Documents requested by a Forex broker ?

fawzy salah

Recruit
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I am currently looking to trade with a broker but the broker is asking for proof of residence documents such as utility bills , bank statements , tax certificates or any other documents which show an address and money transactions. So my question is : is this normal for a broker to ask for ? aren't these suppose to be personal info which should not be disclosed to any one ? are most of the brokers like that ?

The broker is also regulated by high-tier regulators such as FCA and CySEC
 
I am currently looking to trade with a broker but the broker is asking for proof of residence documents such as utility bills , bank statements , tax certificates or any other documents which show an address and money transactions. So my question is : is this normal for a broker to ask for ? aren't these suppose to be personal info which should not be disclosed to any one ? are most of the brokers like that ?

The broker is also regulated by high-tier regulators such as FCA and CySEC
Might i ask why you wish to remain anonymous? For a regulated broker im afraid that is the norm, id and proof of address will be part of a KYC (know your customer). Id assume its for the prevention of money laundering or similar, and is something iv never questioned really as the origin of my funding is and will allways be obtained in a legit and legal fashion (expendable cash from a salary (taxes paid etc etc). If its of such importance to you then you may have to look towards offshore or unregulated brokers. And needless to say this should exercise caution from your behalf, I have used several and still use a couple to this day that iv never had any issues with, but my needs to use are not to the grounds of anonymity, I wanted higher leverage,and particularly for crypto, and overall trading conditions that are of greater benefit to me, be that lower spreads, lower trading fees, or more freedom to move larger balances at speed ( a necessity for me when cryptocurrency is as it is). My only advice when it comes to any broker, regulated or unregulated, don't rush into anything. Do your research, plenty of reviews on this forum, and you'll find if any issues have arisen and been published here, more often than not you'll see the broker can be invited to address the complaint and work through it transparently. Some don't respond which will brings the simple fact of, Reputation goes a long way!
 
I am currently looking to trade with a broker but the broker is asking for proof of residence documents such as utility bills , bank statements , tax certificates or any other documents which show an address and money transactions. So my question is : is this normal for a broker to ask for ? aren't these suppose to be personal info which should not be disclosed to any one ? are most of the brokers like that ?

The broker is also regulated by high-tier regulators such as FCA and CySEC
In short, yes this is "MANDATORY"
 
Might i ask why you wish to remain anonymous? For a regulated broker im afraid that is the norm, id and proof of address will be part of a KYC (know your customer). Id assume its for the prevention of money laundering or similar, and is something iv never questioned really as the origin of my funding is and will allways be obtained in a legit and legal fashion (expendable cash from a salary (taxes paid etc etc). If its of such importance to you then you may have to look towards offshore or unregulated brokers. And needless to say this should exercise caution from your behalf, I have used several and still use a couple to this day that iv never had any issues with, but my needs to use are not to the grounds of anonymity, I wanted higher leverage,and particularly for crypto, and overall trading conditions that are of greater benefit to me, be that lower spreads, lower trading fees, or more freedom to move larger balances at speed ( a necessity for me when cryptocurrency is as it is). My only advice when it comes to any broker, regulated or unregulated, don't rush into anything. Do your research, plenty of reviews on this forum, and you'll find if any issues have arisen and been published here, more often than not you'll see the broker can be invited to address the complaint and work through it transparently. Some don't respond which will brings the simple fact of, Reputation goes a long way!
If you mean anonymous to the broker, then i don't mind if i share my ID with the broker. But to give a somewhat unknown entity (even if regulated) my personal bank account statement showing my account number and balance, then this should keep me worried from hacking or cyberattacking my account especially if it is an online bank or crypto wallet . In addition, forex brokers are not illegal but are still not regulated where i live. Therefore, all brokers are considered offshore brokers from my point of view. However by viewing the replies here , it seems that this is the norm
 
It is normal, in the KYC process broker need some document ID and address proof to comply with AML rules. It is processed to verify the account, if the account is unverified, withdrawn usually will be rejected.
 
It is normal, in the KYC process broker need some document ID and address proof to comply with AML rules. It is processed to verify the account, if the account is unverified, withdrawn usually will be rejected
It is normal, in the KYC process broker need some document ID and address proof to comply with AML rules. It is processed to verify the account, if the account is unverified, withdrawn usually will be rejected.

Ok , but why ask for things like utility bills and bank statements when my passport clearly shows my name, photo, and address ? For example utility bills do not really show that your funds come from legitimate sources , it just shows that you paid a certain amount of money for an address
 
Before sending away all your documents, first check any regulator registrations claimed by the company. Anyone can slap up a "Regulated by NFA, ASIC, FCA, FBI, CIA, the UN, and your mom!" claim on their website, but a certain percent of those claims will be totally false.

The best time to do this is before you open an account or even give a broker your email address. If a broker makes a false regulatory claim, don't even open a demo account with them.

If the broker is legitimately regulated, then yes, you need to identify yourself. Your passport may contain your personal address, but a lot of countries only give the name, DOB, and picture of the person. Passports are usually issued for 5 or 10 years, so even one with an address can have an out of date address. Brokers usually want at least 1 photo ID (often 2) and 1 recent address confirmation (often 2). If the broker is properly regulated, get this documents accepted BEFORE sending money and you'll save yourself a large percent of the headaches people get trying to withdraw their cash later on.
 
Before sending away all your documents, first check any regulator registrations claimed by the company. Anyone can slap up a "Regulated by NFA, ASIC, FCA, FBI, CIA, the UN, and your mom!" claim on their website, but a certain percent of those claims will be totally false.

The best time to do this is before you open an account or even give a broker your email address. If a broker makes a false regulatory claim, don't even open a demo account with them.

If the broker is legitimately regulated, then yes, you need to identify yourself. Your passport may contain your personal address, but a lot of countries only give the name, DOB, and picture of the person. Passports are usually issued for 5 or 10 years, so even one with an address can have an out of date address. Brokers usually want at least 1 photo ID (often 2) and 1 recent address confirmation (often 2). If the broker is properly regulated, get this documents accepted BEFORE sending money and you'll save yourself a large percent of the headaches people get trying to withdraw their cash later on.
Yes , i always check if the broker's claims of regulation are true by checking on the regulators website , but when i went through the reviews here , i found that there are traders getting scammed by heavily regulated brokers (even the big ones) , so this kind of worries me and makes me think twice before sending personal info
 
Crucially understand the difference between registered with a regulatory body and regulated by them. For example veracity were the latter and were "applying" for regulation and the FSCA didn't like something and shut them down. Either go fully regulated and accept that you will need to perform full KYC or go unregulated with a broker that doesn't require it but ensure you read up about them on as many sources as you can.
 
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