Crypto assets have begun to be recognized in many places and the value of coins like Bitcoin and Ether has almost reached its peak, so this is the best time to set foot in the crypto world. But it is important to know here that you need to complete the Know Your Customer (KYC) process before you can start trading and become a PowerCrypto user.
Crypto exchanges such as ZebPay have been very strict with KYC from the beginning to ensure the safety and security of genuine investors’ funds. However, like any other place, the process of KYC verification is very simple in case of crypto exchange.
There are a few things to keep in mind when completing the KYC process on a crypto exchange. We cite ZebPay as an example in this report, as it follows standard rules like most exchanges.
Step 1 – Gather all your documents
After opening an account on Crypto Exchange, you will need to submit the following documents to complete the KYC verification:
1 – PAN card and
2- Address certificate
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The proof of address here usually means your Aadhaar card or passport or driving license or any utility bill of the last three months. However, all cryptocurrency exchanges, such as ZebPay, that are extra aware of security, will ask for your check or bank statement to verify the account.crypto exchange
Step 2 – the things that need to be done
When you’re ready to upload all your documents, follow the simple steps below.
1- Go to the settings page of your crypto exchange, and find the tab verify identity or complete KYC.
2 – Now you need to start uploading all the ID proofs. In this step you can upload the details of PAN card from your phone’s gallery or you can take a picture of PAN card using your phone’s camera and upload it.
3 – After completing this process you will need to upload proof of address. For this, first of all, select the option of the certificate that you will submit, it may be your Aadhaar card, driving license, passport or utility bill.
4 – Make sure all the images are uploaded according to the type of image required according to your document. For example, if you upload the details of the Aadhaar card, then you must upload the image on both the front and back of the card.
5 – Filling KYC details is a special part of this process. The next step is to add and verify your bank details. Go to the Settings page of your Exchange, select the banking option and follow the next instructions to add your bank details.
6 – In addition to providing details, you may be asked to add a picture of a bank check or bank statement. Here are the steps you need to follow to add your PAN card details. Make sure your name, account number and IFSC code are clearly visible in the image uploaded here.
And, the work is done! Now you just have to wait until the crypto exchange approves your KYC and bank details, and then you can start your journey in the cryptocurrency world.
Step 3 – Why you need KYC
KYC has now become a mandatory process for any type of money transaction, even in all cases other than the world of cryptocurrencies, such as banks or mutual funds, which must be completed before the transaction can begin.
Simply put, it is always mandatory to complete KYC before initiating any financial transaction. Once your KYC verification process is complete, you will successfully send all information about your identity, address, and financial history to that organization, such as the Crypto Exchange example here. Once you have completed this verification process, you can buy cryptocurrency by exchanging currency with the bank and enter the fascinating world of blockchain.
Step 4 – Reduce the risk of KYC rejection
Now that you are fully aware of the importance of KYC, you understand how important it is to ensure that Crypto Exchange does not reject your application. . But in some cases rejection occurs. So follow the pointers provided below to avoid the possibility of KYC rejection.
1 – First, take a good look at the pictures provided for verification. In many cases, crypto exchanges will not be able to authenticate your documents if they are hedge or obscure, resulting in KYC rejection.
2 – Cross-check, your submitted photo ID, such as passport or driving license should remain valid for some time, because it is not possible to prove your identity with expired certificate.
3 – Lastly, make sure that the bank details you provide are correct and that if you have provided a check or bank statement as a supporting document, then all the information such as your name, account number and IFSC details should be clearly visible.
The first step in successfully starting the journey of building a crypto asset is to complete the KYC formalities. This process has been made mandatory so that all verifications related to the user’s identity are completed at a very early stage. This maintains transparency in the system and reduces the potential for fraud in the industry. The rapid growth of this industry has led to huge profits as well as some unwanted problems.
Carefully read each step described here, as well as what other information your cryptocurrency exchange is looking for, then your KYC application process will be smoother and your chances of success for the first time will increase manifold. Lastly, be sure to choose a secure and reliable cryptocurrency exchange like ZebPay, where easy uploads are available and their robust security system keeps all your coins safe on that platform.
