Forex Account Address Verification

Hi all members!

I have a problem to verify my address whenever I sign up with a forex broker. The problem is that I am a German expat living in south east asia and all brokers that I had tried want a bank statement and/or a utility bill showing my name and address. The issue is, all utilities are paid through my landlord and I don’t have a bank account here. I have been using my German bank account. What I have is a rental agreement on my name.

Do you guys know any broker that accept this for verification or any other solution?

Thanks in advance!

They vary, and the reality is that what they might actually be persuaded to accept as proof of identity and as proof of address for the purposes of satisfying the “know your customer” regulations increasingly imposed on them by regulators (in these days of anti-money-laundering regulations) isn’t even necessarily going to be exactly what they state on their own websites.

For this reason, approaching them individually, hoping that your inquiry will be dealt with by an intelligent, perceptive person with some decision-making powers (rather than “automatically” by someone “just following instructions”) is the way forward. Sometimes they’ll even accept things from one customer that they won’t accept from another.

Generally, the bank statement (or equivalent) is requested only as proof of identity, not proof of address.

Many brokerages are familiar with the various situations which can predicate that people don’t necessarily have utility bills in their own name.

My own guess is that if you “shop around”, it won’t be too difficult to find a decent brokerage that will accept a tenancy agreement or lease as “proof of address”, but you may need to put some effort into approaching them sensitively and encouraging them to appreciate your circumstances.

Sorry - no specific help/advice from me, Mike, except the observation that I know this [I][U]can[/U][/I] be done!

Good luck!

Hi, Mike90 and welcome to the forum. Your situation is a bit difficult indeed. I think that some brokers may accept rental agreement under your name in which the address is visible but I’m not sure if they will be well regulated. After all this condition is very important when you choose a broker. Do you use mobile services in that country? I think that in most countries the registered mobile services should be under your name and they for sure can issue and invoice or receive it online.

Which brokers have you tried to sign up with?

Thank you everybody for taking the time to reply! Much appreciated!

I will follow your advie Lexys and will try to contact the broker in an other way than the live chat customer service. I can imagine these people replying in the live chats are outsourced and have no decision making power at all.

@Sebastiano You made a good point about how well regulated a broker is that accepts just a lease agreement. I also fear that they accept me first and when I want to withdraw profits they might demand more documents for verification.

@Profitbaby I’ve tried Valuetrades, Activetrades and FXTM so far. I’ll check out more today. Any suggestions?

Well, yes this is possible as well. They could ask for a bank statement or copies of your credit/debit card depending on the way you would like to withdraw your funds. You should definitely ask about the withdrawal procedure and if any additional documents are required and if you can use your German bank account instead. It is important to clarify these procedures before opening an account with a broker as otherwise you might not be able to withdraw your funds.

Why don’t you open a bank account in the country you are now?

I’m a Belgian expat living in Turkey.
Have here a TL (Turkish Lira), US and EURO bank account with HSBC.
I transfer funds from my Belgian Euro account to the EURO account in Turkey/HSBC and convert it to TL (for living expenses) or US (for trading).

2nd advantage is that it’s cheaper to get your money for your living expenses. The exchange costs to get cash money via an ATM are also a lot more then via your standard bank account.