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What is the difference between Basic and Advanced Verification?

Modified on Fri, 09 Feb 2024 at 03:08 PM

We made the onboarding process on Floin as simple as possible, but we understand going through the necessary steps can be a bit much if you just want to get a feel for our platform. To help you make an informed decision about Floin, we created two levels of verification, Basic and Advanced.


Basic Verification


To create an account with Basic Verification, we need to collect the most basic information. You are familiar with this step if you ever created a Gmail account or a social media account. All we ask for is your name, contact information, date of birth, and country of residence. It takes less than a minute, and you have a Floin account.


This gives you a chance to interact with the platform, see what we have to offer, and experience what's it like to have a Floin account. But, if you want to manage digital assets, such as sending, receiving, or buying cryptocurrencies, buying tokenized assets or NFTs, you need Advanced Verification.


Advanced Verification


In the regulatory part, we ask you a few questions about your Source of Wealth and Source of Funds, the way you plan to use the platform, and a bit more about your current employment status. These questions are used to create an expected baseline and are in place to help us detect if someone hacked your account and is using it for their own benefit. 


After that, you are guided through submitting your Proof of Identity and Proof of Address, so we can verify your identity, and establish your tax residency. We also ask you to send us a short selfie video, so we know you are human, and not a robot or AI pretending to be a person. 


The entire process takes a few minutes, and within 10-15 min you receive an email from us confirming you have successfully finished Advanced Verification. In the rare case you have not been automatically verified, one of our Compliance Specialists will personally review your verification, approve it, or reach out to assist you in successfully finishing Advanced Verification. 


If you have any questions, feel free to reach out to us at [email protected].


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