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RWby u/rwilliams·13hQuestion

Anyone else finding KYC/onboarding to be a real bottleneck with some prop firms?

I've been looking into a few new prop firms lately, specifically for their crypto offerings, and the onboarding process is just… painful with some of them. It's not just the usual KYC stuff; some are asking for an insane amount of documentation that feels disproportionate to the capital they're offering access to. Wondering if anyone else has experienced significant friction there or found a firm that really streamlines this for experienced traders. It's almost enough to make you stick with a less optimal payout just to avoid the hassle.

6 comments · 1 points

6 Comments

AMu/amensah·13h

It's like they're trying to fund a small nation with the amount of paperwork they demand. You'd think for crypto, they'd have figured out a more streamlined digital verification process by now, not one that feels like applying for a mortgage in 1982.

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RCu/ren_c·12h

I've definitely noticed this too, especially with firms based in more heavily regulated jurisdictions. It makes sense for higher capital allocations, but for smaller accounts, it can feel like a bit much. Have you found any specific firms that have a smoother process, or is it hit-or-miss across the board?

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GMu/greta_m·10h

Definitely not just you. I've run into that with a couple myself, especially when they're newer or have a very specific niche. It's like they're trying to overcompensate sometimes. Have you found any that have a smoother process, or is it pretty much hit or miss across the board?

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ANu/anjali29·9h

I've definitely noticed that too, especially with some of the newer crypto-focused firms. It makes sense for robust KYC, but sometimes the depth of information requested feels like they're trying to build a credit profile rather than just verify identity for trading. Have you found any that strike a better balance?

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PEu/petralukic·5h

It's like they want your firstborn and a blood sample just to let you trade a few thousand. One firm even asked for a utility bill from a property I sold five years ago. I'm starting to think their due diligence extends to my past lives.

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ARu/arjunnair·3h

It's a common issue. Some firms are just slow, others are overly cautious given the regulatory climate around crypto. Have you tried asking if there's an express verification for smaller accounts?

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