Before you invest in crypto for the first time, you may wonder why you need to verify your identity, what you need to prepare, and how long it takes. The answer is a process called KYC (Know Your Customer), which every licensed digital asset platform in Thailand must carry out.
This article explains what KYC is, why it matters for the safety of your money, and how to verify your identity with Maxbit through ThaID or NDID, step by step. It also covers the Crypto Knowledge Test you need to pass before you start trading Bitcoin and USDT.
What Is KYC (Know Your Customer)?
KYC is the process financial service providers use to confirm that the person opening an account is who they say they are. In Thailand, digital asset businesses licensed by the Securities and Exchange Commission (SEC) must perform KYC under SEC rules and the Anti-Money Laundering Act.
Put simply, KYC works like opening a bank account or a stock trading account, except you can do it entirely in an app without visiting a branch.
Why Crypto Trading Platforms Require KYC
- It protects your account so no one else can use your personal information to open an account in your name.
- It prevents money laundering and fraud, keeping the whole trading system transparent.
- It gives you legal protection because you invest on a platform that is regulated and accountable.
- It unlocks full access to deposits, withdrawals and crypto trading.
Licensed vs. Unlicensed Platforms: What Is the Difference?
Platforms licensed by the Thai SEC (such as Maxbit)
- Verify identity to Thai legal standards.
- Have a regulator and a clear channel for complaints.
- Process Thai baht deposits and withdrawals through a bank account in your own name.
Platforms not licensed in Thailand
- May not verify identity strictly, which raises the risk of fake accounts and fraud.
- May leave you with no Thai authority to turn to if something goes wrong.
- Risk having their services suspended or access blocked.
Two Ways to Verify Your Identity with Maxbit: ThaID and NDID
Maxbit uses ThaID as its primary verification method. You can also choose to verify through NDID.
ThaID (Recommended)
ThaID is the digital identity app of Thailand's Department of Provincial Administration. If you have already registered for ThaID, simply confirm in the app and this step is done. It is the fastest and most convenient option.
NDID (Verify Through Your Banking App)
NDID (National Digital ID) lets you verify your identity through the banking app you already use. It suits people who do not have ThaID yet but have a bank account and have already completed identity verification in their banking app. Supported banks are:
- Kasikornbank (K PLUS)
- Bangkok Bank (Bualuang mBanking)
- Siam Commercial Bank (SCB EASY)
- Bank of Ayudhya / Krungsri (KMA)
- Krungthai Bank (Krungthai NEXT)
- TMBThanachart Bank (ttb touch)
- Kiatnakin Phatra Bank (KKP Mobile)
- CIMB Thai Bank (CIMB THAI Digital Banking)
- Government Housing Bank (GHB ALL GEN)
- Government Savings Bank (MyMo)
These banks are licensed Digital ID service providers under the Electronic Transactions Development Agency (ETDA). The list may change, so check the latest version on ETDA's list of licensed Digital ID service providers (in Thai).
6 Steps to Open and Verify Your Maxbit Account
- Sign up with your email or phone number.
- Verify your identity with ThaID, or choose NDID and confirm in your banking app.
- Enter your personal details and link a bank account in the same name as the applicant.
- Complete the Suitability Test.
- Pass the Crypto Knowledge Test with at least 8 out of 10 correct answers.
- Wait for approval, then deposit Thai baht or USDT and start trading right away.
⚠️ Maxbit will never ask for your password, OTP, or the PIN for ThaID or your banking app by phone, email or chat, under any circumstances.
What Is the Crypto Knowledge Test?
The Crypto Knowledge Test is a basic knowledge test on digital assets that investors must take before they start trading crypto, in line with Thai SEC guidelines. It makes sure you understand the risks before investing real money. The test has 10 questions, and you need at least 8 correct answers to pass.
What to Know Before Taking the Test
- The nature of crypto, Bitcoin and stablecoins such as USDT
- Price volatility and the risk of losing your entire investment
- Storing assets and keeping your account secure
- Common scams, such as Ponzi schemes and fake pages or apps
How the Knowledge Test Differs from the Suitability Test
- Suitability Test measures how much risk you can take. The result is your investor risk level.
- Crypto Knowledge Test measures your understanding of crypto. The result is pass or fail (pass with 8/10 or higher).
If you do not pass, review the articles in the Digital Asset Investing 101 category and take the test again.
Frequently Asked Questions About KYC
What do I need to verify my identity with Maxbit?
A smartphone with the ThaID app or a banking app that supports NDID, plus a bank account in the same name as the applicant.
What if I don't have ThaID?
Verify through NDID with a supported banking app, or download ThaID, register, and then come back to verify with Maxbit.
Is the information I provide for KYC safe?
Maxbit uses your information only to verify your identity and comply with the law. Verifying through ThaID or NDID also means you do not need to send photos of your ID card through unsecured channels.
Start Investing in Crypto with Confidence on Maxbit
KYC is more than a legal step. It is the first line of defense for your money. Once you verify with ThaID or NDID and pass the Crypto Knowledge Test, you are ready to buy and sell Bitcoin, USDT and other digital assets on a properly licensed platform.
Open your Maxbit account and verify your identity today to start investing safely and legally.
Risk warning: Cryptocurrencies and digital tokens are highly risky. You may lose your entire investment. Please study and understand the risks before deciding to invest.
