Guide : How To Buy Cryptocurrency In Australia

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Identity Verification (KYC) - Selfie's & Your Private Info

Due to anti money laundering regulations (AML), all companies providing financial products where money could be funnelled through from unknown sources must verify the identity of all their customers. Due to the cash like nature of digital currencies making them sometimes impossible to track, cryptocurrency is an area where criminals like to operate. Because of this, international and Australian regulators have put pressure on cryptocurrency exchanges and trading platforms to Know Your Customer (KYC). This means you will have to divulge a fair amount of personal information.

What things will I need?

You will need you drivers’ license, possibly your passport. Perhaps your electoral role details and most likely a recent utility bill. You will need to take selfies of yourself, possibly hand write and sign some notes, and photograph all of the above. Most sites do not like PDF copies of things as they are easily forged. So prepare to use your phone camera and prepare a way to get access to your camera photos on your computer. Or you may have to use your phone to complete the account signup forms with the exchanges and trading platforms so you can easily access things you take photos of.

How long will it take?

Some sites will verify your information quite quickly. For example, some have an automated system that checks the electoral role and can give you access in a few minutes. Other trading sites and exchanges will require hours or days to manually verify your information before giving you access. So make sure you plan ahead. It is unlikely you will be buying bitcoin the same afternoon you attempt to sign up for an account.

Have multiple accounts

Also, there is no reason why you shouldn’t have a couple of different accounts with the Australian cryptocurrency exchanges and trading platforms. You can buy and sell on various sites and transfer your cryptocurrency in and out of your personal wallet for minimal fees. Each one will have a slightly different exchange rate with the various currencies, so you can choose which one you like best at that time.

Stay safe

I would not advise doing this with any sites other than those listed in the next section, which I can personally say I have used without issue. Identity theft is a real thing and with the information you need to submit to prove your identity a criminal could open bank accounts, credit cards, and buy and sell assets in your name. They would have as much information as you do about yourself and you’d be hard pressed to prove you are the real you if there is some Russian hacker claiming the same thing with your details!

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