If you’ve spent a while using services like Coinbase to buy mainstream cryptocurrencies such as Bitcoin, Litecoin, and Ethereum, you might feel like it’s time to branch out.
Perhaps you want to try your hand at trading, or maybe you’d just like to own some less well-known coins. In either case, you’ll need to sign up for a cryptocurrency exchange.
There are a lot to choose from, but one of the most popular is Bitfinex. To take full advantage of Bitfinex, you will need to verify your account. It will let you withdraw fiat currency from your account. Let’s take a closer look at the process.
What You’ll Need
Before starting the verification process, make sure you have all the paperwork and documentation you’ll require during the process.
Four documents are needed. They are:
- Two forms of official government ID (passport, driving license, national ID card, etc.)
- A bank statement from which your first deposit will be made
- Proof of address (a utility bill no more than three months old)
You will also need to have basic information such as telephone number, date of birth, and email address.
Completing the Verification Process on Bitfinex
- Log into Bitfinex.
- Go to Account > Verification.
- Click on Begin Verification.
- Go to Account Type and select Individual.
- Choose your country of residence.
- Select your reason for wanting account verification.
- Fill in your details, uploading the aforementioned documents when prompted.
Keep in mind that due to the popularity of online crypto exchanges, verification could take as long as six weeks. You will receive an email when your account is ready.
In addition to withdrawing fiat currencies, you will also benefit from reduced deposit times once Bitfinex has verified your account. Without verification, you will only be able to withdraw cryptocurrencies from your account.
Warning: Trading cryptocurrencies involves risk. Only invest what you can afford to lose. If you’d like to become more knowledgeable before investing, check out some of the best sites for Bitcoin news.