The order flow at Banxa is very simple. There are between 4-5 steps in the order process, depending on whether you are a new or existing customer.
- CREATE ORDER
- ORDER VALIDATION
- ID CHECK (KYC) (New customers only - you are considered a new customer if you are buying from that specific exchange for the first time)
- PAYMENT CONFIRMATION
- FULFILMENT/CANCELLATION/REFUND (Automatic if the order is cancelled)
1. CREATE ORDER
You create an order via one of Banxa Partners.
2. ORDER VALIDATION
We confirm the order - Our system is largely automated, in rare cases if there is a payment mismatch (Eg, the card number or name is incorrect) we may need to manually review the order.
3. ID CHECK/KYC - NEW CUSTOMERS ONLY
If you have never done an order with us before, via the partner of your choice, we will request you submit your ID and a selfie (depending on which country you are ordering from) and we will check these documents for validity and veracity.
4. PAYMENT CONFIRMATION
We will confirm that the payment has been received, and matches the amount of your order. - In some cases, payments may be delayed if there was an error in Step 1.
FULFILLMENT - Banxa will deliver the coins to your nominated wallet address if the payment is validated.
CANCELLATION - If there is a name mismatch, a payment failure or ID was never submitted. The order will be cancelled and sent to refund.
REFUND (IF ORDER CANCELLED) - The Funds will be returned to the original account/card they were sent from. This process depends on your bank or payment method and usually takes 10 business days. In some cases (credit card) it has been known to take up to 28 days, based on the card provider.
For more info on REFUNDS please check the REFUNDS entry in the FAQ.