Bitfinex is one of the oldest and most popular cryptocurrency exchanges around. The reputable exchange was founded in Hong Kong in late 2012 and has become the choice of many crypto investors worldwide. To get the best trading experience on Bitnifex, customers must go through a standardized compliance measure by verifying their accounts.
This article will explain the entire Know Your Customer (KYC) process, explain how long the Bitfinex verification stage and what to do if ID verification takes too long.
How Long Does the Bitfinex Verification Process Take?
Once clients create an account with Bitfinex and link their email addresses, they will automatically receive a Basic level clearance that allows them to deposit and withdraw different cryptocurrencies. Basic and Basic Plus verification takes about 10 to 30 seconds to process. While the Intermediate and the Full tiers require a few days for approval. Additional verification is required for traders seeking to access advanced trading options, like Bitfinex Margin Trading and Funding, deposit, and withdrawal of fiat currencies.
To learn more about the features of the exchange, read our full Bitfinex review.
Can You Speed Up The Bitfinex Verification Process?
Usually, the exchange verifies new users in seconds for the basic level and about 48 - 72 hours for the intermediate and full verification. However, if a user provides incomplete information or documentation, the process may take longer. To ensure a rapid approval time, the following tips should be taken on board to speed up the process:
- Personal information matches the uploaded documents. A mismatch of the information entered on Bitfinex and shown on submitted documents will hold up the verification process. Therefore, it is essential to ensure all personal details match.
- Use the most recent documents. The proof of residence document must be valid and not older than 90 days from the date of submission. This is a common reason why Bitfinex verification can fail if older documents are used.
- Provide a recent bank account statement. A requirement to withdraw cash from Bitfinex is the user must provide a copy of a bank account statement. This is not common with other exchanges, therefore, new users should be aware that a statement will need to be submitted with their name as registered on the platform, and funds deposited into the customer’s account must come from this bank account.
What to Do if Verification Is Taking too Long?
If Bitfinex confirmation takes more than the aforementioned estimated period, the user can troubleshoot to understand the possible reasons. Check that the credentials and information submitted (like full name and account type) are correct, valid, and not expired. Ensure that the pictures of the credentials are clear, as blurry pictures may be an issue. Bitfinex traders can monitor the progress by checking their account page or by clicking on “Verification” from the website’s main menu.
Once the right documentation has been submitted properly and the user believes there’s no error on their path, they can reach out to the Bitfinex compliance team or contact Bitfinex support for more information.
Why Complete the Bitfinex Verification Process?
When customers create an account, the exchange automatically gives them basic-level clearance. However, the basic level only allows traders to deposit, trade, and withdraw cryptocurrencies from the platform. In other words, Basic level and Basic Plus profiles are restricted to crypto transfers and withdrawals only.
What Are The Bitfinex Verification Levels?
Bitfinex has four verification levels for its KYC compliance process:
- Basic Level. The Basic level is the least level that Bitfinex customers attain when they register an account on the cryptocurrency exchange. Usually, customers don’t need to do too much to get on the basic level. Once an account is created and the owner verifies and links their email address through the Bitfinex email or notification, they instantly get a basic clearance. Users will be able to deposit and withdraw various digital currencies on the exchange immediately. They can also participate in margin funding and OTC markets.
- Basic Plus Level. The Basic Plus level is the next level that Bitfinex customers can attain after creating an account on Bitfinex. It has similar features and benefits as the basic level - and profiles created before these dates can trade and invest without any upgrade. The major difference between the Basic and Basic Plus tiers is the access to the platform's affiliate program and Bitfinex Pulse. Bitfinex Pulse is the exchange's social network platform where traders can share and publish trading ideas and content.
- Intermediate Level. The intermediate level is for advanced traders. These users have access to derivatives trading, lending, and Bitfinex Borrow. Intermediate traders also have more funding and withdrawal options than Basic. They can deposit and withdraw fiat via SEPA transfers. To access these features, Bitfinex users must submit additional credentials like a national ID card or any other valid government-issued ID.
- Full Level. Bitfinex customers with Full access get all the platform’s features and benefits, including international bank transfers, crypto transfers, Margin Funding and Lending, Bitfinex Borrow, Margin Trading, and Exchange Trading. Full customers can deposit and withdraw fiat currencies and other various digital currencies on the platform. To upgrade an account to Full level, a user must submit two forms of valid government-issued ID documents, a telephone number, proof of residence, a bank account statement, a selfie from a smartphone camera, a financial questionnaire, and the Bitfinex KYC declaration document. Note that all credentials must be valid and not older than 3 months.
How Long Does Each Verification Take?
Bitfinex has four different levels for its customers, and each level has a separate processing time. The Basic level application is immediate and takes about 10 - 30 seconds to complete. Intermediate and Full level verifications take between 2 - 3 working days, provided the user correctly provides all the required information. Note that it can take longer if they do not submit the correct information.
|Bitfinex Verification Level||Verification Time|
|Basic||10 - 30 seconds|
|Basic Plus||10 - 30 seconds|
|Intermediate||2 - 3 days|
|Full||2 - 3 days|
How to Complete the Bitfinex Verification Process - Complete Guide
Users can complete the confirmation when they enter the welcome to the Bitfinex website page or mobile app through these easy steps:
1. Log into Bitfinex
Begin by login in to complete the verification process. Go to the 'Account' section of the screen and click 'Verification'. Click on the 'Begin Verification' button.
2. Complete account registration
Click on the “Account Type” button and select the “Individual” account. Select a country of residence among the dropdown options. Enter the reason for requesting account verification in the space provided. The user will be required to fill out personal details like full name, email address, residential address, etc. Then proceed to upload the required credentials after the prompt from the app.
3. Complete the verification process
The user will receive an email from Bitfinex when the account is successfully verified. The process takes 2 - 3 working days for intermediate and full verification, and it may take longer if it’s during a busy period at Bitfinex.
Frequently Asked Questions
Individuals on Bitfinex can trade on the exchange without verification. Ideally, once a user registers and confirms their email, they get a basic clearance and can start trading immediately. They can deposit and withdraw various digital currencies on Bitfinex instantly, but they can only withdraw in cryptocurrency with an unverified account. Besides Bitfinex, to find out which crypto exchanges don't require KYC, read this article next.
Yes, Bitfinex requires two valid government-issued ID documents and a selfie photo to complete the account confirmation. But these requirements are for users who want to upgrade their profiles from the basic level to intermediate or full user levels.
To verify a Bitfinex account, the account owner must visit the Bitfinex website or use the Bitfinex app. Once an account has been created, it comes with a basic trading clearance. But for full access, the platform requires its customers to submit credentials like two government-issued ID documents, proof of residence, a bank account statement and a selfie photograph.
Bitfinex accounts must undergo a mandatory ID verification or a KYC process to deposit and withdraw fiat currencies. The average approval time for basic accounts is between 10 to 30 seconds, while the higher verification levels can take a few days. This is the norm for most crypto exchanges, however, if the verification process is taking longer on Bitfinex, the best mitigation is to ensure the correct information has been provided by checking the verification status on their account.