Have you ever registered a trading account either a Binary or Forex trading account with a broker but only to be told to verify the account to receive either a bonus or to deposit? Sometimes you wonder what is verification for and if is it a must you verify your trading account to deposit or get the bonus.
Verification is a must for a legit broker because it’s one of the Know Your Customer (KYC) processes of financial regulations. If you have been or you are in such a situation then this post is definitely for you.
There are several brokers out there some legit some not. If you find a broker is not taking the verification process seriously then you need to be cautious since that might be a scam.
Below we are going to cover the following.
Why is necessary to verify a trading account?
Are you wondering why is it important to verify an account? You wish you could open an account and deposit right away. Any regulated company needs to operate by several compliance-related issues and procedures imposed by its main regulatory authority. These procedures involve the collection of adequate documentation from clients about KYC (Know Your Client).
What documents are needed to verify a Forex or Binary trading account?
The verification documents needed by all brokers are quite the same although they might twist what is needed depending on your country of residence. Therefore, you can verify your profile by uploading clear color copies (mobile photo or a scan) of the following documents:
- Proof of identity (POI) – passport, national identity card, or driving license if your identification document also states your correct residential address, then additional proof of address document may not be required. Your document should contain your name, date of birth, a clear photograph, and issue date, and if it has an expiry date, that should be visible as well. If the document is double-sided, and there’s relevant information on the backside, make sure to upload that as well.
- Proof of address or residency (POA) – bank/card statement or utility bill, issued no longer than 6 months ago. Your document should contain your full name, address, and issue date. The name or logo of the issuer should also be clearly visible. Please make sure to scan your document against a different-colored background, so that all four corners are visible. Examples of documents that can be provided are:
- Water/gas/electric/internet/telephone bill/cable TV connection.
- Residency certificate.
I am getting an error while trying to upload my documents what should I do?
Please check the following before uploading:
- The size of your document does not exceed 15 MB.
- The file is in one of the following formats: gif, jpg, tiff, png, doc, Docx, and pdf.
If the error message persists you can send your documents to their support by email.
How long does it take to verify my trading account?
In this case, it depends on the broker you have opened an account with. Once you upload all your documents, it can take up to 10 minutes during working hours to 24 hours to verify your profile some even take longer. Most brokers do notify the client once your account is verified. You can also follow your verification status on the broker platform. Verified accounts have a green tick next (for most brokers) to the username on the user’s profile.
Proof of Identity
Your POI document should contain your name, date of birth, a clear photograph, issue date, and if it has an expiry date, that should be visible as well. A passport is the preferred proof of identity, as it is the document that will be quickest for the approving team to process. Alternatively, you can use a driving license or any other government-issued ID. If the document is double-sided, and there’s relevant information on the backside, make sure to upload that as well.
Example:
All of the information on your POI should be visible
Upload the full document, without cropping and in focus
Your document should be scanned flat
There should be no cropping and all four corners should be visible
*Please note that screenshots are not accepted, even if your POA was taken from a digital document.
I highly recommend XM Global since they take the shortest time to verify an account while those who wish to trade binary options can try Deriv.com
Proof of address
Your POA document should contain your full name, address, and issue date, which should be no older than 3 months. The name or logo of the issuer should also be clearly visible. Please make sure to scan your document against a different-colored background, so that all four corners are visible.
Your proof of address can be one of the following:
| Bank Statement Credit Card Statement Electricity, Water or Gas Bill Council Tax Bill | Tax letter or Bill House Rental Official Agreement – Issued by Government | Letter from your local municipality Phone bill Internet bill |
Your document should be scanned flat
There should be no cropping and all four corners should be visible
What can I do if none of my bills is in my name?
NB: This doesn’t apply to all brokers that is why we recommend you research before opening an account.
You have the following options:
- If the ID document that you have already uploaded states your current address, then no other document is required.
- A bank/card statement, residency certificate, mobile phone bill, or tenancy contract.
- You can use an additional ID document stating your current address.
- You can also use a Proof of Residence document that is issued in the name of your landlord, parent, or spouse. Please specify whose name the Proof of Residence document is in when uploading the document.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
