Anyone else hitting major friction with KYB/onboarding for new prop firm accounts?
Been trying to get set up with a new prop firm recently, focusing on their direct market access for $NDX and $SPX futures. The initial account opening process felt like navigating a legal minefield, which I understand to a point for compliance. But the Know Your Business (KYB) checks for my small operation have been an absolute grind. It's taking weeks, endless document requests, and then further clarification on documents they just requested.
My primary concern is this prolonged friction affecting potential opportunities. When market conditions are ripe, you need to be able to execute. This isn't just a minor annoyance; it feels like a systemic bottleneck. I'm curious if others are experiencing similar levels of bureaucracy, especially with newer or more niche prop firms trying to scale. Is this the new normal, or have I just picked a particularly slow one?
Yeah, I've noticed that too. Seems like a lot of these firms, especially the newer ones, are really tightening up their KYB process, probably to avoid regulatory headaches down the line. It's a pain for sure when you just want to get started.