About Uphold
Uphold, based in New York City, was established in 2013 and debuted its platform in 2015. The company provides financial services to the worldwide market across a wide range of assets via its platform. The firm established a one-of-a-kind market for trading both digital and physical assets, distinguishing itself from its competitors by using proprietary technology and e-money applications as the foundation of its platform. In addition to that, the exchange provides a safe, flexible, and agile environment, allowing its approximately 7 million users to trade between cryptocurrencies and other assets on one single, seamless ledger. Due to the fact that you may trade directly across various asset classes, Uphold is both cost-effective and hassle-free, providing a unique trading experience. As we will discuss in this guide, Uphold has a simple ID verification process since it takes a proactive approach to onboarding new members. Although the exchange has built a thorough Know Your Customer (KYC) program to strengthen its verification and identification procedures and spot suspicious behavior in the marketplace.
The advantages of completing full ID verification on Uphold
In order to build more trust, transparency, and cooperation while simultaneously decreasing risk, KYC compliance is necessary. Standards for KYC have been created to protect financial institutions against fraud, corruption, money laundering, and terrorist funding. Furthermore, due to the existence of several U.S. and international money transmission laws, it is impossible for Uphold to lawfully enable the transmission of money (or similar value, of any kind) without first conducting minimal Office of Foreign Asset Control (OFAC), KYC, and Anti-Money Laundering (AML) checks on all participants in the system. Accordingly, Uphold has implemented the following structure:
Uphold validates your identification in order to secure your money and keep the community safe. As a result, you only need to prove your identity when you withdraw or transfer money through Uphold.
When you register with Uphold, it will only ask for your legal name, date of birth, and phone number. This helps the firm to protect you from fraud and to maintain the safety of the whole community.
With the new regulations, you may open an account and begin trading in less than a minute with nothing more than your legal name and an authenticated email address.
Verifying your identity upfront is much simpler than it was before due to fewer steps and clearer instructions.
If you decide to verify your ID upfront, you can avoid withdrawals lasting longer than expected, which may cause inconvenience.
Documents required to verify your identity
In order to verify your identity, you’ll need to supply the following information in order to become a verified user:
Passport and National Identification Card Driver’s license
- Take a live selfie. Tips for authenticating identity:
Take a clear photograph of your valid photo ID, making sure that all of the details are visible and legible. Uphold is unable to accept papers that have been scanned.
Take your photos in a well-lit environment.
To minimize glare, turn off the flash on your camera.
Verify that the information on your ID corresponds to the information on your Uphold account (legal name, no nicknames)
Make certain that your picture ID is valid for at least three more months.
Please refrain from taking a snapshot of a photo. Your selfie must be in the “live” mode.
Please keep in mind that Uphold does not accept non-Latin IDs such as Chinese, Arabic, or other languages. Note:
Residents of the United States of America are required to provide their Social Security Number.
Chinese residents must provide a valid government-issued identification number.
Russian residents must present an International Passport.
Step-by-Step KYC guide: How to verify your identity on Uphold [Web]
The ID verification process begins with logging in to your Uphold account using your email address and password, followed by waiting for a verification code to be delivered to the email address that you have designated. Step 1: Click [Verify your Identity] in the top right corner after selecting [Profile] on the homepage. Step 2: You will then have two choices for verifying your identity: scan the QR code with your mobile device or use your computer’s or laptop’s camera. We scanned the QR code in this instance. Following that, you will be required to grant Uphold access to use the camera on your device in order to continue verification. Step 3: Next you will need to take a photo of the front and back of your ID Document as well as a live selfie. Step 4: Your information will be sent to Uphold, who will then review and verify what you entered. Step 5: Click [Continue] and you’ll get your results in an email.
Steps to verify your ID in the Mobile App
Step 1: Click on [Verify your identity] or on the bottom right of the screen, choose [Settings], and then select [Profile]. Step 2: You’ll need to fill out your home address (make sure it matches the address on your government picture ID). Step 3: Confirm your country of residence. Step 4: Take a clean photograph of your in-date government-issued photo ID, making sure that the lettering is legible and that there is no glare in the picture. You should upload one of the following documents:
Passport;National ID Card;Driver’s License.
When seeing your ID in the preview box, choose [Readable]; whereas if it does not seem to be clear, select [Retake]. Step 5: Click [Done], and the Uphold team will verify your documents; you should get an email shortly confirming your verification. You may check your status in Settings under [Profile.]
Electronic ID verification
Uphold will offer automated identity verification to the United States in the near future. This implies no selfies and reduced failure rates for the vast majority of individuals in the U.S. To prevent interfering with your trading experience in the future after you meet certain requirements, Uphold will collect extra information upfront. Thus, creating a more seamless experience with little hassle. The software will collect data on anti-money laundering procedures in seconds rather than through email or other external means.
Final thoughts
When it comes to trading across multiple asset classes, Uphold is considered one of the most reputable platforms. The unique digital money company is forward-thinking and innovative while also complying with several international regulatory requirements. The platform is renowned for its security, dependability, service quality, usability, and transparency. In addition, it boasts a perfect record against hacking and follows strict rules and regulations to protect the safety of trading and exchange. Last but not least, completing the platform verification procedures benefits the user by demonstrating compliance with anti-money laundering and anti-terrorist financing laws while also permitting cash transfers and Withdrawals. Not to mention that completing verification makes the platform and the crypto ecosystem safer for everyone.
