Heya guys. Currently thinking about making the step to creating a live account after months of demo trading, although, I’ve heard of applications being rejected. What are the chances of being rejected even if I make the minimum account deposit?
With let’s say a worst case scenario: low net worth and unemployment.
There is no broker that needs to require your financial status, as long as you can make the minimum deposit required.
For regulated brokers - which should be top of your list - they will require proof of identity copies, e’g passport or driver’s licence, and home address from utility bills or bank statement. These could be downloaded to their site if they offer that option, or the copies e-mailed.
Nowadays, only US citizens need to establish whether their chosen broker accepts them. A lot of red tape, IMO, and possibly because not notifying tax liabilites that the US government ain’t to happy with.