How to verify a trader account? Step-by-step guide

We‘re here to walk you through it with this extensive step-by-step guide and cover all the potentially tricky parts.

Before you can start the verification, it is important to clarify whether you intend to use CoinGate for personal needs or as a business. It will determine the kinds of documents we may ask from you. 

If you only intend to trade cryptocurrencies as an individual, you should verify as a trader. If so, create a personal account.

However, if you wish to set up cryptocurrency payment methods for your business, switch to this guide.

Why do I need to verify my identity?

We ask you to provide your ID so we could make sure that all of our customers are legitimate and we are not providing services to criminals. All is done according to the Lithuanian AML and European regulatory requirements like the 5th AML Directive.

Otherwise, we couldn’t provide our services as it would put our company and our clients in jeopardy. In other words, there is no way around it if you wish to access all payment methods and features like crypto-to-fiat payouts to the bank account.

There are three key things we have to know before providing the service: 

• Who is this person or company that wants to use the service
• Where does the money come from
• What is the purpose of using the service

What happens with provided sensitive data?

All the information and documents we ask for are encrypted and protected according to the guidelines of the General Data Protection Regulation (GDPR), and will be used only to identify the client and justify the planned activities.

Failure to protect our customer’s data would result in extreme fines for our company that can reach up to 20 million euros, or 4% of the total worldwide annual turnover, as well as lost reputation and even clients’ mistrust. And we don’t want that!

Read more about the GDPR.

What documents do you require?

For individuals, providing a photo and valid ID is enough (preferably International Passport, or Identity Card). For our security and your convenience, all our customers go through live ID verification using Onfido.

According to the local Lithuanian laws, this is the information that has to be shown on the document for us to consider it as a valid ID: 

• Name and Surname
• Photo
• Nationality or Citizenship
• Date of Birth or Personal Code
• Signature

What countries do you support?

You can find a list of supported countries here.

Although, it’s worth noting that the list is always changing. It depends on each country’s local laws, the risk level of fraud, terrorism or money laundering, and other significant reasons.

How do I verify my identity?

First, log into your CoinGate account. You will be prompted to verify your account right away.

Alternatively, proceed to the Verification tab in the Settings menu section and click Start verification.

Step #1: Fill in personal details

First, you’ll need to provide your personal details, including:

• Name
• Surname
• Date of birth
• Phone number
• Citizenship (can select several)
• Disclosure of whether you are a politically exposed person (PEP)
• Disclosure of whether any family members or associates are PEPs

Once completed, click Continue.

Step #2: Provide residential address

Enter your residential address details, including:

• City
• Street
• Country
• Postal code

Click Continue to proceed.

Step #3: Describe intended use

Next, specify how you intend to use your account by selecting the most accurate reason for your activities and expected turnover.

You’ll also need to indicate:

• The countries from which you will deposit funds
• The countries where you plan to withdraw funds

Once done, click Continue.

Step #4: Provide financial details

Indicate your employment status. If employed, provide your employer’s details.

Additionally, select:

• Your annual income range
• Your source of funds
• Your source of wealth

Once completed, proceed to the next step.

Step #5: Pass the ID verification

The last step involves uploading your ID document to the Onfido system.

Choose the type of document you will upload. You will see a notification window informing that the verification process will begin, and for that, you need to have a mobile device.

Click “Let’s start” and provide your phone number. You will receive SMS with a secure link to the verification page. Open it, and the web app for verification will pop up. The process does not require you to have an Onfido app installed on your phone.

It will ask to take a picture of the front of your ID. When taking a picture, make sure it is clear and has no blur or glare. You will be able to check if the quality is good enough. If not, the system might reject your ID!

When done, the same process repeats for the back of the ID. The last step is a live face verification. For that, you will need to use the camera on your device. Click “Enable Camera” and take a selfie. Make sure that all your face fits in a circle. If the picture is of good quality, submit it.

You will see a confirmation window saying that the upload is completed. Now, return to your CoinGate account, click the “Submit Verification” button and that’s it!

You’re almost ready!

Soon, we will review the documents. If you did everything correctly, we will verify your account within 24 hours. Once done, you will get an email notification.

Have any issues?

If you still have any questions or issues regarding the verification process, feel free to scout for answers on our knowledge base or contact CoinGate support team at support@coingate.com.

For solving issues related to the verification through the Onfido platform, please proceed here.