Video identification (eToro Germany)
- Why do I need to go through video verification?
In order to start trading cryptocurrencies on the eToro platform.
*Crypto (REAL / Crypto Margin Trade / Copy trading and Smart Portfolios), the regulator requires that all German clients will go through video verification.
- Is my data secure with IDnow?
Data on IDNow security measures can be found here: https://www.idnow.io/regulation/data-security/
It is important to mention that IDNow will store the user's personal data for a maximum period of 90 days and thereafter all the user's personal data will be deleted.
- Do I need to go through the video verification even though I provided you with my ID already?
Yes, providing the ID does not replace the need to go through video identification according to BaFin.
- What happened if I failed the process?
If it is due to technical issues, you can initiate the call again and if identification was failed after the process was completed you will be notified of such failure and will not be able to buy non-leveraged cryptoassets, copy people or trade in Smart Portfolios that contain crypto. Note that trading cryptoasset CFD will not be blocked.
- I received a message that I failed the verification, what does that mean?
See answer to 4.
- How long does the process take ?
Usually between 4-6 minutes, in rare cases the final answer can be obtained within up to 48 hours, and the user will be notified by email and notification. During the waiting time, the user is free to trade crypto CFDs if crypto CFDs are generally available as an offering in the user's country / regulation.
- How does video identification work?
By clicking on “Start video identification”, you will be connected to a live person, who will identify you by comparing your ID photo and details to your face.
This process is a part of a regulatory requirement that Crypto providers must comply with before allowing cryptoasset trading or copying.
Please make sure you have the following before clicking the button:
A working webcam (for desktop users)
A valid German ID card, passport, or residence permit (you will be required to present it)
Your mobile phone which you used to verify your eToro account
- What are the advantages of video identification?
While trading crypto, custody of cryptoassets will be supervised by BaFin. Indeed, this regulation ensures that the financial and organisational standards are met and that unreliable providers are kept off the market for the best interest of German customers.
- Why is it only for Germany?
In order to offer cryptoassets to German residents, an entity shall hold a MiFID license as well as be supervised by BaFin to provide custody related services. eToro (Europe) Ltd, supervised by CySEC, offers trading in cryptoassets; eToro Germany, supervised by BaFin, provides the custody services to these cryptoassets.
- Is this offered only for German clients?
Yes. All German users (new and existing) trading on the mobile and desktop platforms will have to pass all required identification processes so that they can start trading cryptocurrencies on the eToro platform.
*Crypto (REAL / Crypto Margin Trade / Copy trading and Smart Portfolio).
- Will doing this video identification change my trading experience?
This process is fast and simple and will enable regulated crypto trading.
- What if I refuse to do the video identification?
Crypto trading (REAL / Crypto Margin Trade / Copy trading and trading in Smart Portfolios that include cryptoassets) and transactions in the eToro Money crypto wallet will not be available.
- Why eToro didn’t previously offer this protection?
Up until now, custody of cryptoassets was not specifically regulated in Germany. Since eToro Germany, providing custody services to cryptoassets, is supervised by BaFin, users will need to go through a video identification check before allowing them to trade Crypto (REAL / Crypto Margin Trade / Copy trading and Smart Portfolio).
- Is video identification necessary to use the eToro Money crypto wallet?
- In which countries is this service available?
At the moment only Germany.
- Who is providing this service?
This process, which will be conducted by a 3rd party vendor (IDNow), is a part of a regulatory requirement that certain BaFin regulated firms are required to implement in order to serve clients. This also applies to eToro with regards to clients who trade cryptoassets or copying.
Link to IDNow terms and conditions: https://go.test.idnow.de/terms