What is KYC? (And Why You Can’t Skip It)

Know Your Customer (KYC) is a regulatory requirement for financial institutions and exchanges like Echo to verify the identity of their clients.

Think of KYC as your bouncer at the velvet rope of finance. No fake IDs, no shady characters, just a straight shot to secure trading.

It’s not just paperwork; the gatekeeper keeps fraud, money laundering, and people trying to open accounts in your name at bay.

Echo is serious to the highest compliance standards while minimizing the number of hoops you have to jump through to get started.

Here’s how to make KYC a breeze.

Step 1: Account Registration

1. Visit Echo's official website and navigate to the Sign Up section.
2. Enter your email address. You will receive a verification email. Click the link provided to activate your account.
3. Congrats, you’ve created an account.
4. Check the notifications bell, you will see a message asking you to complete your KYC. Click Complete KYC. Alternatively, you can go to https://app.echo.im/kyc and complete your KYC.
5. In the following steps, you’ll be asked to enter your first and last name, timezone, nationality, country of residence, source of wealth or income, profession, industry, and other relevant information.
6. If you’re in the United States, you’ll need to confirm your investor status. Echo is only available to Accredited Investorsin the U.S.
7. You’ll have a chance to review your entries before continuing.

Step 2: Identity Verification

After verifying your email, you’ll be directed to the KYC Verificationpage.

1. Scan the QR code with your smart phone. We use a KYC service called Didit. Didit is a globally recognized KYC verification platform trusted by major financial institutions and exchanges. It streamlines the entire verification process, ensuring your information is secure and compliant with international standards.
2. You will be asked to provide the following required documentation:
   • Government-Issued ID: Passport only. (No driver’s licenses, no national ID cards. etc)

Why Only Passports? Passports are globally recognized, harder to forge, and meet the highest verification standards. If you don't have one, you must get that sorted before onboarding.

1. Upload clear, high-resolution images of your documents.
2. Complete a selfie verification to match your face with the submitted ID.

Step 3: Application Review (Most People are Completed Here)

1. Echo’s compliance team will review your submission, typically within24 to 48 hours.
2. You will receive email notifications for:
   • Approval: Your account is fully verified.
   • Rejection: If there are discrepancies or missing information.

If rejected, you will be provided with reasons and steps to resubmit.

Step 4: Enhanced Due Diligence (EDD)

In some cases, additional verification may be required for high transaction volumes, Politically Exposed Persons (PEPs), accounts flagged for suspicious activity, etc.

EDD may include things like source of funds verification, background checks, or additional document requests.

About Echo’s Compliance and Data Security

Echo leverages state-of-the-art encryption and privacy protocols to secure user data.

All submitted documents are encrypted and stored in compliance withGDPR and AML/KYC regulations.

Pro Tips to Make KYC Pain-Free:

1. Don’t use a VPN. Our servers can register it as a red flag, even if you’re just trying to watch Netflix in Belgium.
2. Make sure your documents are clear and unedited. If it looks like it was faxed from 1994, it probably won’t work.
3. Follow the selfie instructions. If it asks you to blink, blink. If it asks you to turn your head, don’t just stare blankly at the screen, please.

Final Thoughts: Why KYC Matters

Echo’s KYC process is designed to be fast, secure, and compliant with global regulations. By completing KYC, users unlock full access to the platform, including deposits, trading, and withdrawals.

For any questions, our support team is available 24/7 to assist.

KYC Frequently Asked Questions (FAQ)

1. How long does KYC verification take?

   Typically, it takes 24 to 48 hours, but Enhanced Due Diligence (EDD) may extend that timeline.

2. What documents are accepted for verification?

   We only accept passports, no exceptions.

3. Can I use a driver's license or national ID instead of a passport?

   No, sorry. Only passports are accepted to maintain high compliance standards.

4. Can I use a VPN during the KYC process?

   We recommend against it. VPNs often trigger security flags, which can slow down verification.

5. What happens if my KYC application is rejected?

   You'll receive an email with specific reasons and clear steps to resubmit. No guessing games, just straightforward instructions.

6. Do I have to complete Enhanced Due Diligence?

   Only if your account triggers it, like high transaction volumes or being classified as a Politically Exposed Person (PEP).

7. Is my personal data safe?

   100%. Echo uses multi-layered encryption and biometric authentication to keep your info locked.

8. Can I start trading before KYC is complete?

   No, full verification is required before accessing Echo's trading features. This is part of our commitment to compliance and security.

9. What if my address is outside my passport's issuing country?

   That's fine.

10. Do I need to repeat KYC every year?

    Typically, no. However, if your account flags for suspicious activity or you make significant changes (like your address or business status), we may require a re-verification.