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copy of documents required?

Discussion in 'Scam Alerts' started by Dean12, Nov 25, 2011.

  1. Dean12

    Dean12 Recruit

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    Hi. I applied to open an account with xforex and one of their staff made the transaction and took money from my credit card. in the following day they sent me an email asking for copies of my passport and credit card and home bills saying that is the procedure. I did not like that and thought it might be a scam as they will be having all my personal details and they can do a lot of things with it. I told them I don't want to go ahead and asked to cancel my account if it is open and refund the money to the same credit card. they said that they still need all the copies to refund the money? Isn't that weired? I havent started my account or done anything, not even opened their web site. Shouldn't they just refund the money to the credit card they took from? I don't undrestand why they are asking for copies? What do you think guys
     
  2. Sylvie O.

    Sylvie O. Sergeant

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    Every broker ask for a copy of documents. It's a normal procedure. The best thing to do is to deposit money only after sending required documents. You said you didn't open their website. How did you appliy to open an account?

    If you don't want to trade with xforex and want your money back, contact you credit card company and ask them how to proceed to have a refund.
     
    #2 Sylvie O., Nov 26, 2011
    Last edited: Nov 26, 2011
  3. RahmanSL

    RahmanSL Major

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    All brokers require legal documents for proof that traders are who they claim to be. That's standard procedure and practice.

    If you use credit card to fund your account, the broker will request for a colored scanned copy of the credit card which must contain the same name you use on your trading account. However, the broker will advise you to either blacken out or to remove all the credit card numbers (use computer "paint" program to do that) except the last 4 digits.

    Withdrawal must go back the same way as funds were deposited in accordance to international Anti Money Laundering laws.
     
  4. Pharaoh

    Pharaoh Colonel

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    Do yourself a favor. Don't deposit any money before submitting documents and getting an email from the broker verifying that all the documents are acceptable. Otherwise, you are taking a chance that you'll never be able to withdraw any of your money.

    If you find a broker that doesn't require any documents, take your money and run away as fast as you can. International Anti-Money Laundering rules apply no matter where a broker is located. Any broker not wanting some sort of verifiable ID from traders is already breaking the law and probably won't pay if you make any profits.
     

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