Onboarding Friction for UK Prop Firms – Any Recent Experience?
Been exploring some prop firms recently, particularly those catering to UK traders for various reasons – tax residency, leverage regulations, you name it. What I'm consistently hitting, though, is the sheer variety and often, the opaqueness of their onboarding and KYB processes. Some are remarkably slick, almost instant verification, while others feel like pulling teeth – multiple document requests, very slow response times, and sometimes, a complete lack of clarity on what's actually holding things up.
It's not just the KYC part; it extends to the initial funding options and withdrawal mechanisms too. Some only offer a handful of obscure payment processors, others have quite high minimums for initial capital that aren't clearly advertised upfront. This feels like a significant hurdle, especially when trying to compare offers and get set up efficiently. Curious if others have similar recent experiences, particularly with UK-focused prop firms, and if anyone's found a good way to navigate this without committing days to each firm's setup.
I've noticed the same, especially with some of the newer prop firms. It's almost like a gamble whether it'll be a 10-minute process or a 3-day back-and-forth for KYB. Do you find the slicker ones tend to be the bigger, more established firms?