Here’s What New Users Need to Know About Trading on the KuCoin Exchange: Part Two

Here’s What New Users Need to Know About Trading on the KUCOIN Exchange: Part Two

In this second series, we focus on the intricate process of KYC (Know Your Customer). 

So Why KYC (Know Your Customer)?

In order to continue to be one of the most trustworthy and transparent exchanges, KuCoin officially implemented KYC on November 1, 2018, which ensures that KuCoin meets the development rules of the virtual currency industry. Knowing your customer can effectively reduce fraud, money laundering, and terrorist financing, amongst other malicious activities.

KuCoin has also added the ability for KYC verified accounts to enjoy a higher daily withdrawal limit.

The daily withdrawal limit means natural day limit ( UTC+8), which means if you withdraw 5 BTC at a certain time today, UTC+8, you do not have to wait for 24 hours, you can withdraw again after 00:00 AM tomorrow, UTC+8).

An unverified KYC and KYC 1 has a 5 BTC limit, while KYC 2 has a 200-3000 BTC limit.

KYC verified accounts can also enjoy higher P2P Trading amount/Day.

It’s not mandatory, but they strongly suggest clients complete the KYC verification. Where the client forgets his/her credentials to access the platform or when his/her account is taken over by others because of the leakage of personal information from the client-side, the verified KYC information will help the client recover his/her account quickly. Users who complete KYC certification will also be able to take part in the Fiat-Crypto service provided by the KuCoin.

The KYC Process

1: Login to your account on the website (preferably bookmarked to avoid phishing) or APP, click “KYC Verification” under the avatar, and fill in the requested information.

2: KYC review team will contact you via official KuCoin KYC Email only after you submit the information.

3: It may take several business days (2-3) to complete the verification because of a sizable amount of requests, and they will notify you by email if there are any updates. During this period, the deposit and withdrawal options are available at your KuCoin account. In order to ensure the principle of fairness and justice, the processing of the KYC audits accords to the time order of submission. So saving your time, submitting all the right information with a detailed understanding of all the KuCoin KYC rules is important.

1: Individual Verification

Go to “KYC Verification”–“Individual Verification”, click “Start Verification” to complete your KYC. It comprises KYC 1 (Basic Verification) and KYC 2 (Advanced Verification).

Note that the areas with highlighted star-shaped mark are required. You can change your information before submission. Complete Advanced Verification, you will get more trading benefits. Confirm your information is true and valid based on all the regulations before submission. A careful process will hopefully save you the most time. Make sure the information you fill in KYC 2 is a match with KYC 1 information.

For KYC 1 (Basic Verification)

Click “Start Verification” on the Individual Verification screen, enter KYC 1 verification screen. Supplement individual information and click “Submit”, they will approve your KYC 1 soon.

For KYC 2 (Advanced Verification)

After they approve KYC 1, complete Advanced Verification, you will get more trading benefits. Please click “Continue to Get More Benefits” to supplement the information.

2: Institutional Verification

For institutional accounts, go to “KYC Verification”, click “Switch to Institutional Verification” and then “Start Verification”.

Important Tips Before You Start KYC:

1. One ID is eligible for a maximum of 3 KuCoin accounts only;
2. The image format should be JPG and PNG. The size of the image file should be less than 4MB;
3. They require ONLY the certificates to be an ID card, driver license, or passport;
4. Your network may also cause the upload to fail. Refresh or change to another browser and retry later.

• Why has KYC Verification Failed?

Upon notification of your KYC verification, log in to your account, click “KYC Verification”, you’ll find all incorrect information highlighted. Click “Supplement Information” to revise it, resubmit and they’ll verify it.

Some tips easy to be failed:

1. Ensure the certificate of identity is consistent with you, and the certificate number is correct.
2. Keep photos clearly visible. No ambiguous parts of the image allowed.
3. Follow their prompts to take a photo with your selfie and hold a paper with information required. Write the text information on the paper as required. Submit your selfie while holding the required paper. So guarantee the correct information is in 3 parts: 1: Today’s date. 2: Your signature. And 3: A dynamic code which will change everyday you see in the advanced KYC page.

Source: KuCoin

NB: This content is for informational purposes only, and not for financial advice. Trading in cryptocurrency is risky, and while its market is available worldwide 24/7, please do your own risk assessment as you explore. Tell us your experience trading on the KuCoin exchange.

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