.
With that said, it will not cost you anything to do so. Even if there are no withdrawal fees in your country and you are a verified user (which you will be once completed), you can visit the verification page on your KuCoin account and complete the process quickly.
How to Verify KuCoin (Step-By-Step)
Before officially starting out on the KYC process at KuCoin, we suggest that you go through this guide first.
If you want to go through the verification procedure by yourself, check out the instructions below this one:
- Step 1: Login KuCoin Account. First, log in to your KuCoin account using your credentials. If you have not yet registered on KuCoin, you must create an account first. To do so, go to the upper right-hand corner of your main page and click on “Log in.” Choose a username. Remember that you can use your email address as your KuCoin username. Then, hit the “Log In” button.
- Step 2: Click “KYC Verification” Under the Avatar. Once you have logged in, click on the avatar in the upper right-hand corner to show your account activity page. On this page, you’ll see your current level and experience points.
- Step 3: Choose “Individual Verification”. Click on “Verification” under the dropdown menu. This will take you to a page where you must upload your photo and fill out the form.
- Step 4: Click “Start Verification”. Once you click “Start Verification,” you will be taken to a page where you will see a message that says: “Please provide documents to verify your identity.” You will have the option to upload an image of your identification card, and fill out the form. You will have the option to upload a maximum of three images.
- Step 5: Fill In The Requested Information. All fields marked with * are mandatory, meaning you need to fill them in. The verification team from KuCoin will review your identification card’s images and compare them with the information you provided.
- Step 6: Submit Your KYC and Wait for Approval. Click on “Submit,” and you will be taken to a page that says, “Your KYC is currently under review. You will receive an email once it has been approved.” The email can take up to 48 hours to arrive.
How Long Does KuCoin Verification Take?
The process of verification with KuCoin is very short and fast. However, depending on how you completed the process, it might take a while.
The process of KYC verification on KuCoin is made quite simple, and it shouldn’t take longer than 5 days to complete.
In other words, if you submit your documentation and identification documents on a Monday morning, you can expect to be fully verified by Friday evening.
That said, please remember that some people have reported processing times reaching up to 10 business days in some cases. So there is no saying when it will take for the verification to go through.
Once confirmed that your identity has been verified correctly by the KuCoin team, you will get an email notification within 24 hours after submitting your documents with a completion time of 5 business days. You can then log in to your KuCoin account and start trading.
If there are lots of people wanting to go through KYC verification at the same time, processes can take up to 10 business days. On the other hand, if you are already verified, the wait time can be less than 1-5 business days.
Once you click “KYC Verification,” you will see a new form pop up. It contains basic information about you, including your full name, address, and photo. You also have to upload an ID photo to confirm your identity.
After that’s done, the process is done quickly by filling out your email address and uploading the necessary photos (selfie with your passport). Your documents will be verified within 24 hours. If a document is not readable or not clear enough, then this can take a little longer.
With that said, if you’re unable or have no intention of completing the process right away because you’re not sure whether you will use the platform in the future or need some additional time to think it over, then you can go through the verification process whenever you are ready.
You can find more specific requirements for the KYC verification of KuCoin by visiting the official website.
Can You Deposit on KuCoin Without Verification?
Immediately after registration, you are granted ‘unverified’ status, allowing you to make deposits, margin trades, exchanges, and withdrawals of up to 5 BTC daily.
However, to get further advantages, you will need to complete the additional verification stages known as KYC1 and KYC2.
The KYC1 and KYC2 verification procedures require you to provide identifying information and a photo of a valid form of identification. Acceptable forms of ID include your passport, driver’s license, or national ID card.
Once you have completed the necessary KYC requirements and submitted your photo documentation, you will obtain a ‘verified’ status. Being a KuCoin Verified user gives you increased withdrawal limits and access to more features than being an unverified user allows.
It’s also necessary if you wish to withdraw large amounts of funds from your KuCoin account. Remember that verifying your identity means safeguarding yourself against identity theft and protecting the other users on the platform from fraud.
Usually, the withdrawal request is rejected if the deposit was made within 2 hours and 15 minutes after registration. But there are instances where you can have the withdrawal request accepted even if it was made within 2 hours and 15 minutes after account registration.
In this case, you must do a KYC verification quickly so that the system will check your identity and determine whether your identification is valid. If the company finds it valid, they will let you withdraw your digital assets.
