compliance

[cklayus]

HI

are there any traders from israel here? I have a question about compliance. Every broker will gladly allow to make a deposit but when you want to make a withdrawal, suddenly there is an AML policy.
As I have seen there are 3 standard things you must submit in order to get past compliance. Photo ID, Credit Card pic and a proof of address.
With the firs two, no problem. But the last one is, all my utility bills are in hebrew and the bank statements too. There is english bank statements that my bank provide but the address is still written in hebrew.
If there is any trader from israel or any other country with non latinic abc, for that matter, how did you solved this?

 

[Pharaoh]

Most brokers are capable of handling foreign language documents. Quite a few brokers with registrations around the world are really based inside of Israel, so Hebrew shouldn't be a problem for most of them.

Still, with ANY broker, get your documents verified BEFORE making a deposit. Some brokers have been known to suddenly lose their ability to read foreign language documents if those are presented after the money has been sent to them.

 

[cklayus]

thnx

Actually there are a many forex brokers sites in hebrew to, many of them are affiliates to some of the more known brokers. but I find it hard to trust them because there are no reviews on them here.
Also I feel that this particular area (forex) is prawn of scamming specifically in israel. I buy a lot of stuff online from israeli sites, never had any major problems. But forex is different I think

 

[Pharaoh]

I've bought stuff on eBay from all over the world, including more than one country famous for having bad brokers.

One recommendation - if you can live with NFA and CFTC regulations, go for an NFA regulated broker. If not, think UK regulated, Swiss regulated, or maybe Australian regulated - and check to make sure the broker is REALLY regulated instead of just holding a corporate registration.

 

[cklayus]

Actually I went over the reviews here and didnt find many US or UK regulated brokers with 4-5 star rating and decent number of reviews. Some of the Asic regulated brokers are in the 4-3.5 star range. As of now one of them is my first choice.

 

[AthosDemetriou]

Hi,

I used to work in a forex broker and i know that they are obliged to make the necessary translations where needed. If you do not manage to persuade them, do the translation yourself and have it signed by a legal person or a certified Bank employee.

 

[Rambo35]

Hi,

I used to work in a forex broker and i know that they are obliged to make the necessary translations where needed. If you do not manage to persuade them, do the translation yourself and have it signed by a legal person or a certified Bank employee.

I think if you have to persuade a broker to accept your business you should not even bother. Any serious broker understands what needs to be done and makes the process as simple as possible. Should anyone have issues with the account opening and need to persuade the broker it is already a bad start in my opinion.