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Block Folio Trading Account.


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I've been using the Block Folio app on my Android SPh for the past year or so and I can trade in it as well (although I never have). I got curious about it and signed up for a trading account but I'm baulking at the identity checks they want me to satisfy.

They want my full name, address, dob, phone number and a photo of a government issued ID. 

Am I being needlessly paranoid here or is it above board. 

 

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22 minutes ago, banistersmind said:

I've been using the Block Folio app on my Android SPh for the past year or so and I can trade in it as well (although I never have). I got curious about it and signed up for a trading account but I'm baulking at the identity checks they want me to satisfy.

They want my full name, address, dob, phone number and a photo of a government issued ID. 

Am I being needlessly paranoid here or is it above board. 

 

I’ve had to do that on all the exchanges I use. KYC/AML 👍

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I feel that if they dont have strong kyc then you should beware.  The more kyc the better.  Once you are in the crypto space your id is all over the world.  Cant avoid it.  It's the best they have at the moment to show their government they aren't laundering money.

That said, my strategy is to do business on a small scale while I establish trust.  I have to freely be able to move coins in and out because one of my fears (unfounded or not) is that coins gets stuck on an exchange and I cant move it.  I can say that I havent been in an exchange or any other crypto venture where customer service is anything but unsatisfactorily slow.

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Over the years I’ve opened many accounts on many exchanges. What time has taught me is that by having numerous options, when things heat up you want the ability to move coins quickly and all to often the one exchange you want to use fails under stress, so by having other different exchanges available you can still freely move quickly if necessary. KYC/AML is a necessary prerequisite to having an account on all exchanges worth their salt.

Better to have the option before you need it than find you have no off ramps for moving funds. 

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