KYC Verification (Know Your Customer)
KYC stands for Know Your Customer. It is an identity verification process used by companies such as WSFunded to confirm that a person is who they claim to be before granting access to certain services or processing payments.
What documents are usually required?
Identity document: National ID card, passport, or an equivalent official document.
Selfie or facial verification: To confirm that the person matches the photo on their identity document.
How does KYC verification work at WSFunded?
Traders generally complete the verification process through an external provider, such as Veriff. The system reviews the submitted documents to determine whether the trader's identity can be successfully verified.
The possible verification statuses are:
Pending: The documents are still being reviewed.
Approved: The trader's identity has been successfully verified.
Rejected: There is an issue with the submitted documents, or the trader's identity could not be verified.
Important: If the KYC verification is rejected, the trader should review the rejection reason and follow the instructions provided to correct the issue or resubmit the required documentation.
In summary, KYC verification is an identity check designed to prevent fraud and ensure that payments are made to the appropriate person.
KYC verification is carried out when the trader receives their first Funded account, before they start trading on it. Once approved, it normally does not need to be repeated for subsequent accounts, unless WSFunded requests additional verification.