I really really really feel INSECURE.

[Joshua S.]

I have just recently started trading with youtradefx. Upon registering for a live account at youtradefx, they have asked me for my government issued id....bearing my photos, full name, DOB, expiration date, proof of residence (address).

They have also asked me for my clear copy of my visa card (back and front) and reminded me that the card must "clearly indicate holder's name, valid date, and the last 4 digits on the cards". Although they have asked me to protect my security by making sure"first 12 digits on the front side and the CVV number on the backside of the card" is blank, i somehow feel insecure.

Should I be worried? They seem to be asking too much of my personal details. Is this normal for a broker to ask from a customer?

 

[Pharaoh]

LOTS of ID and copies of credit card are common. Legitimate and semi-legit brokers have to meet Anti-Money Laundering and Know Your Customer requirements. Bad brokers will use this to stall withdrawals and say your documents have problems. For this reason, I recommend AGAINST depositing until all of your ID docs are approved by the broker.

If you covered the correct digits on your scanned credit card images, you should be ok.

 

[perryfx]

I have just recently started trading with youtradefx. Upon registering for a live account at youtradefx, they have asked me for my government issued id....bearing my photos, full name, DOB, expiration date, proof of residence (address).

They have also asked me for my clear copy of my visa card (back and front) and reminded me that the card must "clearly indicate holder's name, valid date, and the last 4 digits on the cards". Although they have asked me to protect my security by making sure"first 12 digits on the front side and the CVV number on the backside of the card" is blank, i somehow feel insecure.

Should I be worried? They seem to be asking too much of my personal details. Is this normal for a broker to ask from a customer?

May be you can use some other options like moneybookers, paypal, payza or liberty reserve. Then you don't need to worry. I think the charges also lower if you go with an another option except CC.

 

[hitcola]

Many brokers do request the credit card front and end with the data on them, regarding the number of the credit card you should wipe out part of them, and they should not mind.

 

[FringFX]

If you are uncomfortable (which is understandable) you can use your credit card through Paypal. you just need to link your card with Paypal.

Alternatively, look for brokers which do not require such procedure.

 

[wizard56]

Some brokers don't make docs mandatory and they're good. Some require docs but they're not dependable. The logic can be reversed for these foregoing statements. I hate brokers who always tell me that my docs have expired and as such I can't withdraw my money, or the brokers that often require me to update my docs often. There shouldn't be difficulties in withdrawing money.

 

[Pharaoh]

If a broker requires no ID docs, then they aren't following any sort of AML laws. Those are the kind of brokers that can disappear with no warning.

 

[duderex]

Most of the brokers need you to have official documents. To be certain with their security. Check on the broker review that you are registered at. If they are discuss in most of the forums, and their trader are responding to the broker issues from other trader that blaming upon the broker that they are trading with. It shows that those broker is the secure broker, alias not a scam one.

 

[Rambo35]

I think the copy of the CC is only needed if you plan on funding your account with a CC, at least with my broker it is that way. The ID part is normal, so is the proof of residence.

 

[JonyCash]

Hey guys, be prudent. If you take pictures of both sides of your credit card, be careful to hide the numbers on both sides... I realized I didn't do that and now I'll have to cancel my credit card, out of security.