Hey all,
I was going to open my first live account with one of the well-known FX brokers. I stopped mid-way during the registration process after the personal info they wanted from me became too personal. A photo ID, SS #, a current utility bill with my address on it, etc.?? Is that common with all brokers?? Talk about a potential for IDT!! I’m in the US and the broker in question has offices all over the world including Chicago, with their main office in Toronto.
Thank you for your input.
PR
If it is a large reputable broker, I would not worry too much.
Broker’s name is __________________.
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Yes, most of the reputable ones have a detailed verification protocol…all the brokers I use insisted on the same and when a broker does not insist on any form of ID verification, that’s a red flag (in my opinion)
Had to do with money laundering regulations, legit businesses ask for these kind of stuff and not just brokers. They usually ask for ID (passport/driving licence) and 2 proof of address (utility bills/bank statements)
Yes these are important to open a trading account with any broker. They collectyour personal information , Proof of identity and proof of adress. You have to provide the documents. It is secure , they will know who is the person who is dealing with them.
Every broker requires proof of ID and proof of address.
Every reputable and regulated broker will require ID. This is to prevent money laundering.
That is normal for the reasons mentioned. Should you ever come across a broker who does not (which I highly doubt) I would run away from them as it is an obvious scam. Brokers who want to scam you do not care about your ID (they will still ask to appear as a reputable broker), they care about your cash. I would not worry about it.