- Verifying your account on a crypto exchange helps the exchange offer its services to legit users while allowing users to ensure complete security and privacy of their accounts.
- As a crypto exchange that prioritizes KYC verification, KuCoin offers four different account verification levels. These levels determine the limitations and benefits you can access through your account.
- On the first verification level, your account will get verified in only a few hours. KuCoin's team may take 2-3 days to verify your account on the second and third levels. The fourth verification level takes 5 days to complete.
- When verifying your account on KuCoin, you can prevent any verification delay or failures by submitting accurate, up-to-date, and clear details/documents.
As a cryptocurrency exchange established in 2017, KuCoin has made its name as a popular exchange among traders due to its extensive selection of altcoins. This Seychelles-based cryptocurrency exchange offers customers the option to buy, sell, and trade over 700 cryptocurrency assets.
The good thing about trading on trusted cryptocurrency exchanges like KuCoin is that they require you to verify your account before trading. This verification process helps prevent money laundering and fraud by ensuring that only you can access and use your payment details to make trades on your account.
In this article, we’ll explain the importance of identity verification, how it works, and how long it takes to verify your account on KuCoin.
What is KuCoin Verification?
Kucoin verification is based on the KYC identity verification method, which is an abbreviation of 'Know-Your-Customer'. First introduced by the exchange on the 1st of November, 2018, we found KuCoin’s KYC process to be very straightforward and simple. It requires basic information and documents, like your identity card, passport, and personal image — varying on different identification levels.
KuCoin introduced its KYC verification process in compliance with the security and development rules and regulations of the virtual currency industry. Now, with security in check, you can also rest assured that KuCoin is a safe platform to join and begin your trading journey. In fact, this is what makes KuCoin one of our most preferred crypto exchange platforms for its emphasis on user’s security through proper identity verification.
This means that KuCoin’s transparent and simple verification process keeps fraudulent users from accessing the platform and practicing malicious activities like fraud or money laundering.
Levels of Verification on KuCoin
As we looked into the user verification process of KuCoin, we found that the exchange allows its traders to choose how much information they want to provide to the platform through different verification levels. Your verification level will determine the benefits you can access from your KuCoin trading account. These levels include:
You can skip the KYC verification process if you don't want to share your personal information on the exchange platform. However, this will limit the services and products you can access on KuCoin.
This is the first identity verification level that only requires you to finish your registration. Once registered on the platform using only your email address, KuCoin enables you to access its basic products and services. Having a trading account with level-1 verification also means you will have a 24-hour withdrawal limit of 20,000 USDT.
The next level of identity verification requires you to provide your basic personal information. This includes your full name, address, contact, etc. Users with a trading account with level 2 verification have a daily withdrawal limit of 25,000 USDT.
KuCoin's level 3 identity verification requires you to provide a photo ID and a selfie. This further enables the exchange to better recognize you and keep your account from being accessed by other fraudulent users. Level 3 verified KuCoin accounts have a 24-hour withdrawal limit of 30,000 USDT.
We also found that accounts completing the level 3 verification process can access KuCoin Spotlight. This feature enables users to participate in token sales of star projects.
Lastly, we have the 4th verification level on KuCoin. This verification level is for organizations trading on the exchange. To have a level 4 verified account, organizations have to provide special documents that help the exchange learn about the company and its track record. These types of accounts have a 24-hour withdrawal limit of 1,000,000 USDT.
Since the exchange recently updated its customer identification and verification procedures, it is important to note that KuCoin's KYC verification process may update again in the future. Hence, it is important to DYOR (do your own research) to learn about the benefits, limitations, and required details in different verification levels when you register on the platform.
The Importance of KuCoin’s User Verification Process
As we further explored the reason behind the need for KuCoin’s user verification process, we found that its KYC verification process emphasizes on maintaining the exchange’s user security. This allows the exchange to meet the anti-money laundering and counter-terrorism financing laws and regulations set by the government for such financial institutions.
Now, a crypto exchange that complies to the laws and regulations is evidently more reliable than those that don’t follow government’s rules. Furthermore, we found that this verification process allows KuCoin to offer its trading services and products to legit users. It also means that users can trade on a safer platform, where only they can access their trading account using their personal information.
