eToro requires its customers to go through verification as part of its consumer protection and anti-money laundering policies. The eToro account verification is an important part of the registration process. As a result, the global platform and its US subsidiary – eToro USA LLC – require that new accounts be verified before users can trade digital currencies on the multi-asset platform.
This article will explain how long it takes to be verified on eToro and provide tips on what to do if the approval is taking too long.
How Long Is eToro Verification?
The eToro ID verification process involves customers filling out their personal information and submitting the necessary documentation to begin their verification. The eToro account verification takes a few days and the applicant will be notified by email when the account is verified. However, it can take longer during periods of high requests. Traders can also check their verification status on the eToro website or mobile app. Note that a verified account on eToro has a green tick on the user’s profile.
Once the account verification is complete, the user can finally access the full suite of the platform's trading environment, trading experience, and numerous benefits like low fees, multiple trading options, copy trading 0/1-2, a demo account, etc. To find out more about eToro and the features available after completing the KYC process, read our full eToro review.
What Can Delay The eToro Verification Process?
eToro is a popular online broker with millions of customers worldwide. Usually, it takes some days to verify an eToro account. However, the process can take longer because of two major reasons.
- A high number of new accounts. If an application is sent alongside numerous other requests on eToro’s busy days, it may take longer for the team to confirm it.
- Submitted incorrect information. If a customer submits an incomplete document or wrong information, they may need to re-upload the correct document, resulting in more confirmation time. Remember that only people who live in one of eToro’s eligible countries can use the platform.
What Should You Do If Verification Is Taking Too Long?
If the verification process is taking longer than a few days, there are several steps to undertake. Firstly, at the end of the process, eToro will notify the user once account verification is successfully complete. So, checking the designated email address for any requests for more information is the first step. Next, check the verification application via the eToro website or mobile app in these three ways:
- Check the box under the username. The account is verified if it shows “Bronze” or another eToro Club Level. But if it reads “Complete Profile” and shows a progress bar, the account is not verified.
- Check the profile photo. If there’s a green tick beside it, the eToro account is verified. If it’s otherwise, the account is unverified.
- Click "Settings" in the sidebar menu, then click on the username and profile picture box. The account is verified if there's a "Verified" text beside the username. It will read "Complete Profile" and show a progress bar if not verified.
Lastly, if there are still challenges or are waiting longer than the stipulated time despite submitting correct information, initiate a customer service ticket to inquire about the verification from the help center.
Can You Speed Up the eToro Verification Process?
The verification process on eToro takes a few days to process at the minimum. However, the platform may delay verifications if the applicant fails to submit the appropriate paperwork. To reduce the risk of delays with the account verification, the individual should:
- Ensure that the POI document should contain the full name, date of birth, and a visible picture of the customer. It should also clearly show its issue date, and expiry date, and the personal information must tally with the customer’s details entered during the registration stage.
- Ensure the POA document contains the owner’s full name, detailed address, and issue date, like the POI. POA options include a bank statement, credit card statement, utility bill, government-issued house rental agreement, a letter from a local municipality, etc. The address document must not be older than three months and should clearly show the issuer's name and logo.
Is the eToro Verification Stage Necessary?
Verification is part of eToro’s compliance with financial regulators. eToro is regulated by the likes of UK's Financial Conduct Authority and the Cyprus Securities and Exchange Commission (CySEC). KYC is one of the security features put in place by eToro to keep users' assets safe on the platform. The eToro platform uses the verification and anti-money laundering process to identify its customers and prevent illicit activities like money laundering.
eToro customers must validate their profiles because unverified profiles have limitations on the platforms. Unverified traders can't trade crypto, deposit, or withdraw their funds. In other words, users are advised to complete verification to access all the platform's features. To learn what KYC means in crypto, read this article next.
How To Complete The eToro KYC Process
To get an eToro live account verified for buying and selling crypto and other high-risk digital assets, users should follow the steps below:
Step 1: Confirm Personal Information
Visit the eToro website and log in using the registered email address and password. Along the left menu, click on 'settings' which will bring up the user profile page. Click on the 'account name' which will bring up the page to enter and confirm all the personal information. These include basic information like full name, residential address, and date of birth.
Step 2: Fill Out a Questionnaire
The next step is to fill out a questionnaire about occupation, personal income, finances, etc. This helps the company better understand the user’s profile, and if someone submits accurate information, they can get quick verification. There are some online resources that provide the answers to the eToro quiz that can also expedite the process.
Step 3: Disclose Trading Knowledge
Applicants will need to disclose their trading knowledge by selecting their level of proficiency from the options provided. This will help eToro understand applicants' knowledge of crypto and other high-risk assets. eToro is beginner-friendly, so this part doesn't affect the person's chance of being verified - even if they are a crypto beginner. Ultimately, eToro will use the data to provide tailored services to the client.
Step 4: Confirm Phone Number
Applicants need to confirm their phone numbers. The user must enter an active telephone number on the pop-up screen to confirm the phone number. After this is done, they will receive a text message with a 5-digit code and enter the code to verify the number.
Step 5: Upload Documents
This is the final step where users get to upload their POI and POA documents. At this point, eToro lets the individual take a picture of the documents with their smartphone camera. The fastest way to get verified is by uploading a passport, so applicants should consider this document first. As for POA, a bank statement or utility bill will be enough. So long as it contains the customer’s full name (as registered on eToro) and the date of issue.
Frequently Asked Questions
Every user should get an email once their account is verified. In addition, traders can also check the box beside the username. If it shows "Bronze" or another club level, then the account is verified. Also, the account has been verified if there is a large green tick beside the user's profile photo. Users can equally check the "Verified" in the app settings.
Crypto traders can browse the eToro platform without verification and use the popular crypto demo account with virtual funds. However, there are several limitations placed on unverified accounts. It is recommended to complete the full eToro account verification to enjoy the best experience on eToro.
There are many reasons why users might encounter this error. Some of the popular ones include uploading incorrect or incomplete information, expired documents, and unclear pictures of proof of address and proof of identity can result in eToro not verifying an account. On the other hand, the team may have many applications at the time and unintentionally delay the verification.
In summary, the default verification period for a new individual eToro account is a few days but no longer than 1 week. Once approved, an email will be sent to the registered address to confirm the KYC process is successful, or that additional information is required. It can take longer if there are a lot of applicants but this is not the norm and the person should check the status immediately or contact support.