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Does Best Wallet Have a KYC Process?
Does Best Wallet Have a KYC Process?

Learn about Best Wallet's KYC-less sign up and log in process.

Updated over a week ago

No, Best Wallet does not have a Know Your Customer (KYC) process. As Best Wallet is a fully non-custodial, decentralised crypto wallet, there is no proof of identification needed when creating a Best Wallet 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 prioritises 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 crypto or account, 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 crypto through Best Wallet, you may have to complete a KYC to successfully purchase crypto. This is set and managed solely by the bank-to-crypto provider, and Best Wallet has no say or access to any documents provided.

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