How long does eToro take to verify?

How long does eToro take to verify?

Robert McDougall 

January 9, 2024

Cryptocurrency

Key Takeaways

  • eToro verifies every new user account to comply with the government's rules and regulations for financial institutions. This verification process enables the platform to accept only legit users, making it safer for trading activities.
  • The account verification process on eToro is seamless, making it simple and easy for novice and seasoned traders to verify their eToro accounts.
  • eToro account verification typically takes 3 business days. However, if there is any verification delay by the team, the platform notifies you through email.
  • One common reason that may cause delays in eToro account verification is multiple account verification requests at a time. While this delay is caused by the platform, your account verification can also be delayed if you submit wrong, unclear, or outdated documents.

With the crypto industry thriving, more people are stepping in to make the most of crypto trading. This is where platforms like eToro allow novice and seasoned traders to explore crypto with complete security. 

The wide range of trading features, a user-friendly web platform, a seamless mobile app, and a clear fee structure all make eToro a trusted choice among traders. Now comes the real concern — how do you ensure complete security when trading on eToro?  

This is where we found eToro's account verification — that comes after its streamlined registration process — a solid approach to ensure the platform and its user's security. 

But how do you verify your account on eToro, and how long does this process take? To help you with that, we have thoroughly looked into eToro's verification process.

Understanding eToro Verification

To comply with regulatory requirements for finance and digital asset companies, user verification is compulsory; eToro verifies every new account on its platform. 

From what we've understood, eToro's emphasis on user verification for every new account also helps prevent malicious activities on the platform, including hacks, money laundering, etc. This means that only verified and genuine users can access eToro's trading features and make the most of its services.

The best part about this verification is that eToro makes no exceptions, unlike other platforms that offer limited services to users with no KYC

Only after your account is validated, can you utilize the platform — an approach we felt made eToro more reliable for all types of traders.

The eToro Verification Process

Once you register on eToro, you will be asked to verify your account. Now if you're signing up on eToro for the first time, you might have some questions. What documents will you need to submit for verification? Can you proceed without submitting those documents? How long will it take for eToro to verify your account? 

From what we've seen, eToro's verification process is quite simple. Especially considering that all you have to do is submit your proof of identity (POI) and proof of address (POA), and that's it! However, if you fail to provide these documents, there’s no way forward. 

To help you understand more about the documents and their requirements, let’s check out each piece in detail.

Proof of Address:

When submitting your proof of address (POA) to verify your eToro account, you must confirm that your document contains your full name, address, and date of issuance. 

In our research, we found that many users overlook the date of issuance. According to the platform's requirements for submitting the proof of address, the date of issuance must be no longer than three months old. You should also pay attention to the issuer's name or logo on the document, ensuring that it’s clearly visible. 

The following is a list of documents accepted by eToro as as POA:

  • Bank statement
  • Credit card statement
  • Electricity, gas, or water bill
  • Council tax bill
  • Tax letter or bill
  • Official rental agreement (government-issued)
  • Phone bill
  • Internet bill
  • Local municipality's letter

Proof of Identity: 

Besides your proof of address, eToro will also ask you for a document as proof of identity (POI). After looking into the platform's verification process, we found that the requirements for submitting the POI are no different than that of submitting your POA. 

Meaning, you’ll have to make sure that your name and date of issuance are clearly visible and within the 3 month period. Other than that, your date of birth, photograph, and document’s expiration date (if applicable) should also be clearly visible in the POI document you submit.

We also suggest you double-check your document and its contents before hitting that 'submit' button. 

With that said, eToro accepts the following documents as proof of identity:

  • Passport
  • Driver's license
  • A government-issued ID

Considerations When Submitting Your Proof of Identity Document

After carefully considering the platform's verification process, we’ve found that the passport is the most preferable POI document you can submit for faster account verification.

However, you can also submit your driver’s license or government-issued ID card. Just make sure to submit both sides of the document.

Timeframe for eToro Verification 

On average, the eToro account verification procedure takes up to 3 business days. Upon further investigation, we found that the platform sends an email to the user's account after the team has verified the new account. 

We understand that it can be stressful when you do not receive a verification email within the average verification time frame of three business days. But it's important to remember that some exceptions or errors can delay the email or verification overall. 

If you face this issue, we suggest you manually look into your account's verification status. This will be visible on the eToro platform through a green checkmark. For instance, if your account is verified — even if you don't receive an email — you will find a green checkmark next to your username on the platform. 

Alternatively, If the box under your username in the sidebar is bronze or displays your eToro club level — it means your account has already been verified.

What If You Don't Receive eToro's Account Verification Update Even After Several Days? 

In specific situations, if you haven't received an email or a green checkmark on your profile, it's highly probable that your account verification hasn't been completed yet. Furthermore, when you encounter a 'Complete Profile' invitation along with a progress bar on your eToro profile, it indicates that your account authentication is still pending.

eToro notifies its users in situations where their account verification will take longer than the usual time frame. The good thing about eToro's team — which we found highly commendable — is that they do not delay account verification for too long. However, in some scenarios, the team may take several days to review your documents. 

Whatever the case maybe, eToro will contact you via email. If your account verification is rejected, the email will mention the details on how to solve the issue. We suggest you add eToro to your 'Safe Sender' list on your email to avoid missing their updates.

What Factors Impact Your eToro Account Verification Time Frame?

Verifying your account on eToro is generally a smooth process. However, you may face some hiccups in certain situations. Let’s look at a few factors affecting the usual eToro time frame:

Large Load of Account Verification Requests:

eToro's account verification might experience delays due to a high volume of verification requests on the same day. After all, ensuring platform security by verifying users' identities can be challenging when faced with overwhelming demand.

We understand the inconvenience this may cause for users eager to verify their accounts promptly. Nevertheless, we recommend waiting for eToro's team to notify you about any potential delays or issues in your account verification.

Submission of Wrong Details or Documents: 

Submitting wrong documents or information when applying for account verification can also delay the verification process. 

It’s good practice to always double-check the information you submit before proceeding further. Confirming whether the manually added information on your eToro profile matches what’s on your documents also helps avoid any issues or verification delays.

Tips for Successful eToro Verification

While it may seem confusing and time-taking, you can always make your eToro account verification process seamless by following the following tips:

  • Make sure to scan the documents you submit against a distinct colored background. This will help make all four corners of the document visible.
  • Your submitted information should have no errors. Hence, check if your full name and date of birth are the same and completely readable on your POI and POA.
  • The documents you upload should also have a clear and legible photo, date of issuance, and date of expiration.
  • Lastly, make sure that all the documents you submit are up-to-date.

Conclusion 

To summarize, verifying your account on eToro serves two essential purposes. Firstly, it ensures that only legitimate and authorized users can access eToro's features. Secondly, it enhances security for users, safeguarding them from potential online threats like scams and hacking. 

In a trading world full of uncertainty, eToro's strict policy on user verification makes the platform highly reliable.

Therefore, we suggest you remain patient and allow the team to take their time to verify your account. We hope this detailed guide solves all your queries and concerns regarding the eToro account verification process.


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