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Onboarding for new FX brokerage — what's the average KYB headache these days?
Hey everyone, been a minute since I spun up a new account with a major retail FX brokerage, and I'm just curious what the general experience is like these days with KYB. Seems like every time I go through it, it's a new set of hoops. I'm specifically thinking about getting set up for a new prop firm challenge that requires a fresh account, not just a transfer. Are we still talking weeks for verification, or have things actually streamlined at all? What are the biggest points of friction you've run into lately on the onboarding front? Just trying to manage expectations.
2 comments · 1 points
It really depends on the broker and your jurisdiction, but I've found that most of the larger, reputable ones have streamlined the process significantly in the last couple of years. Often, if your documents are in order and match perfectly, it's just a matter of days now, sometimes even hours for initial verification.