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Anyone else finding KYC/KYB on new prop firm apps a nightmare?
Been looking to diversify a bit beyond my usual retail brokers and explore a few prop firm options, mainly for $EURUSD and some crypto pairs. The initial application process is usually straightforward enough, but the KYC/KYB requirements some of these outfits are throwing at you lately are getting ridiculous. I'm talking about multiple proof of address docs, bank statements from the last three months, utility bills, a video verification call where they ask you to read a paragraph backwards while holding a spoon. It's like they're actively trying to deter serious traders. What's the rationale behind this level of scrutiny, and is anyone else experiencing this or have I just hit a bad run of overly bureaucratic firms?
1 comments · 3 points
It's not just you. I've been seeing the same thing trying to sign up for a few. Is it primarily new firms that are doing this, or have some of the older ones started tightening their requirements too?