I am a very beginner in forex. Today tried to open an account in Oanda. They took all my info including Social Security Number. I had to scan and submit Driver License and my car insurance bill for identification too.
Now, I got an email from them as below:
"In order to complete the account setup process, please provide a copy of your SSN Card.
In accordance with Internal Revenue Service regulations, all US Citizens and Residents must provide a valid Social Security Number. This is required for generating 1099INT Forms (for accounts which earn $10 or more in interest) which in turn are logged in the IRS database."
They want hard copy or scan or photo of SSN Card!! Is it OK and is it common for forex accounts??
I don’t recall this. Might it have something to do with how you’re funding it? It’s the only thing I can think of. That or a trickle-down of the Dodd-Frank Act.
I really did not understand
It would great if junior and senior members share their idea with me whether this is legit request from Oanda or not and whether they had to provide such a hard photocopy of SSN Card to their brokers or not. Thanks everybody
Honestly I think if a company is enough legit about this stuff that can pull info from govt data bases to validate what we provide, then why they need card copy?
I don’t know a lot about Identity Theft but this is very simple thing that I cannot digest! I like to use their service because I see many good reviews but before that it became my pet peeve and I am curious to know if they can access govt data bases then why they need card copy?
Did you provide your SSN card copy to your broker too?
Oanda is a reputable company. They are probably just verifying your number. However if you dont trust it and afraid of identity theft. Then you have 2 options
1: do nothing and find another broker (but I think even mine required my ss card)
2: do not reply to that email instead call oanda in inquire about the request. If the person that sent the email is trying to get your info then bypass them and verify it with Oanda and send it to someone. The chances of you getting the same person is very slim.
Oanda is my broker. I would swing down to their office and provide a DNA sample if requested.
The are hands down the most honest and reputable broker in the retail space of Forex. They offer the most flexibility, terrific spreads, and have done everything on the up and up.
I use oanda as well, when i signed up i gave them my SSN info but they never asked for a card. But then again they have all the info they would need to give me massive identity theft if they wanted to. That said i have never had a problem with them.
