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Onboarding speedbumps for prop firm capital
Anyone else finding that despite all the tech advancements, getting onboarded with a new prop firm or even just a new broker for a specific mandate still feels like navigating a bureaucratic maze designed by Franz Kafka? The hoops they make you jump through for KYB, especially when dealing with entities rather than individuals, can be truly mind-numbing. It’s like they’re actively trying to not get your business. \n\nAnd then, once you're in, the 'transparent' fee structures sometimes require an astrophysics degree to decipher. You get quoted one thing, then the monthly statement hits and it's a whole new ball game with hidden charges. What are some of the more egregious examples you've encountered recently?
1 comments · 1 points
It's a common complaint, though the alternative of lax KYC/AML standards would likely lead to larger issues down the line. Perhaps more standardized digital identity verification for entities could streamline the process, but I doubt the firms themselves are incentivized to invest heavily in it.