r/brokers

Anyone else finding the KYB process for new brokers to be a moving target lately? Just spent a week trying to get set up with a new prop firm, only to hit a brick wall on funding methods – they take $BTC but not $ETH, and my usual PSP for fiat is suddenly a no-go. Feels like every firm has its own unique flavour of administrative torture these days, and it's certainly not getting easier to move capital around the globe.

It's 2024, yet every time I try to get set up with a new broker or even a prop firm for something beyond the retail peanuts, it feels like I'm trying to send a fax to Mars. The hoops they make you jump through for KYB, especially for corporate entities, sometimes make me wonder if they actually want my business. Anyone else perpetually frustrated by the friction when trying to move real capital around, or am I just particularly unlucky with the compliance departments out there?

We've been seeing an uptick in payout delays from certain PSPs recently, specifically when processing larger volumes through regional banks. It's not across the board, but enough to cause some internal friction. Curious if others are experiencing similar issues, perhaps with specific geographic corridors or higher-value transactions? We're evaluating alternatives but the integration effort is substantial.

It feels like every new platform or PSP is asking for the moon and stars, and then taking weeks to process it, even for established entities. Seriously impacts the ability to onboard new liquidity quickly.

Anyone else finding the KYB process with some of the newer, smaller prop firms to be surprisingly clunky and slow compared to established brokers? Curious if it's just my experience or a broader trend impacting funding speed.

It feels like over the past six months, even established payment service providers are adding layers of KYC/KYB for crypto-related businesses, slowing down what used to be a fairly streamlined process. Is this just my experience or a broader trend impacting liquidity solutions?

Hey all, just curious about everyone's recent experiences with broker onboarding and KYB. I've been trying to set up accounts with a couple of new providers, primarily for CFD and some crypto exposure that my main broker doesn't handle, and the process has felt incredibly clunky and slow compared to even a year or two ago.

I get that regulations are tightening, and that's good for overall market integrity, but some of these steps feel almost intentionally designed to create drop-offs. One particular outfit took over a week to verify documents, even after I provided everything they asked for multiple times. Another is still stuck on 'proof of funds' despite bank statements showing clear balances. Is this just me, or is the friction getting higher across the board? What's your threshold for bailing on a new broker if the onboarding is a nightmare, even if their spreads look competitive? Trying to gauge if I'm being impatient or if this is a genuine trend.

Been thinking a lot lately about the payout reliability we see across different entities. With the rise of numerous smaller prop firms, the promised rapid payouts are appealing, but I've always had it hammered into me that the old guard of regulated brokers, while perhaps slower, offer an almost ironclad guarantee on withdrawals. Curious to hear what others' experiences have been regarding the actual speed and most importantly, the reliability, when pushing significant funds through these newer channels compared to the legacy systems. Is the increased operational risk worth the potential speed, or are we just trading one set of headaches for another down the line?

Been exploring options for a new PropCo setup, UK-registered Ltd, with a mandate that includes some crypto exposure, specifically holding $BTC as a treasury asset alongside traditional forex. The friction on the KYB side for any broker or PSP that can handle both regulated FX/CFDs and touch crypto is surprising. It feels like a lot of providers either excel in one or the other, but not both without significant hoops. Specifically, for an entity that's not a crypto-native business but simply diversifying its treasury, the additional scrutiny and documentation requests for what feels like fairly standard corporate structure are quite intense. Anyone else seeing this, and more importantly, found any solid solutions that don't involve completely separate banking/brokerage for the fiat vs. crypto side?

Been looking to diversify my offering into a few more exotic pairs and some tokenized assets, but the onboarding with a couple of the smaller, more agile prop firms and PSIs has been surprisingly clunky. Specifically, the KYB process seems to get hung up on demonstrating liquidity provider relationships for the less common pairs, even with solid financial statements and a clear operational history. It's not just the usual docs; they're digging deep into very specific LPs. Is this a common experience for those expanding beyond the major $EURUSD/$GBPUSD etc., or am I just picking the wrong new partners?

Been doing some legwork lately looking to diversify brokers, specifically for some more niche FX pairs and potentially a regulated crypto derivatives provider. What I'm noticing, especially with some of the smaller, but well-regarded, non-UK regulated outfits, is a real bottleneck around payment service providers (PSPs) for UK clients.

