How long does it take for a broker to conduct a KYC procedure?
I’ve been with Vantage for nine months. I’ve made two successful withdrawals (one in May, one in June), I tried to make a third withdrawal (to the same bank account), it was accepted at first and then reversed.
Vantage customer support has been useless; they just kept telling me somebody would be in touch soon! After eight days I got an email saying they were conducting KYC (Know Your Client) procedure based on AML laws.
I have sent them everything they have requested; photos, statements, videos…
It has been over a week since sending them all they have requested, ive asked for some indication of how long the procedure takes but I can’t get a straight answer from them!
It has been three weeks since my withdrawal was reversed. Is this a normal/acceptable amount of time? Has anybody had a similar experience? Is there anything I can do to push the process along?
Any advice will be greatly received. Thank you
From what I know and experienced, dealing even with an unregulated broker didn’t involve much waiting. But if you could show some documents to back up your situation, it would help others understand that this broker may not be very trustworthy, and they should be cautious about working with them. Thank you in advance 
Hi, I cannot comment on KYC for broker withdrawals, but I can offer some insight from my own consultancy work relating to such seemingly invasive and protective changes that happen. On a personal basis, during the past five years I have had to basically “reapply” to continue our business and personal banking relationships with Barclays AND HSBC, and others whose accounts my wife and I decided to shut down due to the banality of those assigned to collect this data. Certainly in the UK, it has become nigh on impossible to live if you don’t conform to the 99% sheeple profile expected of a model citizen. I recently lost my rag with our business bankers. I did a bank transfer to a builder who needed a £3K upfront payment to buy materials for a property refurb job. The bank declined my payment on the weekend without any explanation. I called the customer 24x7 hotline only to find recorded messages saying the service was only available during business hours - yeah - like why am I paying for a premium banking service that has just lowered its service level agreement with its customers unilaterally? On the Monday morning I called the fraud department and we got to this stupid question “do you HAVE to pay the supplier up front” to which I replied “No, I am choosing to pay the supplier up front” to which he responded “if you don’t HAVE to pay him upfront, we need to decline your request because you may be being coerced to pay a fraudster”. Before blowing a fuse, I calmed down and apologised for being angry, then asked for a reset on the Q&A. He asked me again “Do you HAVE to pay this supplier up front” and I answered “YES”. He asked me if I had done business with this supplier before to which I answered “yes for about 8 years”, then he asked “you have not made a payment to this account before” Why? I said “my builder has just opened a new corporate account whereas before I always paid to his personal account”. He asked me to confirm again that I was not being coerced to make the payment then promptly released the payment.
The banks, brokers, lawyers, solicitors, are all under rapidly changing laws for KYC, and no matter how long you have been their customer, they all need to comply with new laws, which change often and are poorly explained by authorities or commercial enterprises. Now is it any wonder why a lot of people start to put their trust in crypto as one of fewer and fewer choices to make sure your own funds continue to belong to you and that no state can legally relieve you of for the greater good of humanity (i.e., the bankers and politicians)?
My granny stashed her money under the mattress. Didn’t ever trust banks.
Maybe they need additional documents to verify that you actually own funds that you claimed and have relevant trading experience. According to my experience with Hotforex, KYC was done in 3hrs, also my friends got to trading the same day they decided to join.
it should be very quick - if it isn’t, sometimes the broker is unregulated or barely regulated and lying to the customer
they have 3 different companies - one properly regulated and the other two not - which one is your account with? that’s what actually matters, here
there’s some more information specifically about Vantage and their “regulatory trickery” here:-
Mine at Hotforex took 1.5H. It all depends on what documents you submit and how you fill the questionnaire. Some brokers may require additional information and documents like proof of income, etc.
Any updates on this? Have they accepted your KYC docs?
As far as I know, it won’t take lots of time. Different from opening an account in banks, no longer than a half day as long as you prepare the necessary docs.
Oanda it can take up to 5 days to withdraw by wire 3 days to a debit card, but they’re doing checks of the account, like name matching, makes sure the same user who deposited is withdrawing. Then you might have to wait for the actual bank to do the transaction. So it varies.
The duration of the KYC (Know Your Customer) process can vary widely, typically ranging from a few hours to several days. This variability depends on factors such as the type of financial institution or service provider conducting the KYC, the complexity of the customer’s profile, the efficiency of the KYC tools and systems in use, and the completeness and clarity of the documentation provided by the customer. For straightforward individual cases with all required documents readily available and clear, the process can be quite swift, often automated through digital systems. However, for corporate clients or cases requiring enhanced due diligence, the process can take significantly longer, involving manual reviews and additional background checks.
I would rather prefer that my broker conducts KYC with all diligence because this would be a sign that they run serious business and strive to adhere to AML policies and other financial regulations.