Verifying your Bitfinex account

Bitfinex (go online) has implemented a mandatory verification process on the platform. This measure helps ensure compliance with AML/KYC and terrorist financing laws. Depending on the level of verification on the site crypto exchanges verification can take anywhere from 10 seconds to 2-3 business days. “Basic +” is instant and takes 10-30 seconds. For “Intermediate” and “Full” levels the time can reach 2-3 days. The process may take longer if the application was not complete.

Requirements

Requirements for verification of individuals differ depending on the level for which documents are applied for. The main requirements of Bitfinex:

• Age – from 18 years.
• Phone number, e-mail and residential address.
• 2 valid identity documents with a photo (driver’s license, national or foreign passport, work permit, etc.). If there are no two documents, the user can provide one and email: [email protected] to arrange a Skype video call.
• Selfies to confirm identity.
• Bank statement. It must show the owner of the account. It is required only for those who undergo full verification.
• KYC form. It is necessary to sign the form, which confirms the accuracy of the data users and gives the right to end the verification process.

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Levels of verification

Bitfinex has developed 4 levels of account verification:

• Basic.
• Basic +.
• Intermediate.
• Full.
• Basic

After creating an account on the site, a user receives a “Basic” level of verification, which allows them to deposit, trade, and withdraw most cryptocurrencies. OTC trading, margin financing, Lending Pro, and stacking rewards are also available.

Basic +

The user can increase the level of verification by specifying the information needed to assign it. To get “Basic +”, it is necessary to upload an ID with a photo, selfies and specify a phone number. Bitfinex Borrow credit is also available for this level, the “Increase Position” feature, the ability to create posts in Bitfinex Pulse and additional affiliate program coefficients.

Intermediate

To upgrade to the Intermediate level, in addition to the information required for Basic+, you must confirm your address, provide a second photo ID, and complete a financial questionnaire and KYC form. In addition to those options available for basic checks, at the Intermediate level you can trade derivatives, use credit products Celsius. You can use Tether and other Stablecoins, Bitfinex Pay, accelerated cryptocurrency deposits, participate in competitions and receive UNUS SED LEO discounts and access to advanced trading functionality.

Accelerated withdrawal freeze cancellation is also available for users at this level. Withdrawals can be frozen for up to 5 days for several reasons: password reset, requesting changes to security settings through tech support, unlocking addresses that have been blocked, or changing existing ones. If the check to “Intermediate level” is passed, you can request withdrawal of the transaction limit by contacting Bitfinex support.

Full verification of the account

In order to deposit and withdraw fiat money, you need to go through a full verification of your account. Without this procedure deposits and withdrawals are available only in cryptocurrency. In addition to the information that is specified for the intermediate level, you need to provide a bank account statement. The document verification process takes up to 2-3 days. Bank transfers in fiat are also available for full verification. The minimum for deposit and withdrawal is 10,000 for dollar/euro/pound sterling, 75,000 for CNH and 1,000,000 for JPY.

Verification of an individual

To verify your Bitfinex account, go to “Verification” section and select “Individual” account type. Select the verification level and fill in the suggested fields. Changing the level is available at any time. After entering all the data you must click “Submit”. The review of the application will begin when all sections are marked “Completed”. The team will contact the user by e-mail to confirm the verification or to request additional information.

Verification of a legal entity

Bitfinex accounts created by legal entities must also undergo a verification procedure. It includes the following steps:

• Specifying the name and contact information. This information is needed to confirm the identity of the account owner.
• Location.
• Identification. The information confirms that the user has the right to perform transactions in the account.
• Finance. Data is needed for bank transfers and withdrawals (for full verification).
• User Awareness. Information is required as part of AML/KYC requirements.

To verify the account, the user must go to the Verification section, fill out the form, provide documents of the legal entity and information about the executives: directors, shareholders with their shares in the company and other officers. You must also fill out an individual form for each director, shareholder and employee.