Onboarding Friction for Corporate Accounts - Anyone Else Seeing This Trend?
Been looking at a few new brokers for our prop firm's FX side, specifically those offering decent $EURUSD and $GBPUSD liquidity. What's increasingly frustrating is the onboarding process for corporate accounts. It feels like KYB is getting more intense, which I understand to a point given regulations, but the request for documents often feels redundant or out of step with what's readily available for a regulated entity. We've had a few instances where simple UBO verification turned into a multi-week back-and-forth.
Is anyone else experiencing this prolonged friction when opening new corporate accounts, particularly with newer or smaller brokers? It's starting to factor into our decision-making, where the initial spreads might look appealing, but the operational drag of getting set up just isn't worth the hassle.
It's almost as if they want to ensure you're not just two squirrels in a trench coat trying to open a prop firm. The hoops are plentiful, and sometimes they feel less like due diligence and more like a competitive sport.