Trusting a broker with your social security number?

[jonathan]

Hey guys, I was curious if anyone around here worries about their United States social security number with any of the well known Forex brokers? For the next couple weeks I'm going to be demo trading, and then want to open up a small $200 account with Oanda to get a flavor of trading Forex with real cash. (I'm well experienced in daytrading stocks, so $200 on a Forex try is no big deal.)

I know how shady this industry can be... so I just wanted to make sure my personal information and indentity is safe through Oanda. I was considering just asking them, but if they're just out for your cash, why would they give you any answer to be worried about? Haha! So you guys here must be more knowledgable on this topic.

Thanks,
Jonathan

[n_aftab]

I think most brokers will ask for something similar, in the uk we normally supply passport, drivers licence or / and NI number.

They need to ensure you say you are who you say you are.

From what I know of Oanda they are a broker held in high regard .. you could do worse, but make sure they or any other broker are regulated by whatever the body is in your country. (UK its FSA).


regards

N

[rhodytrader]

As a US-based trader you will not be able to open up a real trading account without providing your SSN. At a minimum, it will be required (by the reputable firms, anyway) to file you 1099-Interest information annually. As also noted, there is also the identity verification side of things. If you are not asked for the information, I would be extremely leary.

[jonathan]

Originally Posted by rhodytrader

As a US-based trader you will not be able to open up a real trading account without providing your SSN. At a minimum, it will be required (by the reputable firms, anyway) to file you 1099-Interest information annually. As also noted, there is also the identity verification side of things. If you are not asked for the information, I would be extremely leary.

Yup, I know you need to give your social security number out to reputable brokers. I do have a stock broker, ya know?

Basically my question is, does anyone here know enough about OANDA to call them reputable for personal identity information like that?

Thanks!
Jonathan

[rhodytrader]

If you look through these boards, I think you will quickly find that Oanda is rated extremely well by the group.

[jonathan]

Originally Posted by rhodytrader

If you look through these boards, I think you will quickly find that Oanda is rated extremely well by the group.

Thanks!