Verification at the broker - a procedure that, sooner or later, each participant must attend. Some are calm about this, others are embarrassed by the need to send copies of personal documents. I often receive letters from beginners, in which people ask why they should send out passport scans and bank cards. People are worried that a broker can use this information for personal purposes.
Since this is really a very urgent issue, today I would like to talk about the verification process. We'll talk about what it's for and why you should not be afraid when the company asks you to go through this procedure.
Why do I need verification?
Verification of the trading account is a procedure for confirming the identity. It is used in almost all financial institutions and consists of several stages. Brokerage companies introduce it at the request of regulators, but first of all verification meets the interests of the trader. It is necessary to ensure that your account can not be used by intruders.
The verification process is not difficult. Pass it right at the broker's site. If you are having trouble, you can always contact your account manager.
What documents will you need?
Despite some peculiarities, the list of necessary documents for all brokerage companies is basically standard:
• A copy of the passport or other document that can verify the identity. As a rule, both scans and high-quality photos are suitable.
• Confirmation of the place of permanent residence of a person. Since the registration and real residence addresses often do not match, a copy of the registration page may not be enough. Usually, you are asked to provide receipts for payment of utility bills or a bank statement. Please note that they include your name and address.
• Confirmation of the required method of account replenishment. Many traders prefer to open a deposit using a bank card. In that case, it must belong to you personally. When you make a copy for the broker, close the front of the plastic part of the number. On the reverse side, you need to close the three-digit secret code. Now your documents are ready to be sent.
In case of replenishing the account with Qiwi, Webmoney and other electronic payment systems, you can request a screenshot from your personal account. It should be visible the process of replenishment of the account.
When it is necessary to pass verification
The moment of this procedure depends on the broker. Some companies ask you to verify your identity when you register, in others it can be done before withdrawing funds. I would not advise you to postpone verification for a long time. If you make some effort, you will start earning very soon. This is where you will come across the impossibility of withdrawing money, because you did not confirm the person on time.
So I agree with the position of such companies as 24option . They ask to undergo verification at once, which fully meets the requirements of regulators. On such sites you will not be able to register until you pass the verification. Since the requirements of regulators are becoming stricter every year, all brokers will move to such a system over time.
So that the need for urgent verification does not become an unpleasant surprise for you, I advise you to familiarize yourself in advance with the rules of the trading platform. Terms of its passage is on any site, although not all pay attention to it. Just read the rules and prepare the necessary documents on time, then you will not have problems with the withdrawal of funds.
Quality of documents is the key to successful verification
Particular attention should be paid to the quality of copies. If it is too low, the broker has the right to reject the documents. Resentment is not worth it, because they can at any time require regulatory bodies.
It is best to make a scanned version, but photos are also accepted. They should be clear, well readable. In the background there should be no foreign objects.
Perhaps you have already faced with the fact that some financial organizations require a photo on which you hold a passport. This is also necessary to fight fraudsters. Some companies already have video verification. However, none of the brokers known to me have yet entered such a procedure.
If you do not attach importance to the preparation of documents, you can hurt yourself. Until you pass verification, you will not be able to trade and you can miss a lot of profitable trades.
The broker is not at all interested in hindering your work on the trading floor. If the documents meet the requirements, verification takes a minimum of time.
This will have to show a little patience: the process is not instantaneous. Each site has its own quality criteria, and you may be asked to convert some paper. Do not get upset, because this procedure will have to go through only once. After that you can safely trade.
Why it's important to be honest with the broker
So that in the process of registration and further work you do not have problems, you need to behave honestly towards the broker.
Sometimes my colleagues try to cheat with a partner, ignoring his demands. First of all, this applies to minors. People so want to start earning money faster, that they go to different tricks: they provide data for relatives for registration, try to forge personal data in a graphic editor.
Strongly I do not advise so to do, because deception can easily be revealed. In this case, the broker immediately blocks the account, and subsequently it is unlikely to register with him. It is better to wait a bit and begin to learn the basics of trading, and with the attainment of adulthood it's easy to pass verification and start trading.
So the rules of work on the site must be observed. If you violate them, you can follow the ban. In such cases, even the appeal to the regulator does not help: if the broker is deceived, he will easily prove it.
Compliance with the requirements of the partner company is not difficult. A broker is interested in starting trading as early as possible, and will always help in any issues. So do not hesitate to contact support if there are any difficulties.
Of course, the attitude to the verification process in people is ambiguous. Many people do not understand why such complexities are, and consider this procedure a whim of the broker. In fact, strict compliance with the requirements of the regulator speaks about the reliability and decency of the company.
The purpose of verification is to counter fraud and money laundering. The broker is responsible for the security of your data, so do not be afraid to send documents at the company's request and answer questions from the account manager. A lot of time and effort will not take this: more than two days are enough to confirm the identity.
While the requirements for verification in the market have not become tougher, I advise you to open a trading account with one of the brokers. A good option will be the company already known to us 24option . Its requirements for the participants are quite reasonable, and the verification process passes quickly.
If the partner has not yet been asked to undergo verification, it is worth considering. Quite possibly, this company does not deserve your trust.