Detailed Process to Open an Account on VALR
- Visit the VALR Website or Download the Mobile App:
- Go to VALR’s sign-up page on your web browser or download the VALR app from the Google Play Store or Apple App Store.
- Create Your Account:
- Sign-up Options: You can sign up using your email address or via your Google or Apple ID.
- Enter Details: If you use your email, enter your email address and create a strong password.
- Email Verification: VALR will send a verification email to the provided address. Open the email and click on the “Verify my email” link to confirm your email address.
- Complete KYC Verification:
- Personal Information: After verifying your email, sign in to your account and enter your personal details, including your full name and residential address.
- Mobile Number Verification: Enter your mobile number, and you will receive a verification code via SMS. Enter this code on the VALR platform to verify your mobile number.
- Identity Verification: Upload a government-issued ID (e.g., passport, driver’s license) as part of the Know Your Customer (KYC) process. Follow the prompts to complete this step.
- Set Up Security Features:
- Two-Factor Authentication (2FA): Enable 2FA using an authenticator app (such as Google Authenticator) to add an extra layer of security to your account. This is highly recommended to protect your account from unauthorized access.
- Deposit Funds:
- Deposit Methods: You can fund your account using a local bank transfer (ZAR) or by depositing cryptocurrency.
- Initial Deposit: Navigate to the “Wallets” page in your VALR account and follow the instructions to make your first deposit.
Different Types of Accounts on VALR
VALR offers three levels of account verification, which unlock different features and limits for users:
- Semi-Verified Account:
- Requirements: Provide your name, address, and verify your mobile phone and email address.
- Features: Limited access; unable to fully use the VALR platform.
- Crypto Deposits: Not available.
- Crypto-to-Crypto Trading: Not available.
- Fiat Deposits: Not available.
- Fiat-to-Crypto Trading: Not available.
- Withdrawal Limits: Not applicable.
- Fully-Verified Account:
- Requirements: In addition to providing your name and verifying your mobile number and email address, you need to submit a government-issued ID (e.g., identity card, passport, or driver’s license).
- Features: Full access to the platform’s features.
- Crypto Deposits: Available.
- Crypto-to-Crypto Trading: Available.
- Fiat Deposits: Available.
- Fiat-to-Crypto Trading: Available.
- Withdrawal Limits: 0.2 BTC per day (or equivalent value in other cryptocurrencies).
- Fully-Verified PLUS Account:
- Requirements: Complete all steps for a Fully-Verified account, and additionally enable Two-Factor Authentication (2FA) using an authenticator app.
- Features: Enhanced security and higher withdrawal limits.
- Crypto Deposits: Available.
- Crypto-to-Crypto Trading: Available.
- Fiat Deposits: Available.
- Fiat-to-Crypto Trading: Available.
- Withdrawal Limits: 100 BTC per day (or equivalent value in other cryptocurrencies).
Minimum Deposit on VALR
VALR offers flexibility with deposits, making it accessible for various types of investors. Here’s what you need to know about the minimum deposit requirements:
- Fiat Currency Deposits:
- South African Rand (ZAR): There is no minimum deposit required for ZAR deposits. This means you can start with any amount that suits your investment capacity. Deposits can be made via local bank transfers.
- Cryptocurrency Deposits:
- Bitcoin (BTC): The minimum deposit is 0.00001 BTC or its equivalent in other supported cryptocurrencies. This low threshold allows even small-scale investors to participate in the crypto market.
The absence of a minimum deposit requirement for fiat currency (ZAR) and the very low minimum for cryptocurrency deposits make VALR an attractive option for beginners and those looking to start small.
Countries That Can and Cannot Open a VALR Account
Countries That Can Open a VALR Account: VALR primarily serves customers in South Africa. Users residing in South Africa can fully utilize the platform, including making ZAR deposits and withdrawals.
Countries That Cannot Open a VALR Account: VALR has restrictions on account creation for residents outside of South Africa. Here are some key points to consider:
- Limited Global Access:
- While VALR is expanding, its services are currently limited to South African residents. This means users from other countries might face difficulties or be unable to create an account.
- Regulatory Compliance:
- VALR adheres to South African financial regulations, and due to the lack of global regulatory alignment, it restricts access to users from countries where it cannot comply with local laws and regulations.
Implications for Users:
- South African Users: Can enjoy full access to all of VALR’s services, including fiat deposits, crypto trading, and withdrawals.
- International Users: Should verify if VALR has updated its policies regarding international access, but as of now, the platform is primarily intended for South African residents.