Why do I need to pay a KYC Fee?

To comply with Australian law, we must perform an ID verification, known as KYC (Know Your Customer), on each and every user.

To reduce the risk of getting it wrong and getting in trouble with AUSTRAC, we decided to exclusively use Digital ID to perform the initial KYC on new users.

Digital ID charges us a flat processing fee on each and every KYC they perform.

Other exchanges recuperate these costs by charging high trading fees. We chose to go another way.