Verified accounts are one of the most important features on any cryptocurrency trading platform. They act as a proof of identity for users who want to protect their accounts and keep them secure from any imposters.
If you’re planning to use an exchange to buy cryptocurrencies, chances are you’ll need to set up a verified account before joining.
Read on to learn more about what verifications are, how they work, and which platforms have verified accounts as part of their user verification process.
What Is Verification?
Verification is an extra step that cryptocurrency trading platforms use to ensure that the people who are signing up for their services are actually who they say they are. This is important for several reasons, but primarily because cryptocurrencies have become such a popular investment vehicle that it’s easy to fall prey to scams.
Having an exchange verify your identity lets you protect your account from imposters and bad actors. It’s also important because it’s a public affirmation that you are who you say you are.
Anyone can create an account on a trading platform, but if a hacker were to create an account using someone else’s personal information, the platform would be able to easily determine the imposter and shut them down before too much damage could be done.
How To Register As A Verified Account
Some trading platforms will accept you even if you don’t have a verified account. What you need to do is register with the platform, verify your email address, and then set up 2-factor authentication. If you’re planning to use an exchange to buy cryptocurrencies, chances are you’ll need to set up a verified account before joining.
Now that you have an account set up, the next step is to verify your email address. While it’s possible to use an exchange that doesn’t require email verification, the vast majority of exchanges do.
This is one of the easiest ways to protect your account from imposters.
You can also just buy account that is already verified so you won’t have to go through the process.
How To Complete The Identity Check
If you want to trade cryptocurrencies on an exchange that doesn’t verify your account, you’ll first have to set up a new account. This can be done by entering your name, email address, and other details into the exchange’s sign-up form.
After you’ve signed up for an account, the next step is to verify your identity. Most exchanges have a variety of methods that you can use to prove your identity.
The most common way is to upload a photo of yourself that includes your signature.
Registered Accounts Vs. Verified Accounts
There are two types of verified accounts on most major exchanges. Registered accounts are verified based on public information. You can usually see how many registered accounts belong to exchange by visiting their profile page and looking at the “Registered Accounts” section.
Verified accounts are verified based on your identity and information that is verified by the exchange. When you register on an exchange, it only shows the public information of your account.
The exchange only verifies your identity and information to complete the verification.