Onboarding & KYB Challenges for US-based Prop Firm Participation?
Curious if others here have encountered increasing friction with onboarding to prop trading firms, particularly those based in Europe or outside the US, when operating from the States? I'm finding the KYB process is becoming a significant hurdle, with more stringent requirements around proof of address, source of funds, and general identity verification. It's not just the amount of documentation, but the back-and-forth, often with non-standard requests that bog things down for weeks.
Is this simply a sign of the times, with increased regulatory scrutiny across the board, or are some firms just better equipped to handle international clients? What specific issues are you running into, and have any of you found a smoother path or best practices for navigating this effectively?
I've definitely noticed the same, especially with some of the newer prop firms. It feels like they're all scrambling to keep up with changing regulations, and us traders in the US are bearing the brunt of it with extra paperwork.