This is what I’ve experienced by using KuCoin, and I can confirm that there are instances where you can initiate a withdrawal even if your government identification is not verified. You do not need to worry, as you will get your assets (as long as they were traded on KuCoin).
Can You Withdraw on KuCoin Without Verification?
The answer to this question is yes; all you need to trade on KuCoin is an email address. Trading on KuCoin requires a little authentication, so getting started is simple.
You may be exempt from going through the KYC procedure. However, there are limitations placed on the daily withdrawal limits, the ability to trade futures, and the perks associated with trading.
The restriction places a cap on the total amount a user is permitted to withdraw in a single 24-hour period, which begins at 00:00 and ends at 23:59. Users of KuCoin who have completed KYC verification will have increased daily withdrawal limits.
For instance, a user who completes the basic KYC verification can withdraw up to 200 BTCs daily. This is compared to a user who has not completed their KYC, whose daily limit is 5 BTCs.
If you are a non-verified KuCoin user and want to withdraw cryptocurrencies, the daily withdrawal limit is set at 5 BTC. If you are a verified KuCoin user and haven’t traded any futures, the daily withdrawal limit is set at 200 BTC.
To withdraw more than that, you need to trade futures markets to be classified as Professional level. You will then be required to provide KYC documents. Trading futures contracts also give you access to features like leverage trading and profit distribution via the KuCoin Bonus Plan.
You must have a verified account to withdraw funds from your KuCoin account immediately. When you are KYC verified, you can withdraw up to 2 BTC per day for unverified accounts and 100 BTC per day for verified accounts.
This will ensure that your cryptocurrency funds are in safe hands (and not lost). If an exchange does not require KYC verification to withdraw, anyone can walk away with customer funds without any consequences.
To ensure that users who want to trade on KuCoin are the account owners, they must complete the KYC verification process. KuCoin’s KYC policy is designed with customer data protection in mind. KYC verification is not mandatory for withdrawals, but any withdrawals made by unverified accounts will be subject to a 24-hour delay.
What Should I Do if I Have Problems Verifying my KuCoin Account?
Even if you end up with a problem while signing up for an account on KuCoin, you don’t necessarily have to worry. First and foremost, you should be patient. It would be best if you were patient because KuCoin has telephone and online support services.
If you encounter any problems while going through the KYC process, try to reach out to KuCoin support staff.
You can reach them via email or via their online chat. They are quick to respond and have a ticketing system in place so that you can submit your query immediately.
If you have submitted all the documents (that means meeting all of their requirements) but still have a problem, then you can always get in touch with KuCoin support. There is an FAQ page on their website which answers most queries and concerns of users in a timely manner.
You can also contact their support team if you need additional assistance or clarification of anything that the FAQs do not cover properly.
When you call the support team and get through to someone in the customer service department, they will help guide you through the rest of the process. And if that doesn’t work, their email support system is also available 24/7 for emergency matters.
The problem could be due to the incorrect information you have submitted to the verification form or your account may have been suspended temporarily by KuCoin.
But in any case, don’t worry. Send them an email through their support system, and they will help you get back into your account and start trading immediately.
Also, if you have reached out to them via phone or online support, they will contact you back within 24 – 48 hours at the most. And if they don’t, they usually reply within 24 hours after reaching out (or even more).
Wrapping Up
We have discussed how a user can log in to an account on Kucoin and complete their KYC verification. Once you are done with the KYC process, you can withdraw more than 5 BTC worth of cryptocurrencies from your KuCoin account.
So, now you have a KuCoin account and have completed the KYC verification process. Congratulations! You can now start trading whenever you want and even begin to take advantage of the KuCoin Bonus system.
So, if you still don’t have an account on KuCoin, just create one and complete your KYC verification.
Reference
- https://www.kucoin.com/support/900005745406-How-to-Complete-KYC-Verification-#:~:text=Please%20login%20KuCoin%20account%2C%20click,after%20you%20submit%20the%20information.
- https://www.kucoin.com/news/en-complete-kyc-verification-to-enjoy-higher-withdrawal-limits#:~:text=Dear%20KuCoin%20Users%2C&text=The%20new%20withdrawal%20limits%20are%20listed%20below.&text=Your%20account%20can%20be%20verified,after%20users%20submit%20their%20information.
- https://finbold.com/guide/kucoin-account-verification-guide-kyc/#:~:text=on%20KuCoin’s%20website.-,Source%3A%20KuCoin.com.,and%20KYC2)%20must%20be%20completed.