A couple of weeks ago, I too was smitten by the meteoric rise of bitcoin. I think it was trading at the price of around 15,000 USD / BTC.
Against my own judgement, I decided to give it a try hoping to make some quick bucks along the way.
I attempted to register on the following sites/exchanges but was consistently put off by the amount of documentation needed for their KYC process.
Here is a quick summary of my attempts and the final status as of today:
1. Since I have a Singapore Permanent Residence, I decided to give coinbase.com a try because I was not fully ready to trust the Malaysian or Indian sites yet. As part of KYC, I uploaded a photo of my blue NRIC but without any explanation it was rejected.
As of 26-12-2017, I have tried 4 times and still not successful.
2. Next, I tried to register on the uncoin.com. for KYC, they asked for my PAN and adhar card copies. I had one but not the other. A couple of days later managed to get a copy and successfully submitted for verification.
The process is quite cumbersome and absolutely not user friendly.
As of 26-12-2017, I have spent about a couple of hours struggling to get the documents in order, it has been 9 days and the documents are still pending verification and approval.
3. Someone then recommended luno.com. Unfortunately, it requires Malaysian ikad or Malaysian passports for KYC. It does not support Indian documents for identificiation purpose yet.
It did accept singapore NRIC, though. Although, it mentioned it is only for Singaporeans only, I did went ahead and submitted by blue IC for identification.
As of 26-12-2017, it is still pending successful verification.
4. I had also tried remitano.com because I wanted to use the spot-price difference in MYR and INR to transfer some of my money back home.
Although the process was relatively simpler, it was by no means fast. I think they took about a week to finally process the documentation but I finally was able to open a trading account on their platform.
5. I also gave xbitasia.com a try so I could trade more quickly since remitano is a p2p platform and takes a while to fulfill the order. Around the same time, the BTC had rallied upto 20,000 USD/BTC and dropped back to 16,000 USD/BTC. I was convinced that was a strong holding price.
And finally, I managed to setup my trading profile successfully.
So that gives a final score of 2/5. In today's day and age, it shows how a lot of digital businesses are still not getting their user journeys mapped out clearly to remove friction.
Against my own judgement, I decided to give it a try hoping to make some quick bucks along the way.
I attempted to register on the following sites/exchanges but was consistently put off by the amount of documentation needed for their KYC process.
Here is a quick summary of my attempts and the final status as of today:
1. Since I have a Singapore Permanent Residence, I decided to give coinbase.com a try because I was not fully ready to trust the Malaysian or Indian sites yet. As part of KYC, I uploaded a photo of my blue NRIC but without any explanation it was rejected.
As of 26-12-2017, I have tried 4 times and still not successful.
2. Next, I tried to register on the uncoin.com. for KYC, they asked for my PAN and adhar card copies. I had one but not the other. A couple of days later managed to get a copy and successfully submitted for verification.
The process is quite cumbersome and absolutely not user friendly.
As of 26-12-2017, I have spent about a couple of hours struggling to get the documents in order, it has been 9 days and the documents are still pending verification and approval.
3. Someone then recommended luno.com. Unfortunately, it requires Malaysian ikad or Malaysian passports for KYC. It does not support Indian documents for identificiation purpose yet.
It did accept singapore NRIC, though. Although, it mentioned it is only for Singaporeans only, I did went ahead and submitted by blue IC for identification.
As of 26-12-2017, it is still pending successful verification.
4. I had also tried remitano.com because I wanted to use the spot-price difference in MYR and INR to transfer some of my money back home.
Although the process was relatively simpler, it was by no means fast. I think they took about a week to finally process the documentation but I finally was able to open a trading account on their platform.
5. I also gave xbitasia.com a try so I could trade more quickly since remitano is a p2p platform and takes a while to fulfill the order. Around the same time, the BTC had rallied upto 20,000 USD/BTC and dropped back to 16,000 USD/BTC. I was convinced that was a strong holding price.
And finally, I managed to setup my trading profile successfully.
So that gives a final score of 2/5. In today's day and age, it shows how a lot of digital businesses are still not getting their user journeys mapped out clearly to remove friction.
