eToro Verification - Problems, Process and Time
The eToro verification process typically takes 1-3 business days, but it may vary. Some users have reported occasional delays in the verification process, which can be resolved by providing clear and accurate documentation as requested by eToro's verification team.
eToro is an Israeli multi-asset investing and social trading firm that specialises in offering financial and copy trading services. It has made it convenient for people to invest in the market by removing dependency on conventional financial institutions.
eToro is a secure and revolutionary platform. To start your investing journey with eToro, you have to create a profile on it. Your profile is first verified by eToro, and then you can use the platform. eToro does the verification to maintain the integrity of the forum.
Here you will learn how to verify your account and the possible problems you could face during verification.
What Is Verification?
Registration for the eToro platform requires verification as a necessary step. We must authenticate each new eToro account to comply with regulatory regulations. It maintains the safety of our site and stops undesirable activities.
The full features of the eToro platform will be available to you after your account has been validated. You must upload a proof of identity (POI) and a proof of address (POA) to authenticate your account. Your verification process will start once you provide both the documents to the executives.
To upload your documents straight to the platform, use the eToro app. We check your documents, and if they are legit, we verify your account, and if we find any problem with them, then the verification is denied.
Verification Step By Step
There are a few preliminary actions you must take before you can submit your verification documents.
Verifying your personal details is the initial step in the verification process for your eToro account. It includes your contact information, name, address, and birthdate.
Next, you will get questions regarding your employment, personal earnings, and other financial details. You should make an effort to accomplish this as precisely as you can.
The process will then proceed to a brief trading knowledge test with a few straightforward multiple-choice responses. The company will ask just 3–4 questions to gauge your level of trading understanding.
Don't stress over this. It will not determine your account's verification status.
These responses will help to customize eToro service to meet your trading needs. Additionally, this information is well safeguarded under CySEC standards, specifically in Europe, where the GDPR legislation has significantly tightened consumer data protection.
The next step is to upload your documents once you have completed the initial phase of the process. Before uploading your documents for the eToro staff to verify, you must first validate your phone number.
What Documents Are Needed For Verification On eToro?
You will require a few crucial documents in any case. The following documents are required to validate your eToro Live account:
Proof of Identification:
A passport is reportedly the fastest approach, although you can also use your national identity card, driver's licence, or passport as proof of identification.
Proof of Residency:
Examples include a current utility bill, bank statement, or tax certificate. Any official document that includes your full name as it occurs on your address, your account, and the date it was issued.
National Tax Number:
You should have this government-issued number to show how much tax you are paying. The eToro support team can immediately assist you if you have any inquiries about tax difficulties with your live account that are unrelated to this.
Possible Problems With eToro Account Verification and How To Solve Them?
You might face some problems in verifying your eToro account.
Let's start by mentioning that you have already done your bit if you successfully submitted your documents and information. eToro now has to finish the account verification process.
But you must be thinking then, why is the verification pending? An eToro pending verification is very common. It indicates that eToro has received your papers satisfactorily and is in charge of handling your profile verification. Remember that eToro has millions of users globally, and thousands of fresh users apply for membership daily.
Your application needs to be checked twice, precisely like the others. Since eToro must confirm the accuracy of the personal data you supplied, the verification procedure might take up to 3 business days.
You can speed up the verification process by providing more precise documents. There are numerous ways to show both documents, but as you might expect, not all documents are equal in value.
Would you be more likely to believe a person presenting an official bank statement or a letter prepared and signed by his employer at work as proof of address?
Both are legitimate and recognised by eToro; however, as you can see, using a bank statement to verify someone's address is more efficient. The Proof of Identity is equivalent.
If you have a passport, we advise using it. In contrast to national ID cards, passports are documents that adhere to international standards, making them far more difficult to counterfeit and quicker and easier for eToro to verify.
Why Do I Need Verification On eToro?
To start using all the functions of eToro without any objection, you need to get verified. You must verify your trading account to receive the finest possible service and to adhere to financial service legislation.
Your information is never shared and is only used to comply with the law. All clients should be verified as soon as possible to prevent any account limitations, such as trading, withdrawal of cash, and account cancellation.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
"Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more"
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
FAQ
How long does it take for eToro to verify the account?
Under normal circumstances, it takes eToro up to 3 business days to verify an account. But if the workload is more, it might take some more time.
Why can't I verify my phone number?
Please make sure the mobile phone number you entered in the online form is valid before entering your phone number.
Please ensure there are no country codes, spaces, or other special characters in the phone number.
No active eToro investment accounts are using the phone number.
You can receive SMSs to the phone number.
How to tell whether your account is verified or not?
Once you see a green "verified" label in the account details section with positive green checks for all the details you had to give eToro, it means your account is validated.
How Does eToro Protect Your Money?
With eToro, your funds are secure. To protect your funds, eToro keeps them in a separate account at a top-tier bank.
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Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.