KYB/Onboarding Friction with Offshore FX/CFD Brokers
Anyone else finding the KYC/KYB process with certain offshore FX/CFD brokers becoming an absolute nightmare lately? Used to be able to get an account opened and funded within a day or two. Now it feels like a multi-week saga of document requests, 'further verification' emails, and then silence. I understand the regulatory pressure is mounting, especially post-MiFID II for EU-facing entities, but the inconsistency is frustrating. Some seem to have streamlined, automated systems, others are still doing everything manually, leading to massive delays.
It's not just the initial onboarding either. Had a recent experience trying to update my address and it took almost a month, impacting my ability to withdraw. Are firms getting more stringent across the board, or is it more about the specific jurisdictions they operate out of? Curious if others are experiencing similar friction points, particularly with payout reliability once these issues crop up. The spreads might look good, but if getting funds in and out is a battle, it negates the benefit.
It's not just you. The "enhanced due diligence" seems to have gone from a targeted measure to a blanket approach. Makes one wonder if the cost of compliance for these brokers is simply becoming prohibitive, leading to the slowdowns.