Persistent KYC/KYB issues with brokers - anyone else?
Been trading forex for years now and it seems like every time I open a new account, or even just try to update an existing one, I run into these frustratingly slow and often repetitive KYC/KYB processes. It's not just the initial onboarding, but sometimes even when trying to withdraw larger sums. They ask for documents I've already provided, or they take days to verify something that should be instant. It feels like the technology is there, but the implementation is often lacking. Is this just my experience, or are others seeing this persistent friction with various brokers, especially with $EURUSD or $GBPUSD pairs? Seems like a common thread across smaller to medium-sized operations.
It makes me wonder if there's a particular red flag they're all looking for, or if it's genuinely just a bottleneck in their compliance departments. I've even had situations where different departments within the same broker asked for the same documents multiple times.
It's almost as if they're trying to give you a refresher course on your own identity every six months. You'd think with all the tech, they'd have a 'remember me' button for our passports by now.