[TESTED!] KYC on exchanges

[mk4]

Time you need to wait to get approval is heavily dependant on registration time. I mean if you try to use this guide in times of a bubble, multiply this times provided at least 10 times.
If its time without bubble like now, you have quick times like you tested already

Exactly, just as I was trying to say on one of my previous replies. Sure you probably registered at early in the morning on your country, but it might be night time/midnight on the exchange's timezone. But yea, it's still a cool experiment nonetheless.

Many exchanges can only have 2fa, it is safe and withdrawals are not affected, they can trade normally, but the amount of withdrawals on the day is relatively low. For me, investment is not enough, basically enough. And I'm more and more fond of decentralizing exchanges. I only need one address.

What.

[wudackprod]

I think KYC will be on all exchanges in near future, because they need to pay taxes to his countries and regulation should be

[Neelix]

Sorry for the late response guys!

It was weekend & today is my birthday, so my thoughts currently are not really around KYC.  

Time you need to wait to get approval is heavily dependant on registration time. I mean if you try to use this guide in times of a bubble, multiply this times provided at least 10 times.
If its time without bubble like now, you have quick times like you tested already

You might be right with that, though i think the timeframe will not be x10. Several exchanges are using an automated process without manual confirmation, so, as long as their severs aren't overloaded, it should approx. take the same time.

Thanks for the list. It'll be pretty useful for sure for those who want to have the smoothest and quickest verification process that is possible when choosing their exchanges, in that they are able to base their choice off these criteria with actual data backing it up.

I'd like to see you experiment with localbitcoins - recently they have started to force traders with significant volumes to start verifying their accounts, and I have no idea how long their verification process would take.

However, it's important to note that individual cases will still vary between the time taken for verification, and that's the ultimate flaw of this table. I've seen cases where it took weeks for users to get verified on poloniex, even though it was almost instant for you.

Unfortunately, i can't do it for localbitcoins since it is restricted in germany.

Great test, to know which exchanges are actually quite fast in processing their data; even though the data might be quite inaccurate due to multiple possible reasons(e.g. exchange X might have employees for KYC in a different timezone, hence a half day difference in speed). Though I'm definitely going to watch this topic for a bit.

Mind doing one for COSS[1]? Exchange is quite new, and I'm curious how it will go against these bigger guys.

[1] https://coss.io/

Coss will be the next one for verification! (though it gives me headaches - the limit for filesize is only 1 MB (!) and i am going to need an english written & notarized proof of residence)

Great! Appreciate it. I suggest using an image optimizer like imagesmaller[1] for this. using an picture editing software like paint or Gimp to decrease the image size to decrease the filesize. Best of luck, and thanks again.

Thanks for that, i am planning to do so.
Despite that, i am wondering why they can't use a filesize of 3 MB like most exchanges offer. This would guarantee a good image quality and therefore less issues.

I am still figuring out how & when to get the english-written, notarized document in my spare time (regarding KYC on coss.io).

To keep this thread running, i will probably add Kraken & Okex as well.

[odpadnik]

Fast is not always secure. Secure is not always fast.

Sure, an exchange can do the KYC in 2 minutes, but if that means that you can get in with a picture of your grandma hiding in a closet, it does not really inspire faith in that platform.

On the other hand, I waited for like 3 weeks to get a reply from Bittrex, so...

[timerland]

Great initiative first of all.

There have been several reports claiming the verification process of exchanges take a huge amount of time.
Despite that, some users even say they never get any reply even after contacting the support.

However, I echo the same sentiment that a lot of others hold. I mean, the issue that you're trying to address is good. People need to base their choice of exchange off of the quickness at which they are able to be verified, and start trading/withdrawing at. However, you can simply never expect the times to be remotely close to the vicinity of the times listed here if verification can't be completed automatically. If you throw in factors such as account holder residing in banned states on legacy accounts, etc., the situations become extremely complex, and ultimately comes down to the speed of support over anything really.

This is good as a reference, but it's definitely not a definitive guide. If you know what I mean.

Perhaps also have a tested list on how fast exchanges are responding to support tickets?


P.S. I'd like to see CEX.io being tested, it's one of the exchanges that beginners seem to like to use a lot.