yogeshwartyagi Posted April 26, 2011 Share Posted April 26, 2011 With many forex brokers while opening new account we are asked to provide address and phone number. I cannot understand why they made it mandatory, as we usually deposit funds using e-currency (often LR) and make withdrawal using same. Also there are few brokers who want us to verify using phone and utility bill. Quote Link to comment Share on other sites More sharing options...
hyipreviewblog Posted May 18, 2011 Share Posted May 18, 2011 I think they do this do prevent money laundring...cause some country have strict policy for money laundring... Quote Link to comment Share on other sites More sharing options...
antthenait Posted July 11, 2011 Share Posted July 11, 2011 I think it's not necessary to give any address or phone nos ; according to my basic opinion it should be used for cheat or to make more security. But it's not require to get such e-currency . Though to many elite sites need this to make approval , where we have to submit our photo id + address proof. Quote Link to comment Share on other sites More sharing options...
winning11 Posted July 12, 2011 Share Posted July 12, 2011 The brokers should not care about your address and your phone number. Without those, they still can make good money from spreads of your trades. And I highly doublt that they will contact you through the address and phone number that you have provided. It's more costly than communication online. It's just sometimes you have to get verified for some high-end service they offered, uploading some documents. That's the time they will look at your address and phone number to see if they match with the documents. Quote Link to comment Share on other sites More sharing options...
hyipreviewblog Posted July 15, 2011 Share Posted July 15, 2011 I guess they want to protect their own company too cause this broker usually have contract licensed with government so they need to know every members of their site to prevent from fraud and money laundering. Some brokers will contact you by phone to verify that you give them an accurate data. Quote Link to comment Share on other sites More sharing options...
flybiz08 Posted March 28, 2012 Share Posted March 28, 2012 The main reson is to prevent and protect against money laundering. In actual fact, it is for legal reasons. Forex is a business and when two people are involved in a business, there ought to be a form of identification should legal issue arise eventually. Quote Link to comment Share on other sites More sharing options...
charlly007 Posted April 26, 2012 Share Posted April 26, 2012 With many forex brokers while opening new account we are asked to provide address and phone number. I cannot understand why they made it mandatory, as we usually deposit funds using e-currency (often LR) and make withdrawal using same. Also there are few brokers who want us to verify using phone and utility bill. Â I am also surprised with this development too.I called someone over this and he told me that the brokers are trying to prevent people from having more than one account with them.They even send a message to my phone whichbni love.I think they will be alerting me anytime money enter my account. Quote Link to comment Share on other sites More sharing options...
indieover Posted April 27, 2012 Share Posted April 27, 2012 i think it is not big deal to provide our real name. thankfully i have given my real name in my LR also so that i have the same info on my broker and my LR account. it is best to use the real name so that our account won't look suspicious. Quote Link to comment Share on other sites More sharing options...
Sixteen Posted May 3, 2012 Share Posted May 3, 2012 Well that may be the case as it will prevent one user to have more than one account but this verification of a things tends to be strict and boring to me. My uwcfx account is still unverified as i need to provide proof of adress and national id card which i dont have now. Quote Link to comment Share on other sites More sharing options...
brokenblade Posted May 8, 2012 Share Posted May 8, 2012 For security reasons and money laundering protection. I too am sort of frustrated and confused with the need for photo ID, address, proof of address, etc. They do have their reasons for requiring those. It makes it just a little more difficult to get a Forex account. At the same time, it might actually be worth it. Quote Link to comment Share on other sites More sharing options...
tirus Posted May 10, 2012 Share Posted May 10, 2012 My understanding is that it is a legal requirement first and foremost. I dont really mind the process but I must admit that it can be very boring indeed. If you have the documentation they why not submit it. As for preventing multiple accounts, I doubt that this can serve as a deterrent since there's always a way people find to get themselves out of such things. Quote Link to comment Share on other sites More sharing options...
riddick09 Posted May 14, 2012 Share Posted May 14, 2012 Yes, I have seen most of the brokers or all of them are in need or must have address and phone number because it is for the legality as well as they are following the law or act of money laundering. Thus, it is also important to identify traders. Well, its not a big deal to give them the address as usual other sites require such. Quote Link to comment Share on other sites More sharing options...
tirus Posted May 23, 2012 Share Posted May 23, 2012 At the end of the day we are going to be earning from these accounts. So I dont see any reason from my side that would stop me from submitting to these verification procedures where necessary as it is also to my benefit. I am doing this for myself as without this I may not be able to earn from there. Besides that, I have nothing to hide anyway. Quote Link to comment Share on other sites More sharing options...
