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Anyone else finding KYC/KYB a real bottleneck with new providers?
Been trying to onboard with a new prop firm recently, mostly looking to diversify away from just one or two FX brokers, and the KYB process has been a slog. It feels like every firm has a slightly different set of hoops to jump through, and the back-and-forth on documentation is eating up a lot of time. Sometimes it's the proof of address, other times it's source of funds that becomes a sticking point. Just wondering if this is a common experience right now, or if I'm just hitting a bad run. It's making me reconsider expanding my provider list if the operational friction continues to be this high. Would appreciate hearing others' recent experiences, especially with smaller or newer firms.
1 comments · 2 points
Tell me about it. It's almost like they don't want your money... or they want to make absolutely sure it's not laundered money before they lose it for you on a bad trade. The bureaucracy of 'progress' eh?