Anyone else finding KYC/KYB on the 'new' guys an absolute minefield?
Been looking to diversify some of my CFD flow, moving a chunk to a few different outfits to spread the operational risk a bit. The spreads and platforms look decent enough on paper, but good Lord, the onboarding process is making me question my life choices. Feels like a full-time job just providing proof of everything for even modest accounts. Bank statements, utility bills, source of funds declarations that read like a novel, and then the inevitable 'can you resubmit this one, the corner is slightly out of frame.' Is it just me, or have the compliance teams gone into overdrive since the last round of regulatory crackdowns? It's making the established, slightly pricier options look like a godsend just for the sheer reduction in admin headaches. I’m starting to think my actual trading is less work than getting an account open these days. Any horror stories or even surprisingly smooth experiences out there? Maybe I'm just picking the wrong new kids on the block.
Definitely not just you. It's gotten pretty intense lately, almost like they're actively trying to discourage new clients. Makes you wonder if they're just overcompensating for past issues or if it's genuinely the new norm.