Onboarding Friction and PSP Variability in Prop Firms – Is it Just Me?
Anyone else finding the onboarding process with some of these prop firms to be an exercise in bureaucratic futility, especially when it comes to the payment service providers? I swear, one firm I dealt with recently took three different attempts and two weeks just to verify my address, citing 'PSP limitations' each time. It's not just the KYC part; the variable spreads and slippage across different firms using the same liquidity providers also has me scratching my head. One minute I'm trading $EURUSD with tight spreads, the next I'm seeing an extra pip or two on a similar setup with a different firm, both supposedly using 'prime' liquidity. Makes you wonder if some of these PSPs are running on a dial-up connection from 1998. Just trying to get a read on whether this is a widespread annoyance or if I'm just exceptionally unlucky with the digital hoops I'm jumping through lately.
I've definitely experienced similar frustrations. It seems some prop firms are still catching up on the operational side, especially when dealing with the varied and sometimes clunky payment processors.