Now, with online scams becoming common among basic crypto exchange platforms, it is hard to find a crypto exchange that you can trust with your privacy and funds. This is where we feel KuCoin saves the day for new and seasoned investors that prefer more privacy and security to conduct their trading activities.
How to Complete KuCoin Verification?
After you log into your KuCoin account, you can begin the verification process by clicking on Identity Verification under your avatar. Before you start the verification process, it is important to ensure that deposit and withdrawal options are active on your account. After that, you can follow the guide below to verify your account:
KuCoin allows individual account holders to access 3 different verification levels based on their usage. These 3 verification levels are already mentioned above. Here is how you can complete the first 3 verification levels to make your KuCoin account level-3 verified.
Other than the first three verification levels on KuCoin, an institutional account holder also needs to complete the fourth verification level. You can do this by:
Note: You can check the account limitations and accessible features based on each verification level by clicking on the button on the right side of each level.
KuCoin Verification Time Frame
Upon further investigation, we found KuCoin's KYC verification process to be quite simple and straightforward. The good thing here was that it didn't take long for the exchange’s team to review and verify your account. At this time, once you have applied for user verification, you might want to know how much time it takes exactly to verify your account on KuCoin. The short answer to the question would be anywhere between a few hours to 5 days.
This means that the verification time is based on two types of individual account verification processes.
This includes basic and advanced verification where basic verification is often completed within a few hours, and advanced verification takes up to 2-5 business days to complete.
Factors that Can Affect the Verification Time Frame
Verifying your account on KuCoin means that the exchange will approve you as a legit and trustworthy user of their platform. So if, due to any reason, your account details and provided information goes against the exchange’s verification requirements or have any issues, then you might have to face a delay in verification.
But as long as you understand the factors that can affect the verification time, there’s always a solution to apply. In this regard, let’s explore a few factors that may cause a delay in KuCoin account verification and their solutions.
Using an Already Registered ID
Don’t use an ID that is already registered with more than 3 KuCoin accounts. KuCoin only allows a single ID to create a maximum of 3 accounts. Hence, you can face a delay or failure in user verification if you use an ID that is already registered with 3 KuCoin accounts.
In this regard, if you have registered on KuCoin before, we suggest you save yourself from the hassle by using a new ID.
Submitting Wrong Image Formats
Make sure you are submitting the right format of images. This is because KuCoin only accepts images in JPG and PNG format. We also suggest you look into the image size and only upload images with a size that is less than 4MB.
Mismatch of Provided Information
Your user verification will only be smooth if all your provided information matches the documents that you submit. This is because different information will make it difficult for KuCoin’s team to evaluate whether you are a legit investor or a scammer.
We would suggest that you check the documents and details you provide for any concerns before hitting that submit button.
Submission of Unclear Images and Documents
Lastly, avoid submitting unclear, blurry, or damaged images/documents. This is another common reason we found that may lead to a delay in KYC verification on KuCoin.
What To Do If My Verification Is Taking Longer Than Expected?
If your KuCoin account verification is delayed, there’s always a solution. Considering that, we suggest you check your account verification status on the 'Identity Verification page’. This is where the exchange mentioned the reason behind delay or failure in user verification.
Once you know what the reason behind the delay is, it is time to troubleshoot the issue. Simply put, if there is an issue in the details you submit when verifying the account, the account verification might fail. So we suggest that you first wait for the exchange to mark your account’s verification as failed.
Now this may take longer than the average 5 business days time frame of KYC process approval. But once the exchange has highlighted the issue or incorrect information you have provided on the Identity Verification page, you can directly Retry and resubmit the right documents or information.
However, if your account verification request takes longer to be reviewed, we suggest you can always contact KuCoin’s customer support to solve the issue faster.
Tips for a Smooth KuCoin Verification Process
As we went through the KuCoin account verification process, here are a few tips we considered to be helpful to make the verification smoother and faster:
Ultimately, account verification or KYC, is a crucial step in ensuring your account is completely verified according to the exchange's regulations. It allows you to access more products and services the exchange offers without compromising the security and privacy of your account and trading activities.
We understand it can be stressful if your KuCoin trading account verification is delayed. But be patient and wait to hear back from KuCoin's team and ensure your account is properly verified before proceeding with trading activities. We hope this detailed guide will help make your KuCoin account verification smooth and straightforward.