KYC simply means Know Your Customer. It is a process that all businesses are required to carry out to be able to identify the customers they are doing business with.
KYC ranges from collecting information as simple as the name, phone number, email address and home address of the customer, to collecting more private information and verifying these personal data also known as Personally Identifiable Information (PII). Examples of PII include name, date and place of birth, biometric information and Bank Verification Number (BVN). PII also includes any other information that can be used to trace an individual. Information such as medical records, educational information, financial information (including account name and number), and employment information are considered PII.
The main objective of KYC is to know everyone you are transacting with and to also enable you to provide information about these people if you are requested to do so. It also helps prevent businesses (financial and non-financial) from being used by criminal elements for money laundering, fraud and other corruption-related activities.
Bitfxt collects and verifies the following Personally Identifiable Information (PII):
Bank Verification Number
A selfie image of yourself holding a paper written by Bitfxt and today's date.
More information can be collected from our users at our discretion or based on the activity of the user on our exchange. For example, we can request for a user's government issued ID if the user's activity draws our attention.
Existing and new users who have not verified their account are on Level 1. At this level, you will be able to deposit naira and crypto unlimited. Although you will also be able to buy, sell, receive and store cryptocurrency, you can only make naira withdrawals of up to 50,000 naira monthly. You will need to upgrade to Level 2, in order to make cryptocurrency withdrawals and more naira withdrawals.
Information required in Level 1 include: Full name, Phone number, Email address and Nationality.
If Level 1 is not ideal for you based on the deposit/withdrawal limits and restrictions, then this level should do the trick. Level 2 Account verification provides you access to:
Unlimited Crypto Withdrawal
Limited Monthly Naira Withdrawal
Unlimited Naira Deposit
Upgrading to this level requires you to provide your Bank Verification Number (BVN).
Yes, using your BVN to get your account Level 2 verified is safe. All personal information you share with Bitfxt is encrypted and securely stored. Also, all information you share with Bitfxt will not be shared with a 3rd party.
Of course, we know that the limits in level 2 might not be enough for you, that's why Level 3 with full features was created:
Unlimited Crypto Withdrawal
Unlimited Naira Withdrawal (Up to 50m naira monthly).
Unlimited Crypto Deposit
Getting to Level 3 requires that you submit a selfie image of yourself holding a piece of paper with Bitfxt written on it as well as the current date.
Proceed to begin and complete your KYC process and enjoy unlimited transactions on Bitfxt. For enquiry or assistance, please Contact Support.