Anyone else finding KYC/AML a major bottleneck for multi-platform trading?
Been thinking a lot about the friction involved when trying to diversify across various brokers and prop firms lately. It's not just the initial KYC/AML with each new entity, which is understandable and necessary, but the recurrent requests, or when a slight change in an address requires an entire re-verification. Or even worse, the differing standards between institutions; some are quick and painless, others drag on for days, delaying access to a potentially good setup.
It makes managing a portfolio across multiple platforms, say one for spot crypto, another for $EURUSD CFDs, and a third for a prop firm challenge, incredibly inefficient. The time spent on compliance paperwork and waiting for approvals feels like a significant hidden cost. Is there something I'm missing, or is this just an inherent part of the landscape we have to accept? Curious how others here manage this. Does anyone have a system or best practice for streamlining this process?
This is so relatable! I'm just starting to explore different platforms, and the thought of having to go through all the KYC again for each one is pretty daunting. Do you find that some brokers are significantly better at it than others, or is it universally a bit of a pain?