Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Decentralized Exchanges (DEX) => Topic started by: Shiftal on May 11, 2021, 07:01:53 AM
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When looking to buy bitcoin from an exchange, one of the major concerns for many users is the tedious and time-consuming KYC verification process. Shiftal solves this problem by employing an automated and fast KYC process.
What is KYC? Why is it needed for bitcoin trading on exchanges?
KYC (Know Your Customer) is a customer verification process mandated for businesses, mainly in the digital space, in many countries that require an online business or portal to verify its customers based on their government identity and documents before allowing them to use its services.
The KYC process usually includes verification of the person’s ID card, address, and/or face (biometric) using specific government-approved documents. KYC is particularly crucial for financial institutions like banks and other organisations that offer financial services such as trading, digital wallets, e-commerce and others.
Why you should not trade with exchanges that don’t require KYC
In the view that the KYC process can be lengthy and time-consuming, some exchanges may allow their users to proceed without KYC, i.e. perform financial transactions without having to verify themselves. While this may seem like an easy & convenient way to buy Bitcoins, it’s not at all secure. These exchanges are in a way working without authority and your data with them will always be at high risk.
Exchanges that allow their users to trade without KYC will have zero records of the person’s identity and will therefore be unable to provide support in case of a dispute. Suppose that one of the exchange users commits fraud, the exchange will have no details of him/her to take appropriate action to ensure the security of the victim.
How does Automated KYC on Shiftal Exchange work? How is it better than regular KYC?
Shiftal is a next-gen P2P crypto exchange (https://www.shiftal.com/) that provides over 70 payment options for users to easily buy and sell Bitcoins. It allows users to connect and trade directly with each other.
Same as every authentic Bitcoin exchange out there, Shiftal also employs a highly secure KYC system. However, the KYC mechanism used by Shiftal is automated and very advanced compared to regular KYC. Here’s how Shiftal is the best bitcoin exchange with easy (automated) KYC verification.
So, the Shiftal Exchange uses a fast and highly secure automated KYC system provided by YOTI (https://www.shiftal.com/blog/shiftal-partners-with-yoti-to-enable-digital-kyc-verification-on-its-exchange/).
YOTI is a leading, UK-based identity platform that makes it easy & safe for individuals to share their personal details/documents with businesses in order to verify their identity or KYC. At the same time, the system allows businesses like Shiftal to easily & securely verify the identities of their users without putting their privacy at risk in any way.
The best thing is that the entire KYC verification process on Shiftal is automated. The user only has to grant permission to access his/her YOTI profile and the system will automatically verify the KYC, which takes only a few seconds.
The top benefits of Automated KYC verification on Shiftal over regular KYC include:
High security
The user KYC verification on Shiftal is highly secure. The app allows access to specific documents and only for the purpose that the user has granted permission for. Throughout the verification process, the documents remain safe within the user YOTI app/account.
Fast verification
The KYC verification process through the YOTI app is very fast, maybe the fastest out there. It only takes about a few seconds to verify the person’s identity, which makes sure you are ready to buy bitcoin instantly after signing up.
Easy & automated process
The entire KYC process on Shiftal is automated. The user doesn’t have to manually submit any documents or IDs or go through the lengthy video KYC process.
So, what are you still waiting for? Register on Shiftal (https://www.shiftal.com/register) today and start buying Bitcoins with easy & automated KYC.