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Verification of account on the OKX crypto exchange


Verification of an account is a verification of the user’s documents. Almost all centralized crypto exchanges verify users’ documents to comply with KYC anti-money laundering regulations. On the one hand, it does not allow users to work anonymously as before, but on the other hand, the user’s money on the crypto platform is better protected after KYC verification.

Compared to most of the crypto-exchanges on OKX still quite loyal verification conditions. In order to enter money into the platform account and start trading, you will need to provide valid personal information. For cash withdrawal at this stage it is necessary to add your phone and create a financial password. KYC verification has three levels, each higher level expands the withdrawal limits from the exchange. Without verification of documents on the site okx.com it is not possible to trade in fiat currency and there are limits on withdrawals. In addition, the exchange at any stage may require proof of identity of the user. Passport, passport and driver’s license are accepted for verification.

 

Currently, the issue of verification is complicated by the fact that cryptocurrency exchanges block accounts of Russian users. After verification, to invest or trade, you will need to deposit funds. In case OKX will block accounts, it is necessary to have time to withdraw money. Also, there may be restrictions on the circulation of rubles, because now it is a very unstable currency. And there may be problems with transactions with Visa and MasterCard, because at the time of publication they have left the Russian Federation. On the part of the Russian Federation there are likely to be restrictions on work with cryptocurrency and exchanging rubles for currency. There are no restrictions for Russian users on OKX so far, but you need to keep an eye on the news background.

How do I check the documents?

The exchange will remind you to verify when you try to perform any transaction. But you don’t have to wait for verification, and immediately after registering your account you can start sending documents for verification. In the browser version you need to hover your cursor over the profile icon and select “Identity verification” in the drop-down menu. On the “KYC Verification” page that opens, select “Individual Account” or “Corporate Account. If “Individual Account” is selected, the next page will select citizenship, real first and last name, document type and document ID number.

It is not necessary at this stage to try to enter a pseudonym or make mistakes in the spelling of the name, because later, if there are discrepancies with the documents, the check will simply have to be repeated, but not more than three times. At this stage, the difficulty is that the exchange confirms the reliability of the information instantly, even with false data, so you need to check the correctness of the information yourself.

 

After this data is entered, a client is considered to have passed Level 1 verification and may deposit money and start trading. To expand the limits and trade in fiat currency, you need to pass Level 2 verification. To do this, click on the “Extend Limits” button on the page with the first level verification and go to the page with documents upload.

Here you can once again clarify the data on the presented document and correct errors, if any, by activating the option “Enter information again”. This function is available only three times and trading possibilities will be suspended for the time of error correction. Next, you need to prepare actually valid documents corresponding to the information that was entered at the previous level of verification. The function “Use your computer webcam or cell phone to pass the verification by photo” implies that you have to take photos of documents.

 

You can use a webcam or go to continue the download to your smartphone by activating the option “Select if your device does not have a camera” and scanning the QR code. After scanning in the smartphone will open the page “Start checking”, at the bottom is the button “Start”. It is necessary to prepare the documents in advance and click on it. As in the browser version, the photo service will open, and then you need to click “Start” again. The Exchange will ask for permission to use the camera. Any document you provide is opened on the page with a photo, placed in the center of the service, takes a photo and is sent for verification.

The second level of KYC verification can take up to three days, but can be longer, for example, during periods of high volatility of cryptocurrencies. In any case, if the results of verification remain unknown for more than 3 days, it is necessary to contact the support service by email: [email protected]. The third level of verification of the user’s identity on OKX is individualized, it involves confirming the residence address, passing the interview, providing information at the request of the exchange and so on. The verification can take up to 30 days.

Corporate account

If an organization is supposed to trade on the exchange, choose “Corporate Account” on the “KYC Verification” page and follow the instructions. This is a more detailed type of verification, you will need to describe the company’s activities in sufficient detail and provide an impressive package of documents: a certificate about the jurisdiction of the company, the specialization of activities, the management team and so on.

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