When you open a new trading account, you can start trading immediately with a grace period of 15 days without verification.
During this time, you can deposit up to $2,000 (Deposit for ZAR: 35000) without needing to verify your identity.
However, after the 15-day period, you will be required to complete Identity verification process to continue trading.
Failing to complete the verification process after the grace period will result in restrictions on your account, including the inability to trade until verification is completed.
Verification is a crucial step to enjoy the full range of services NextTrade offers. In this article, we’ll guide you through the Know Your Customer (KYC) process, ensuring your trading journey begins with trust and confidence.
NextTrade: How to Verify Your Account
Introduction: Identity verification is a mandatory step to unlock the full range of services NextTrade offers. By verifying your account, you gain the ability to buy, send, receive, exchange, and withdraw funds. This process is quick and straightforward, and you can complete it directly from your NextTrade “Dashboard.”
Step 1: Initiate Verification
- On your NextTrade “Dashboard,” click on “Verification” from the menu.
Step 2: Select Your Country
The first step involves selecting your country of residence. Click on the dropdown menu and choose your country. Please note that selecting a restricted country will result in closure of your account.
Step 3: Identity Verification
For Identity verification, you need to provide a valid document from the following options:
- Passport
- National Identity Card
- Driving License (when National ID Card and Passport are not available)
- Ensure that you upload both the front and back sides of the card with clear and legible details.
- For more specific document guidelines, please click here.
You have two options to proceed:
- Continue verification on your desktop by uploading the front and back sides of your identity verification document and clicking “Next.”
- Continue the process from your mobile device by selecting “Continue on your phone.”
Step 4: Address Verification
For Address verification, you must provide one of the following:
- Utility Bill
- Telephone Bill
- Bank/ Other Financial Institution Statement3
- Insurance Policy
- Confirmation by landlord
- Lease Agreement
- municipal rates and taxes invoice
- mortgage statement from another institution
- valid television license
- Insurance policy
- motor vehicle license documentation
- statement of account issued by a retail store
- Ensure that the full document is uploaded with clear and legible details.
Step 5: Mobile Verification
If you choose to “Continue on your phone,” you’ll be redirected to a page where you can scan or copy a code. This code is used to continue the verification on your mobile device.
Step 6: Live Selfie Verification
If you prefer to continue the verification process on your desktop, the final step is to take a live selfie directly on the NextTrade website. You’ll be guided to slowly turn your head in a circle, as instructed on-screen. When you’re satisfied with the clear selfie, click “I’m Ready” to submit the picture.
Step 7: Verification Review
After uploading your documents, review the information you’ve provided. NextTrade’s Verification Team will assess your documents within 24 hours. You’ll receive an email update on the progress of your verification.
Step 8: Fully Verified Account
Congratulations! Your NextTrade account is now fully verified, and you’re ready to enjoy all the features for trading and investment activities.