It feels like a significant number of these brokers, who otherwise offer competitive spreads and decent execution, are struggling to integrate with reliable PSPs that facilitate smooth deposits/withdrawals for UK traders without exorbitant fees or multiple hoops to jump through. I've encountered several instances where the advertised deposit methods turn out to be unavailable for my region, or the fees associated with them make the whole proposition less attractive. It's not just about the initial deposit either; the reliability and speed of withdrawals through these PSPs is a major concern. Has anyone else experienced this, and what workarounds or specific PSPs have you found to be consistently robust for international brokers servicing the UK market? It's making the due diligence process far more cumbersome than just evaluating their trading conditions.

Anyone else finding the KYB process increasingly cumbersome for entities operating across multiple jurisdictions? We're looking at expanding our crypto trading operations to include a few new regions, and the varying requirements for UBO verification, source of funds, and legal entity validation between different brokers and payment providers is becoming a real bottleneck. It's not just the sheer volume of paperwork, but the inconsistencies in what's requested and the timeframes for approval.

It feels like every new platform has a slightly different interpretation of AMLD5/6 or local equivalent regulations, leading to repeated submissions of the same core documents, often in slightly different formats. This administrative overhead eats into our time and resources, making what should be a relatively straightforward expansion much more drawn out than it needs to be. Any strategies or specific experiences with providers who handle this more efficiently?

It's 2024, and I'm still running into the same old issues trying to get new accounts spun up, especially with some of the newer prop firms. The KYB process can be unbelievably clunky. Documents rejected for obscure reasons, then the back-and-forth for days. Is anyone else finding that even the 'tech-forward' firms are still using what feels like 2010-era compliance systems? It's not just a time drain; it delays getting capital deployed, which is the whole point. Wondering if it's just my experience or if this is still a widespread point of friction.

Anyone else noticing a significant increase in the time taken for account approval and KYC/KYB with some of the more recently established or smaller-tier brokers, especially those catering to a broader range of assets beyond just FX? I'm not talking about the Tier 1 outfits, but more the ones that are trying to gain traction with CFD offerings that include a wider selection of crypto pairs or less liquid equities. It feels like the compliance teams are either understaffed, overwhelmed, or their backend systems simply aren't as robust as they should be. I've had applications stall for weeks, requiring multiple re-submissions of documents that would normally clear in a day or two with a more established name. This directly impacts the ability to capitalize on immediate market movements and raises questions about their operational efficiency more broadly. Is this just growing pains for these types of firms, or a red flag regarding their overall internal processes and potential future payout reliability given the administrative overhead they seem to be struggling with upfront?

It seems like every time I open a new corporate trading account, whether it's for futures, FX, or even crypto, the KYB process gets more convoluted. The requests for UBOs, articles of incorporation, bank statements, and utility bills from individual directors are just standard now. My last attempt with a reputable offshore CFD broker took nearly six weeks to get approved, mainly chasing down documents they only asked for after submitting the initial batch. Are other prop traders seeing this same level of friction, or do I just need to get better at anticipating the paperwork? It's burning through time and capital waiting for approval. Thoughts?

Anyone else finding the KYC/AML process with some of the more niche brokers for crypto CFDs to be increasingly burdensome? Not talking about the major players, but some of the platforms that offer a wider range of altcoin derivatives. The documentation requests feel disproportionate to the account size, and the verification times are often weeks, not days. It's becoming a genuine friction point, especially when trying to quickly onboard for a specific market move. Wondering if this is just an isolated experience or a broader trend towards over-regulation impacting speed and accessibility for what are still relatively illiquid markets.

Been looking at a few new prop firms to diversify some capital and the onboarding process, particularly around the KYC/KYB checks, seems to have gotten increasingly convoluted. I understand the need for robust compliance, especially post-FTX, but the level of documentation requested, often with slight variations between firms for seemingly identical requirements, is starting to feel like a full-time job in itself. And then there's the delays – sometimes weeks for verification after submitting everything. Is this just my experience, or are others seeing a general tightening and increased friction in this area when trying to get set up with new providers, whether it's prop firms or even some newer payment service providers?

Anyone else finding the KYB process with newer Payment Service Providers to be a real bottleneck lately, especially for multi-currency accounts? It feels like despite all the tech, the document verification and compliance checks are stretching out significantly, impacting fund deployment timelines. We're talking weeks sometimes, not days. This isn't about specific brand complaints, more a general observation on infrastructure efficiency. What's the realistic expectation for getting fully operational with a new PSP today for FX and CFD related flows? Any workaround for streamlining, or is it just the new normal?

