In this lesson
- go through sign-up step by step
- find out why an exchange wants documents, a selfie and questions about your money
- learn what an honest exchange never asks for
Signing up for an exchange is like opening a bank account on your phone: email, password, ID card, selfie and a few questions. It can feel like an interrogation. In reality the exchange is just meeting its legal duties – and you are on the other side, so it helps to know what is normal.
Step by step#
- Email and password. A long, unique password, ideally from a password manager. Reusing a password is an invitation to thieves – more in the lesson on account security.
- Phone number. For contact and account recovery.
- Personal details. Name, date of birth, address, citizenship.
- An ID document. An ID card or passport – you photograph both sides in the app.
- A selfie or short video. The app asks you to turn your head or blink. It checks that you are a living person and that the document is yours.
- A questionnaire. Your job, where your money comes from, roughly how much you plan to invest.
Verification usually takes a few minutes, sometimes several days.
Why all this#
The process is called KYC (know your customer). Licensed exchanges are required by law to verify who their customers are and to watch for money laundering. So questions about the source of your money are normal – just like at a bank. For larger deposits an exchange may want proof, such as a bank statement or a contract for selling a property.
What is not normal#
| The exchange wants… | Normal? |
|---|---|
| a photo of your ID and a selfie in its app or on its website | yes |
| questions about your job and the source of your money | yes |
| your documents sent via WhatsApp or Telegram to an "agent" | no – a scam |
| a fee for "account activation" or "unblocking" | no – a scam |
| crypto sent to a "verification" address | no – a scam |
| your seed phrase, password or 2FA code | no – never, under any circumstances |
Documents only to the exchange itself
Upload documents only in the official app or on the exchange's website at an address you know. Scammers pose as "verification services" and collect ID photos to open accounts in your name.
Common myths#
- "I do not want to hand over documents, I will find an exchange without verification." An exchange without verification has no licence in the EU – and no supervision either.
- "Questions about the source of money are harassment." They are a legal duty; an honest exchange always asks.
- "Support messaged me on Telegram to finish verification with them." Support does not contact you on Telegram on its own.
Summary
- Sign-up: email, a strong unique password, phone, personal details, an ID document, a selfie and a questionnaire.
- Verification (KYC) is a legal duty of licensed exchanges, just like at a bank.
- Upload documents only in the exchange's official app or website.
- An activation fee, a "verification" payment or a request for your seed phrase = a scam.