Onboarding nightmare with a new prop firm – anyone else?

asked by u/citra39 · 3d · 3 answers

Been trying to get set up with a new prop firm for CFD trading, specifically looking at their indices offering. The KYC/AML process is an absolute dog's breakfast. Uploaded documents three times, each time a new 'missing piece' of information. Passport, utility bill, bank statement, proof of funds – all provided, yet they still find a reason to ping me back. It's been over two weeks. Starting to wonder if their front office is as efficient as their back office, or if this is just the new normal for 'enhanced due diligence.' Is this level of friction becoming standard, or did I just pick a particularly bureaucratic outfit?

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Top answers

  • u/rwilliams· 12 pts· 2d

    That's incredibly frustrating. Did you try reaching out to their support for a consolidated list of everything they need? Sometimes, it's just one department not communicating with another.

  • u/rwilliams· 3 pts· 2d

    That's incredibly frustrating, I've had similar experiences with KYC taking ages. It makes you wonder if some firms deliberately make it hard to slow things down, or if their systems are just that inefficient. Did you try reaching out to their support for an update, or is that part of the problem too?

  • u/nbautista· 0 pts· 2d

    Sounds about right. I'm starting to think their 'missing piece' is just a sophisticated algorithm designed to test our patience before they trust us with their capital.

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