Financial regulators require centralized cryptocurrency exchanges to follow the Know-Your-Customer (KYC) verification protocol. Platforms such as FTX employ this safeguard to protect customers and companies against hackers, market manipulators, and money launderers. In truth, without KYC, fintech companies cannot effectively assess a user's risk level. But, how long does FTX verification take, and what's involved? This article explains how long for FTX verification to be approved and tips to speed up the process.
How Long Does It Take To Get Verified With FTX?
The time required to get a verified trading account on FTX depends on the tier. Following the submission of KYC documents for individual registration, the verification process should take less than a few hours for Tier 1 and up to a week for Tier 2. The longer approval time for Tier 2 is due to a manual review. Depending on the circumstances, customers will be notified via email if additional information is required.
For institution/business accounts, this could take between 24 hours to a week to be verified. Furthermore, additional information can be requested on a case-by-case basis. To learn more about the verification levels and limits, read our full review on FTX.
Can You Speed up the FTX Verification Process?
The main way to expedite the KYC steps on FTX is to ensure the submitted personal information matches the documents that are uploaded. These documents must also be the latest (within 3 months). Moreover, users are required to enable Two-Factor-Authentication (2FA) on their accounts.
- Personal information matches with documents uploaded. When entering personal data, ensure that it matches the information that is stated on the ID documents that will be uploaded. Any details that do not match will result in the approval stage being rejected and adding time to the verification stage.
- Use the latest ID documents. Users’ driver's licenses or ID documents should be recent. The best option is to upload documents that are less than 3 months old. Old documents will be rejected and the user will be asked to upload a more recent version.
- Enable 2FA. Two-factor authentication, or 2FA, is an initial step in the identity verification process. Not only is it recommended for account security, but it is also a required step in the verification process. Ensure the account has 2FA enabled before starting ID verification.
What Should You Do If FTX Verification Is Taking Too Long?
It's not uncommon for a user's verification on FTX to take longer than the expected timeframe. There are several reasons why this can occur. The most common reason is to do with a poor document upload or a mismatch in the entered information. In the event the account KYC is not approved, here are a few steps to take:
- Ensure the verification process has been completed and is pending
- Check the registered email address in case additional information was requested by the FTX verification team
- Create a support ticket on the FTX website and ask for an update
The Verification Levels on FTX
At FTX, there are three levels or tiers of KYC that can be applied for: Unverified, Tier 1, and Tier 2. Each verification level on FTX offers different limits and features as described below:
- Unverified. This step is only available to people who have just created an account and have only registered their email addresses. An FTX user cannot conduct transactions, such as trading, making deposits, or withdrawing funds, without first completing a KYC. The customer can only explore the site with this option. For those that want to trade without ID verification, here is a list of no KYC crypto exchanges to consider.
- Tier 1. Tier 1 accounts can access crypto withdrawals of up to $2000 daily. However, traders cannot trade futures, deposit, or withdraw fiat. Customers are not required to submit as much documentation to pass this level. They only need to fill in their full name, email address, country of residence, province, birth certificate, and phone number.
- Tier 2. Tier 2 accounts have full access to crypto and fiat withdrawals. In addition to the basic information supplied in Tier 1, traders must upload address/phone jurisdiction documents, a description of their source of funds, and a passport or other official identification to complete the process. Investors will also be required to submit three facial portraits during the third phase of verification.
How Long Does Each FTX Verification Level Take?
The time required for FTX verification varies depending on the level. Also, in some rare cases, additional information may be required (if so, customers will be notified via email). So, how long does FTX verification take? The table below estimates the processing times for each verification level.
|KYC Verification Tier||Processing Time Estimates|
|Tier 1||Few hours|
|Tier 2||24 hours to 1 week|
|Entity/Business||Between 24 hours and 1 week|
The FTX Verification Process Explained
Stripe has partnered with FTX and FTX US (the US-regulated affiliate of FTX) to create a smooth onboarding and identity verification process for customers joining the crypto platform and power payments for investors adding funds to their FTX accounts. FTX has also chosen Stripe Identity to build an onboarding and identity verification flow to make it easy for new cryptocurrency investors to establish their identities.
FTX exchange has significantly reduced the number of new investor rejections by utilizing Stripe's machine learning model, which is based on the same technology Stripe uses to authenticate millions of customers globally. Moreover, the new flow enables real-time identification verification rather than FTX's previous approach, which frequently required manual review and could take up to a week for Tier 1 accounts.
Why Complete the FTX Verification Process?
To use the FTX exchange, customers must be at least 18 years old and citizens of a supported region. Their verification level determines what traders can do with their FTX accounts. These are some of the benefits of KYC verification to FTX customers:
- Unlimited Access. The FTX exchange, like many other cryptocurrency exchanges, prohibits unverified customers from trading, depositing, or withdrawing funds. Individuals and businesses who complete FTX's verification requirements can take advantage of the platform's trading, deposit, and withdrawal incentives and other services, such as increased account limits and permitted funds deposit and withdrawal.
- Protect Users' Interests. By implementing KYC procedures across the FTX crypto exchange, clients' trust is strengthened because they can be assured that the platform customers are authentic and verified.
- Developing Stronger Security. The requirement for identity verification is the first line of defense against money launderers, who frequently try to conceal their funding source by dispersing small amounts across multiple accounts.
How to Complete the FTX Verification Process
To begin a secure identity verification process for Tier, individuals must sign in to their FTX accounts to begin the verification process. Hover over the account holder's name to bring down the menu. Go to the 'Settings' link which will bring up the Profile page. Then choose 'Identity Verification' to commence the progress.
Entering the full name, last name, and birthdate, click 'Next'. Investors will receive a notification via SMS code after entering their phone number. This code consists of 6 digits. Next, input the code received on the next screen to validate the account.
For Tier 2 verification on FTX, the process has a few more tasks to complete. Investors must upload all necessary documents and complete facial verification to receive Tier 2 KYC (unlimited withdrawals).
The first step is to click on 'Get Started' and then under 'Select how to verify your ID'. There will be a button with the label 'Upload a file.' Click on the button and pick an ID type. After reading about the identity verification process used by Stripe, click 'Accept and Continue.' Next, investors should upload a picture of their ID or passport's front and back and take three selfies using their computer or smartphone.
Click 'Continue' once the submission process is completed. Verification may take between 24 hours and a week after the submission of documents. Depending on the circumstances, extra information might be requested. In such cases, customers will be contacted through email.
Frequently Asked Questions
Yes, FTX needs ID verification from customers before they can trade. Without verification, investors can only survey the site without being able to carry out transactions. Depending on the purpose of the account, customers can do an individual KYC registration or an institutional/business verification. This process is mandatory for security reasons and safeguards the user's information and transactions.
FTX verification time differs according to the Tier selected. It could be less than a few days to process as is the case with Tier 1 and up to a week for Tier 2. Furthermore, additional information can be requested case-by-case, which could further delay the process.
No, customers can’t trade on the FTX exchange without verification. Completing this process on the exchange app gives access to higher trades and other features like unlimited crypto and fiat deposits & withdrawals.
KYC is a necessary stage in the cryptocurrency trading process at FTX. To recap, approval for Tier 1 should take less than 1 hour, and up to a week for full verification with unlimited withdrawal limits. Should it take longer than these estimates, check the account email to ensure there is no outstanding information required, or contact support by raising a ticket. For more information on what is KYC in crypto and why it's important, read this article.