Account Verification

Table of Content

1. Once you are on the Fastex.com website, click on the Sign-Up icon located on the top left side of the webpage.

2. Once you click the Sign-up icon, you will have to create an account by filling in your email address and desired password. If you have a referral code, you can optionally enter it by clicking on the ‘referral code’ option.

3. To proceed further, you will have to tick the box to agree with the Terms and Conditions and Privacy policy.

4. A message will be displayed on your screen stating to activate your account, you will have to check your emai inbox and proceed to activate your account by following the steps explained in the email.

5. Once you receive the account activation email from Fastex Exchange in your inbox, you can go ahead and click on the Activate icon.

6. Once you click on 'Activate', the webpage will redirect you to Fastex’s website. There you will receive a prompt to set up your Two-factor Authentication (2FA) through Google Authenticator for added account security. Fastex recommends to have it enabled.

You can also access this setting by going to your profile by clicking on the profile icon and then clicking on Dashboard, which will display the security and the settings of your account.

Why Do I Need to Complete Identity Verification for My Fastex Account?

Fastex requires users to complete identity verification to increase their account security. Ensuring your identity verification for your Fastex account is essential for
a couple of important reasons.
First off, it's about keeping things above board with the law. Regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML) are in place to prevent shady dealings, like fraud and money laundering. By confirming your identity, we're making sure we're compliant with these regulations, which is not just good practice, but necessary to protect everyone involved.

Secondly, it's about keeping your account safe. In today's world, where digital threats are everywhere, verifying your identity adds an extra layer of security. It helps us make sure that only you have access to your account and that no one else can sneak in and mess with your funds or personal info. Think of it like adding a lock to your front door – it's just smart security.

At Fastex, we take a compliance-based approach, prioritizing the safety and security of our users' accounts. By adhering to strict regulatory standards, we're not only meeting legal requirements but also ensuring that your experience with us is as safe and secure as possible. We're all about building trust and creating a community where everyone feels confident in their transactions. Your cooperation in completing this process goes a long way in making that happen.

What is a 2FA?

Two-factor authentication (2FA) is when you protect your account with two factors or locks, creating an additional layer of security, such as passkeys, Google Authenticator, and SMS verification. Please make sure you have the 2FA enabled.

Can I apply for a second individual account?

No, each individual can only apply for one account.

What if I want to increase my monthly trading/deposit/withdrawal limits on my Fastex account?

If you wish to have higher limits for trading/deposits/withdrawals of your digital assets or fiat currencies, you will need to pass the Advanced Level of Verification, provide us with additional documentation that includes your Proof of Address document, the Proof of your Source of Wealth and your Source of Funds documents. Based on the provided documentation limit amendments would be applied.

How to Complete Verification as a Business on Fastex?

To verify your entity on Fastex, you need to submit all your company’s documents and information via email to our customer support/compliance team.

The list of documents and information required are:

Name of the Entity;
Legal form and head/postal office (address), place of business;
Code (if such code is given);
Certificate of Incorporation for the Company or Excerpt from the Register of Legal Entities;
Proof of shareholders structure;
UBOs (natural persons) who directly or indirectly own or control 25% or more of shares or voting rights register; their full names, their valid ID documents, and nationalities (if a person does not have a nationality-country that issued identity document);
Ownership structure;
Copy of Register of Directors (if this information is not indicated in the excerpt from the Register of Legal Entities), and
Copy of Share Register (if this information is not indicated in the excerpt from the Register of Legal Entities).
Financial Statements

Based on the submission of all the information and documentation of your entity, the compliance team will revert within a response within 5 business days.

Can I apply for a second entity account?

Companies can apply and have more than one account per entity after justifying the reasons.

How to Complete Verification as a P2P Merchant on Fastex?

Both individuals and entities can apply for a P2P Merchant account on Fastex.

The process of verification for a P2P Merchant account is similar to that of individual and entity verification.

For individuals, you should submit your verification request through the Fastex website, following the KYC questionnaire and identity verification process.

For entities, you should submit all your information and data through our customer service/compliance team.

In both cases, you must inform the customer service team that your application is for a P2P Merchant account.

The account verification is subject to approval based on all your information and documentation provided.

How to Verify My Residential Address on Fastex (Applicable to All Users)

What is a Proof of Address?

To verify your account, we are required to collect a document of your Proof of Address (POA). The Proof of Address is a document that validates your residential address. During account verification, you will be asked to enter your full name and residential address and upload a document proving this is where you live.

The document you upload must meet specific criteria to be eligible as proof of your address. It must be issued in your name and match the name of the Fastex account owner. The document should originally be in English or have an English translation. It also must not be older than three months and contain the following information:

Your Name

Your Home Address

The Date of Issue

The Issuing Authority

A Reference to the Issuing Authority (e.g., a logo, contact information, or a website)

What documents count as Proof of Address?

You need to upload a copy of the document showing your full name, which indicates: your residential address, the date of issuance, and the name of the issuer. It needs to be dated within three months before the date of submission.

Valid documents include, but are not limited to:

Utility bills, e.g., electricity, water, gas, sewerage
Internet service provider account statements
Landline telephone/Internet/TV/communication packages bills (mobile bills are not acceptable)
Letters from Tax/Government Authority (tax statements may go beyond three months, within the past year)
Certificate of residence from local government (within three months, unless stated otherwise)
Building management statements
Home insurance statements
Mortgage statements
Bank or Credit Card statements
Bank reference letters - stamped and/or signed
Student rental agreements from university residence or university housing/halls
Letter from a university to confirm a student attends the school and their current residential address
Government-issued student grants/loans or bursaries to a current residential address
Government-issued National ID card/Residence card containing residential address (cannot be the same document used for Identity verification)

(1) Bills for telecommunications packages that include mobile phones are acceptable, though mobile phone bills are not accepted on their own. (e.g., a package for internet, TV, and mobile would be acceptable)

(2) For Government documents, official documents do not require a stamp/signature/QR code/barcode, while general letters or handwritten documents do.

