How long does it take to open a crypto exchange account?

Discussion in 'General Bitcoin Gambling Discussion' started by Toast, Feb 16, 2018.

  1. Toast

    Toast Member

    I've been a happy Kraken user for the past couple of years now but I decided recently that I should probably open a couple of more accounts as backups just incase one of them gets hacked or runs into technical difficulties and I can't trade for a few days. When I signed up with Kraken a few years ago, I think the whole process just took a day or two between me filling in the forms and the account getting approved. Right after Christmas I signed up with both Bitstamp and Bitfinex, which is about 6 weeks ago, but I still haven't heard a thing back from either of them. This despite the fact that it took me about half a day to sign-up because of all the KYC and AML requirements I had to fulfill.

    Are these wait times normal? Should I email them again just to check if my application was lost?
  2. Humble Servant

    Humble Servant Active Member Staff Member

    Yes, unfortunately it's quiet normal to wait for 2 - 3 months for exchanges to process your new account application. KYC/AML takes times and most exchanges simply can't hire enough staff to process all the paperwork in time. Some major exchange like Bitfinex and Binance have even disabled new registrations in the past because they can't cope with demand.

  3. Toast

    Toast Member

    Well I finally got my Bitstamp account opened and I estimate that the verification process took about 3 months even though I provided all the necessary documentation from day one. If you are hoping to sell some bitcoin during the next bull run, I wouldn't recommend waiting until the price starts to rise because it will have crashed again by the time your account has been verified. Start the process today so you'll be ready.
  4. Doyle

    Doyle Member

    i waited 4 months for bitfinex to open my account and then they immediately started looking for taxation information so i've never used then after waiting all that time.
  5. Humble Servant

    Humble Servant Active Member Staff Member

    A friend of mine opened a Coinbase account last week and it only took a couple of days.
  6. Spud

    Spud Member

    My advice is you should open your account now while we are in a bear market. Once the wheels start spinning again, the queues will start to get long and you will miss out on a great investment opportunity.

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