monyitomon Posted May 31, 2012 Share Posted May 31, 2012 Indeed that is also my understanding it's because of Anti money laundering. Well, Forex broker are now even asking for passport info.. I just fake it as I don't have yet. Yes, if you don't do any illegal then you have nothing to be afraid of. Quote Link to comment Share on other sites More sharing options...
tirus Posted June 2, 2012 Share Posted June 2, 2012 I believe that most brokers will require you these documentation as part of the verification process for your account before making withdrawals for example. I suppose there have to be a paper trail that is there whenever money exchanges hands much as there would have been if it where offline. Quote Link to comment Share on other sites More sharing options...
rizal83 Posted October 12, 2012 Share Posted October 12, 2012 I think the broker requested a phone number and our full address to prevent unwanted things that can harm themselves kiota itself and also from the broker because we also know many brokers are asking us a scan of ID and proof of address in order to complete our account of our trading can be verified and I think it's just for security and to prevent fraud and irregularities Quote Link to comment Share on other sites More sharing options...
euro Posted September 16, 2013 Share Posted September 16, 2013 Well, they're a business and no business in the world would allow someone to come in and deal wit them with no accurate identity right even if the scam rate is low. Its just a basic requirement and a way to do business. Lets just at yourself. Would you allow someone to put in money and withdraw it and trade without knowing who they really are and when they decided to file a complaint or lawsuit against your company to the feds for scamming them and you did not. How do you prove yourself? You have to be able prove yourself at least. This is a way for them to protect themselves from scams and loss. Even in forums, you get people like open ten multiple account and try to scam the owner so why not in a place where high money is involved at all. I guess in some country you will feel like its not needed but where I live, its a common thing to be ask for proof of ID, even to buy grocery. Just depending on where you're from. Quote Link to comment Share on other sites More sharing options...
Decub Posted January 10, 2014 Share Posted January 10, 2014 This is because Forex is always associated with things like money laundering or stuff like that. It means whomever is wishing to trade would have one thing at the back of his mind and that it is something relating to finance and then, a need to declare yourself by virtue of your identity. Quote Link to comment Share on other sites More sharing options...
rexway Posted January 12, 2014 Share Posted January 12, 2014 Well for me I have to say that forex trading need our knowledge and in order for us to be contact that is why we need to provide our contact as well some broker do give you a called while others will wait for you to fill a call back form first Quote Link to comment Share on other sites More sharing options...
standart Posted January 17, 2014 Share Posted January 17, 2014 potential problems would be appear and its the reason why brokers want to traders provide address and phone number. moreover, some brokers offering debit card to enabling traders get easiness to withdraw the money. if don't know traders address, they couldn't send the debit card. Quote Link to comment Share on other sites More sharing options...
Stekin Posted February 9, 2014 Share Posted February 9, 2014 I don't usually know why the brokers always require that we must submit this thing before our account will be verified but what I know is that they are going to approve it if you submit it. They are not giving out our document to any other person which is the important thing. Quote Link to comment Share on other sites More sharing options...
Decub Posted February 14, 2014 Share Posted February 14, 2014 It's simple, most countries don't support or frown at financial misappropriations. That is why it is always good for the brokers to know who they are dealing with. Besides, most of the brokers that are regulated have some strict rules courtesy of the countries that they were regulated in and this has a corresponding adverse effect on the traders too. Quote Link to comment Share on other sites More sharing options...
somupriti Posted February 15, 2014 Share Posted February 15, 2014 I think it is important to know about the person who is going to be involve in a business with you. Now a days it is becoming important to identify persons to avoid funds to fall in the hand of anti social elements. To keep them away from investments it is necessary to have their identity check while opening an account. Quote Link to comment Share on other sites More sharing options...
Decub Posted March 12, 2014 Share Posted March 12, 2014 Yeah, you can call it KYC or something and I believe the need for it is borne out of necessity for the traders to identify their selves when it comes to knowing or proving that they are in for some legitimate kind of business. It is something that is necessary so as to minimize a lot of things centering on inappropriation of funds. Quote Link to comment Share on other sites More sharing options...
tray22 Posted March 24, 2014 Share Posted March 24, 2014 Yes this is true i have in so many ways provide this to my broker I think he normally used it to contact the client i have receive so many called from my fx brokers not once nor twice so it is used to verify identity Quote Link to comment Share on other sites More sharing options...
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