When buying cryptocurrency in Best Wallet through a third-party provider, you most likely will have to complete some sort of Know Your Customer (KYC) process. This is solely required by the third-party provider and is not imposed or fulfilled by Best Wallet.
It is becoming increasingly common to have to complete KYC processes for both buying and selling crypto, depending on where you are located in the world.
What is a KYC and why is it required?
Know Your Customer processes are standard practice across global financial platforms and services aimed to prevent illicit activities like money laundering and fraud. They are becoming increasingly more commonplace in centralised crypto platforms and providers.
This verification process requires users to provide personal identification to verify their identity. These could include uploading images of your passport or driving licence, paired with uploading selfies and proof of address.
While KYCs might seem unnecessary, they are a critical component of maintaining a safe, legal, and transparent financial environment. Without them, users in many countries, like the United Kingdom, would be limited to smaller, less efficient platforms for buying crypto.
As mentioned before, Best Wallet itself does not set these KYC requirements. Instead, they stem from legal obligations imposed by various countries to combat financial crimes. It is the trusted third-party bank-to-crypto provider, via Onramper, responsible for setting and processing any KYC check.
Is there a way to buy crypto without a KYC?
When setting up your crypto purchase through Best Wallet, you may be able to select providers that require no document uploads. Although rare, some crypto purchase providers require no KYC. Their availability depends on geographical location and what cryptocurrency you want to buy, as most governments require some form of KYC to buy or sell crypto.
How long do KYCs take?
It depends on the crypto purchase provider, but often it can take anywhere from a few minutes to days. Normally, they should only take five minutes, but this may depend on the provider and location. This time range is completely normal and generally consistent across all bank-to-crypto providers.
As the leading crypto purchase provider aggregator, Onramper can prioritise providers and services that streamline this process, offering a quicker, more integrated solution. By selecting only the best providers, Best Wallet significantly enhances your experience by reducing wait time and simplifying your crypto purchase process.
Benefits of completing KYCs
While it might seem like a hassle, there are several benefits to completing the KYC process:
Security: KYC adds an extra layer of security to your transactions, protecting against fraud and unauthorised access.
Proof of Ownership: Completing KYC provides clear proof of your purchases and transactions. This is crucial for dispute resolution, tax purposes, and potential audits.
Access to Services: Many crypto services and features become accessible only after completing KYC. This ensures a safer and more compliant ecosystem for all users.
Trust and Credibility: By completing KYC, you contribute to a more trustworthy and reliable crypto environment, which is beneficial for the entire community.
What documents do I need for the KYC process?
Typically, you will need a government-issued ID (passport, driver’s licence, etc.) and possibly a recent utility bill or bank statement for address verification.
The exact requirements may vary based on your location and the third-party provider's policies.
Can I use Best Wallet without completing KYC?
You can sign up and freely use Best Wallet for receiving, swapping, and sending your crypto funds without completing KYC.
However, KYCs might be required for buying and selling crypto in Best Wallet. Again, these are set and processed by trusted third-party providers.
Is my personal information safe during the KYC process?
Yes, your personal information is handled with strict confidentiality and security measures by Onramper and its trusted third-party providers.
Best Wallet ensures that providers comply with data protection regulations that keep your information secure.