Why it’s Critical to Verify Your Identity
06 May 2020, by Bittrex Team
As an industry leader in security, one thing we’ve learned is that your account is most secure when we work together.
Verifying your identity is one of the most important lines of defense in protecting your account against unauthorized access. All of our users, therefore, are prompted to verify their identity when creating an account.
We’ve made it easy for you—all you need to do is submit a picture of your government ID and a selfie, and you’re on your way to trading.
But how does verifying your identity help protect your crypto assets?
Privacy and Security
Right now, privacy is the number one focus for consumers—and we get that! At Bittrex, the information you provide when verifying your identity is kept private and only used for account security and verification purposes. Online exchanges, unlike traditional banks, allow you to provide a picture of your government ID and a current selfie. It’s a virtual version of “putting a face to a name.” Identity verification provides a baseline for handling issues or sensitive account changes like suspected hacking, two-factor authentication (2FA), or information changes and makes it much harder for a hacker to replicate information.
Additionally, Bittrex focuses on a high standard of regulatory compliance and security and, as a U.S.-based company, we comply with all Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations to both protect our customers and keep criminal activity off our exchange.
Tips for Verification!
Verifying your identity is as simple as pointing your mobile phone and snapping a photo. To provide the best possible identification, we have a few tips:
- Selfie time: It’s important that you take a new selfie for the verification. Anyone can take a photo of a photo or upload an older photo. We need a new and current selfie – a picture only you can take.
- Show us your face: When taking your selfie, make sure we can see you! Verifying your identity won’t work if you’re wearing sunglasses or a face covering that prevents the system from seeing your full face. Make sure you have good lighting and no obstructions.
- Follow the instructions: After picking the document type for your government ID, follow the specific instructions for taking a picture of that document. Passports, for instance, need to be fully in frame, while driver’s licenses will need a photo of the front and back of the license. If the ID document isn’t properly captured, our system will reject it.
- Readability: Our system uses your ID to confirm your information, so it needs to be readable. If the picture of your ID has glare, blurs, or other obstructions, our system won’t be able to properly verify your identity. Again, make sure you have good lightning and no obstructions.
Verifying your identity is a quick and painless process to help protect you and your account here at Bittrex. If you do run into any issues, Support is always here to help get you un-stuck. Happy trading!