In this article:
Learn about Best Wallet's KYC processes when setting up your new wallet.
In short, Best Wallet does not have a Know Your Customer (KYC) process when creating your account and wallet.
As Best Wallet is a non-custodial, decentralized crypto wallet, there is no proof of identification needed when creating a Best Wallet account. You will however need an email address or an Apple/Google account.
What is Know Your Customer (KYC)?
KYC is a common verification process used by financial institutions, like banks, to verify the identity of their clients. They often involve uploading images of your passport or driving license, paired with uploading selfies and proof of address, to verify your identity.
In the context of crypto wallets and exchanges, KYC can involve submitting personal identification documents, like your passport, for tax reasons. Some crypto exchanges will restrict or deny access to their platform until users complete their KYC process.
Why Best Wallet has no KYC
Best Wallet takes a different path from many other crypto platforms by not imposing any KYC procedures. This decision aligns with Best Wallet's commitment to providing a fully non-custodial crypto wallet service.
Being non-custodial means that Best Wallet gives you complete control over your private keys and, consequently, your cryptocurrency assets. There are no identity checks to go through, which prioritizes complete privacy and convenience.
As a result, you can sign up for Best Wallet in just minutes, meaning you can begin buying, swapping, and holding crypto immediately after creating your wallet.
The benefits of no KYC
The absence of a KYC process in Best Wallet offers several advantages:
Privacy: Your personal information remains private, as you're not required to share identification documents.
Speed: The account creation process is significantly faster without the need for identity verification.
Control: Best Wallet has no control over your cryptocurrency assets or wallets, meaning that you have 100% control over your crypto.
When you might need to complete a KYC
You will be able to set up and use Best Wallet freely without fulfilling a KYC. However, when you buy or sell crypto through Best Wallet, you may have to complete a KYC. This is set and managed solely by the third-party on- and off-ramp providers and Best Wallet has no access to any documents provided.
Wrapping up
Best Wallet is committed to being a decentralized wallet, meaning full privacy. For help getting started, read our guide on setting up your Best Wallet.