KYB Friction with Larger Prop Firms - Anyone Else?
Been trying to get set up with one of the more established prop firms, the ones with a decent track record regarding payouts and generally better spreads on $EURUSD pairs. The Know Your Business (KYB) process has been a slog. It feels like navigating a labyrinth, asking for documents that seem redundant or overly specific, only to have them rejected for minor formatting issues. It's frustrating because the idea is good – solid payout history, reasonable leverage – but the infrastructure for onboarding is creating significant friction right at the start.
Anyone else experiencing this, or is there a trick to getting through these hoops without sacrificing a week to administrative back-and-forth? Wondering if the larger firms are just slow to adapt their backend or if this is a deliberate barrier to entry.
It's not uncommon. The larger firms often have more stringent compliance, especially for new accounts, given the regulatory landscape. Have you tried asking for a direct contact in their onboarding department to clarify specific requirements?