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Onboarding Pain with FX Brokers - Still a Nightmare?
It's 2024, and I'm still scratching my head wondering why the KYB/AML process for institutional accounts with some FX prime brokers feels like I'm trying to get a mortgage on a phantom island. The endless parade of utility bills, notarized articles, and proof-of-life photos for every distant cousin feels… excessive. We're talking about a firm with audited financials and a track record, not a shadowy shell corp.
Anyone else experiencing this perpetual bureaucratic purgatory when trying to set up new liquidity lines, or have I just been unlucky with my choices? Starting to think I need to hire a full-time KYB wrangling specialist.
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It's interesting that even for institutional accounts, the process is still so clunky. I was hoping it would be a bit smoother for larger entities than for individual retail accounts. Are there any brokers you've found that do this significantly better?