About to start a live account.. but few concerns

[dolan]

After trading from demo accounts to learning everything else. It's time for me to move on to live trading. I decided to trade with ether Tickmill or Pepperstone.
When I tried to open up an account with Tickmill, they ask for my Social Insurance number (social security number). Now i know some brokers do ask for this, but why? and then they also ask for my passport. Same thing with pepperstone, but without the SIN number.

I may be just paranoid but, I just don't feel too comfortable with private sectors asking me for too much of my private information. I feel like a lot of it is unnecessary. Maybe just a proof of my driver license is more than enough.

Now i do know both these brokers are legit, but maybe in the not so distant future, what happens when these brokers go out of business, and what happens to all the clients informations, such as SIN number and other identities. (i know alot of identity theft is on the rise in the recent years)

Once again, i'm probably just paranoid, but this is new waters for me. I don't even know anyone in my circle that does retail trading. So there really isn't anyone in person i can get advice or help from, other than the internet.

Someone enlighten me D:

 

[Bordux]

I suggest first and foremost make sure that any broker you choose is legit and has provided good service for a reasonably long time. Don't just send your details to first broker you come across with.

 

[Pharaoh]

All legitimate brokers will require some ID documents. If you don't trust the broker with your ID, you shouldn't trust the broker with your money.

Different brokers will vary a bit in exactly what documents they require.

No matter what, get all docs submitted and approved BEFORE depositing any money.

 

[Michael Hasting]

It is obviously what Pharaoh said, if you can't trust them with ID then how are you going to trust them with money? I believe generally we are required to put forward NIC (ID) and Bank Statement while to be fair, i will never prefer to give out my Passport for verification but i am okay with NIC (ID card).