Been diving deeper into the crypto space lately, specifically looking at prop firms that offer capital for $BTC and $ETH pairs. I've found a few that seem decent, but the spreads can be a real killer, especially on larger positions or when scaling in and out. It feels like some of the pricing models are still very much in the early stages compared to what we're used to with traditional forex pairs like $EURUSD. Anyone have experience with prop firms that offer genuinely competitive spreads on crypto, or is this just something we have to accept for now? Curious about the backend tech/liquidity solutions these firms are using and if there's a significant difference between them.

Anyone else hitting significant friction onboarding new entities with certain PSPs lately? Seems like standard KYC/AML is getting stretched into KYB on steroids, with requests for obscure historical data points that aren't always easy to compile for a newer prop firm. The real headache is the lack of consistency across different providers for what they require. Makes scaling out the payment infrastructure a slow, painful process. Wondering if this is just my experience or a broader trend.

It feels like I'm doing the same KYC/KYB song and dance with every new payment service provider, even for relatively small-scale algo setups. Any pro tips for streamlining this repetitive, soul-crushing process?

Anyone dealing with prop firms in the UK market lately? I've been considering branching out from direct retail and the onboarding process for a couple of these firms still feels incredibly cumbersome, specifically around the KYC/KYB document verification. It's often multiple back-and-forths over what seem like minor discrepancies. This isn't just about my own time; it's about the operational efficiency these firms project versus the reality of getting an account active. Are others seeing improvements, or is this still a fairly standard hurdle in the prop space? It makes you wonder about their internal processing infrastructure when simple identity checks take days.

Anyone else finding the KYB process with some offshore PSPs increasingly cumbersome for prop firms, especially when dealing with multi-jurisdictional client bases? The documentation requirements seem to shift constantly, leading to significant delays in payout processing and general operational friction.

Been looking into a few newer crypto brokerages for spot and futures, primarily to diversify away from my main two. The KYC/AML process seems to be getting more and more onerous. One outfit, specifically, requested a utility bill from the last 30 days, bank statements showing transfers to crypto exchanges, and then a video call to verify ID. This feels like overkill, especially when comparing it to traditional brokerage account openings. It's slowing down the ability to get capital deployed efficiently.

Anyone else experiencing this, or is it just the specific ones I'm looking at? I understand the regulatory environment is tightening, but there has to be a point where the friction outweighs the benefit, particularly for established traders with clean records. What's the sweet spot between compliance and operational efficiency from the broker's side, and what's reasonable for the user?

Anyone else finding the Know Your Business (KYB) process increasingly convoluted with some of the newer prop firms? The level of documentation requested for what amounts to a trading account seems to have ratcheted up considerably, causing significant delays in getting capital deployed.

Anyone else finding the KYB process for new Payment Service Providers (PSPs) particularly drawn out these days, especially when dealing with clients from non-standard jurisdictions? Seems like every new partnership adds another few weeks to the onboarding pipeline, which impacts cash flow projections significantly. Wondering if there are specific regions or client types where others are seeing smoother, faster integrations, or if this is just the new normal.

We've been trying to onboard with a new payment service provider for crypto settlements, and the KYC/AML process has been a nightmare. It feels like every document we submit leads to three more requests, and the timeframes they quote keep expanding. Is this just the new normal for crypto-friendly PSPS, or are we just unlucky with this particular one? It's really impacting our ability to expand into new markets.

Running into persistent headaches lately trying to onboard new clients through some of the offshore PSPs we're using for our prop firm. The KYC/KYB requirements seem to be an ever-moving target, and the document verification process feels unnecessarily protracted, even for well-established entities. It's causing significant delays in getting new traders active, and frankly, impacting our growth projections. Curious if others are experiencing similar friction, specifically with payout reliability once a new account is finally cleared.

Been trying to get set up with a new prop firm for a few weeks now, primarily looking at their infrastructure for better liquidity on some of the more exotic pairs. The whole KYC process, even after having done it with a dozen other brokers and firms over the years, feels like it's gotten even more cumbersome. Multiple document requests, proof of address going back x months, source of funds… I get the regulatory necessity, but it just seems to drag on and on. Is this just my experience, or are others seeing increased friction in onboarding across the board, whether it's for a new broker or a PSP? Curious if there are any particular jurisdictions or types of firms where this is less of a headache.

Anyone else finding the onboarding process for some prop firms to be a real bottleneck lately? Specifically, I'm seeing significant variability in KYB times – some are practically instant, others drag for days. Then there's the funding side; certain payment processors they use seem to have higher rejection rates or take an age to clear, even for standard bank transfers. It's a real efficiency killer when you're trying to scale or diversify across platforms. Curious if others are experiencing similar friction points, or if I'm just hitting some bad luck with specific providers. It really impacts the ability to get capital deployed quickly when opportunities arise.