How Long Does Poloniex Verification Take?

The verification process on Poloniex depends on the user's tier level. KYC can be completed anywhere between a few minutes to half an hour for Level 1 and 2 accounts where the latter requires facial recognition. The time frame can be extended to three business days if there is a mismatch between personal information and uploaded documents.

Read our Poloniex review for more information on the exchange.

Can You Speed Up the Poloniex Verification Process?

The easiest way to expedite the Poloniex verification process is to ensure that all required documents for each verification level are readily available and accurate. Additionally, the user's documentation and basic information supplied to Poloniex should match. This will enable the cryptocurrency exchange to rapidly complete verification.

If there are discrepancies or the selfie photo lacks sufficient lighting, the exchange might reject the user's identity, and the whole identity verification process will have to be restarted.

What To Do If Poloniex Verification Is Taking Too Long?

Even though the Poloniex verification is designed to be seamless, customers often run into issues in some circumstances. This can be due to poorly-lit documents and image photos or a discrepancy in the personal information supplied during the signup process.

In most instances, the Poloniex exchange often notifies customers when these issues arise via notification messages on their profile page. It is up to the trader to make amends and re-submit their application or contact customer service to clarify the situation when these error messages appear on the user interface.

What Are the Verification Levels on Poloniex?

Poloniex has two verification levels (1 and 2) for individual investors and traders and one for institutions and corporate accounts. Each level comes with different requirements.

Level 1 – Up to $10,000 withdrawal per day

The Level 1 identity verification process requires users to verify their email addresses after signup. In return for completing this step, users get access to unlimited trading on the spot and futures markets (margin trading is excluded), unlimited deposits, up to $10,000 in daily withdrawals, and crypto lending.

The majority of Poloniex users will complete their Level 1 verification in less than 5 minutes and usually on the first attempt.

Level 2 – Up to $500,000 withdrawal per day

In addition to confirming their email address, users must upload a well-lit selfie photo, a government-issued ID card, and a utility bill to achieve Level 2 verification. Level 2 verification unlocks more features on the Poloniex platform including a larger daily withdrawal limit of $500,000, margin trading, and an overall better user experience. The Level 2 verification levels for individuals grant Poloniex's customers direct access to its Launchbase, which is a popular crypto IDO launchpad for new tokens.

Institutional

Meanwhile, the institution's verification level requires companies to upload their certificate of incorporation, names of authorized persons to trade, and complete email verification.

How Long Does Each Poloniex Verification Level Take?

Each Poloniex verification level comes with a different timeline to access the account. The table below outlines the requirements, timeframes for validation, and expected restrictions.

Verification Level	Processing Time	Requirements	Restrictions
Level 1	1-2 minutes	Email verification and password	$10,000 daily withdrawal limit, no margin trading
Level 2	15-20 minutes	Upload utility paper bill, government-issued ID card, insert home address and selfie photo with a handwritten note	$500,000 daily withdrawal limit
Institutions/Corporates	1-7 business days	Certificate of incorporation, names of authorized persons to trade, and email verification	None

Do You Need To Complete Poloniex Verification?

Identity verification is a crucial step in the onboarding process for most cryptocurrency exchanges. This is largely due to the adoption of global Anti-Money Laundering (AML) practices that require cryptocurrency exchanges to ensure all customers complete a KYC process.

Secondly, the Poloniex crypto exchange grants users full access after completing KYC checks. In verifying their email addresses, users can easily get up to $10,000 in daily withdrawals, unlimited spot and futures trading, unlimited deposits, and lending.

While providing personal information like residential address, national ID card, and selfie photo will enable them to access margin trading, resolve error messages and issues faster, and have higher withdrawal limits.

Also, customers who complete the Level 2 verification process can manually transfer funds and access Poloniex Launchbase.

How to Complete the Poloniex Verification Process

Here are the simplified steps to successfully completing the identity verification process on Poloniex.

1. Access the User Centre: New users should log into the Poloniex platform and access their profile by using the drop-down menu in the top right-hand corner of the interface and selecting ‘Profile'. Once in the User Centre, scroll down to ‘Limits & Features' at the bottom of the page.
2. Provide personal information: Next, click on the verification banner on the right side of the screen, then tap on the ‘Get Started’ button under ‘Want Higher Limits?’. To proceed, fill in the full legal name shown on the document picture that will be uploaded later. Other information to provide includes date of birth, residence address, and mobile phone number. Once the details are filled in, tap on the ‘Submit' button.
3. Submit documents: Clicking on the ‘Start' icon at the bottom of the page will allow users to submit their ID documents. Users can choose to submit their International passport, driver's license, or another form of government-issued ID.
4. Choose upload method: Users can upload their ID documents via the Poloniex mobile app or a webcam.
5. Take a selfie: The last step is the facial recognition process. The Poloniex exchange will verify the quality of the uploaded image and personal info, and a ‘Verification Pending' message will be displayed above the ‘Profile' page.

Once the details are verified, Poloniex will notify the customer via email. This often takes a few minutes but can stretch to three business days if issues arise. If the image quality or other personal info does not match, users will get an error message detailing the issues with the verification. In this instance, the user will be required to re-submit their documents to verify the account successfully.

Frequently Asked Questions