Almost all Forex brokers have to verify the Identity. Verify means that the information you join and trade with their company is really accurate. Most brokers have to verify. But some brokers can trade without verifying.
What documents are required to verify Forex Account:
- Computer scanned copy of your passport / national ID card/driving license
- Your Address Verification Documents
Computer Scan Copy of Passport / National ID Card / Driving License –
Verification requires you to upload a computer scanned copy of your passport / national ID card/driving license – on the Forex Broker site. You can scan and upload a passport or National ID card or driving license and save it in image format. If you do not have a passport / national ID card/driving license, you cannot verify your Forex Account. Forex brokers do not verify with school, college or university ID card. But some say they have verified the account with the University ID card. The best is to have a passport. Because your passport will always be useful.
Address Verification Documents:
By verifying the address verification documents, you will confirm that the address you entered when joining the Forex Broker is correct. You can pay any utility bills such as mobile bills, internet bills, current-gas bills as address verification documents. That is, you can use a bill in English that verifies your name, address and which is not more than 3-5 months old. Banglalion, QB, etc. can also be verified with bills.
Is it necessary to verify it?
Yes. Because without verifying you cannot trade in a very good broker. And why you don’t want to trade in any preferred broker online, they want to Verify. Therefore, it is best to retain the documents of Verify.
I do not have verifying documents. What do I do
If you do not have documents to verify, then it is best to issue a passport. It will always be useful in your later life. Ask the Internet Service Provider to provide a printed copy of the bill for the address verification.
Trading without Verify?
Yes. You can trade in addition to Verify. Verify is not mandatory for trading on InstaForex. You can trade in this broker without any verification. But the InstaForex Authority reserves the right to request Verify’s documents to you at any time. Verification is not mandatory in many other brokers. In many brokers, you can trade without verifying, but you must verify before taking a big payment. Many brokers, including FBS, Fxoptimax, can start trading without verifying. But in order to receive a larger payment, you will then have to verify.