Onboarding Friction with Offshore FX Brokers
Been looking into some options for better leverage and lower margin requirements for my $EURUSD scalping, specifically considering a few offshore FX brokers I've seen mentioned around. The spreads are undeniably attractive, but the KYB process has been a bit of a nightmare. One firm's document verification took over a week, only to reject my bank statement because the address format was slightly different than my utility bill, despite both being clearly me. Another required a 'proof of funds' statement in a very specific format that my bank doesn't even offer, leading to multiple back-and-forths. It just feels like unnecessary friction. Is this common with these types of brokers, or am I just hitting a string of bad luck? Makes me question if the hassle is worth the tighter spreads and the potential headache if I ever need a substantial payout.
Yeah, I've heard similar stories. It's frustrating when you find a good deal but then get bogged down in the paperwork. Have you tried asking them specifically what formatting they need for the address? Sometimes it's a very particular thing.