What documents do not count as Proof of Address?

In general, you cannot use the following documents as Proof of Address:

Statements of credit cards issued by retail stores
Utility reference letters from the utility/service provider
Utility contract confirmation
Payslips/labour contracts
Transaction receipts (even if delivery/billing address is provided)
Bank correspondence letters/marketing materials
Mortgage/loan correspondence letters/marketing materials (except mortgage/loan statements)
Bill statements where product/services subscribed are not specified
Insurance documents (except home insurance documents)
Bills from streaming services
Mobile phone bills
Medical bills
Documents issued to a P.O. Box (your residential address must be visible)

How to upload my Proof of Address documents?

When uploading a document, please note:

Check that your document is not older than three months. Fastex only accepts Proof of Addresses that are dated within the last three months from the date of issuance.

Make sure your document can be used as Proof of Address and is originally in English or translated into English. If you are unsure, please refer to the lists above.

Check that the name and address on your Proof of Address document match the name and address you submitted during the Fastex account registration process.

Please use original, unedited documents only and avoid documents with cuts. You may submit a photo/scan of a hard copy bill or a PDF file of a paperless bill. However, scans or screenshots should not have blurs or reflections and should not be in black and white. You should also scan all four corners of your document and ensure all text is readable.

Keep the document unaltered, except when masking bank accounts or card numbers (sensitive data can be covered).

Make sure your document is in the correct format and file size. We accept .PDF, .JPG, .JPEG, and .PNG.

What Are Source of Funds and Source of Wealth?

The source of Wealth (SoW) is where your wealth (money or assets) originated from. It’s the root of the origin of your financial resources, the activities that generated or significantly contributed to your overall net worth.

For example, your Source of Wealth could be your salary, an inheritance you received, a business you’ve built, or investments that have grown in value.

Source of Funds (SoF) specifically refers to the origin or the place where your particular funds being used come from. In many cases, they are interconnected with your Source of Wealth. This is because the Source of Fund often reflects the use/movement of the wealth generated from a particular source.

For example, your Source of Funds is your bank account where you hold your personal savings. The funds in your bank account come from your salary, which is your Source of Wealth.

Why do I need to provide proof of the Source of Funds and Source of Wealth to Fastex?

To ensure users' account safety and security, Fastex is committed to complying with Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. In our continuous efforts to fulfil regulatory obligations, we may need to gather additional information and supporting documents related to users’ Source of Funds (SoF) and Source of Wealth (SoW) in certain instances.

Acceptable documents for Source of Funds and/or Source of Wealth?

In case you deposited with a card	Bank statement showing the particular transaction from your card to Fastex.
In case you deposited with a crypto wallet	Screenshot your crypto wallet, if you have made the deposit to Fastex using your crypto wallet in another exchange/platform. The date, time and amount of the transactions, and the website name should be visible on the screenshot if you screen from the web. If the screenshot is from the application, the date, time and amount of transaction should be visible.
In case you deposited with a land-based crypto exchange	The details of the crypto exchange should be trasnferred to the Customer Support Team

Acceptable Source of Wealth documents

Uploading the correct documents will help to expedite the verification process. Please also note that all the documents uploaded or provided must have English translations on them.

Income or revenue from business activities	Company’s business bank statement (showing transaction history of funds received from customers); Sales invoices and receipts (showing details of products/services rendered and the corresponding amounts); Company’s latest annual report/financial statements; Contracts and agreements (outlining the terms and payments for products/services provided to customers). Note: The document should be issued in the name of the company.
Investment activities	Bank statement (showing transaction history of funds that originate from investment activities; returns on investments, dividends or interest payments, etc.); Latest financial statement; Investment/Brokerage account statement (detailing the investments held; a snapshot of the portfolio’s composition and performance). Note: The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).
Funding from investors	Investor agreements or contracts (detailing the terms, conditions and investment terms agreed upon); List of investors’ purchases of shares; Company's bank statement (showing the transaction history of the incoming funds from investors). Note: The document should be issued in the name of the company.
Family wealth/inheritance	Family wealth statement (prepared by family offices that outlines the family’s overall wealth that includes investments, properties, and other assets, etc.); Bank statement (showing the transaction history of the received funds resulting from the inheritance); Last will and testament (outlining the distribution of assets and property in accordance with the deceased person’s wishes); Asset or property transfer records (confirming the transfer of ownership of specific assets or properties from the deceased to the heirs). Note: The document should be issued in the name of the company or person(s) of interest (UBO or shareholder).

Acceptable documents for Source of Funds and/or Source of Wealth?

These are typically documents that do not correspond with the information you've declared or do not clearly demonstrate the origin of your wealth or funds. It will be reviewed on a case-by-case basis.

What Identity Documents Can I Use to Verify My Fastex Account?

Use a valid government-issued ID, i.e., a valid passport, a valid government-issued identity card or a valid government-issued residence permit.

How old should I be to sign up for an account on Fastex?

You should be of the age of 18 to get your account verified on Fastex.

How soon can My Fastex Account get Verified?

Our verification process is automated and your account should be verified within 5-10 minutes if no technical issues are detected.

However, if manual intervention is required at any point, the account verification can take up to 24 hours.

Are my Documents and Information safe with Fastex?

Yes, completing identity verification on Fastex is safe and it helps us make our platform secure for you and everyone else. Your documents are also confidential with us. We prioritize the privacy of your documents and strictly adhere to General Data Protection Regulation (GDPR) to ensure compliance and protection.