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Trading Account Verification – Why do you have to do it?

As we previously saw in the ‘Regulations and Account Verification’ article, in order to comply with the rules and laws that are in order, there are several documents you need to provide the broker with, in order to finalise your trading account verification process

It is important that you understand the fact that regulated brands ask for these documents in order to comply with regulators, and continue offering a safe and trustworthy trading environment for all their clients. 

Before you can go on and verify your account, you’ll have to make sure that the company you’re trading with has your best interest at heart, and that it’s regulated by one of the financial regulators of one of the countries with similar financial regulations. 

Some financial regulators don’t allow brokers to provide their services in the countries where they keep their headquarters. This can happen due to regional laws. You can read more about them here

 

The Documents You Should Prepare to Verify Your Account

If you already registered for a trading account, answered all the questions and passed the Appropriateness Test, you are required to provide the following documents:

  • Proof of ID – You will have to upload a colour, front and back photo of one of the following identification documents: 
  • Passport, 
  • ID card, 
  • Driver’s License.
  • Proof of Residence – With this document you need to confirm that you are a resident of the country accepted by eXcentral. You can use one of the following documents: 
  • Bank or credit card statement (electronic pdf copies accepted), 
  • Recent utility bill (water, electricity, telephone, internet bill, or even council tax). 

We can’t accept Mobile Phone Bills as Mobile numbers can easily change ownership, especially since the law allows reassigning numbers once they’ve been deemed inactive.

  • Payment Method Verification:
  • Credit/Debit Card – As in the case of the ID, you’ll be requested to send a colour picture of both sides of your credit/debit card. We are not allowed to accept any copy where the first 12 digits of your credit card number on the front and backside aren’t covered. The same applies to the CVV code on the backside. 

In fact, the inability to provide certain documents is one easy way for us to spot a possible fraud attempt. However, you should never agree to send anyone a copy of your personal Credit/Debit Card with all the details visible, or divulge private Credit/Debit Card information over the phone, or otherwise. Keep in mind that here at eXcentral, no employee will ever ask you to.

  • E-Wallet (Skrill, Neteller) – You will be requested to send a screenshot of your e-wallet account, showing your name, email, e-wallet ID. The screenshot has to be made from your PC in order for all the information to be easily readable and understood.

eXceptional Services and Peace of Mind

When you’re trading with eXcentral, given our trading licenses, hence the regulators that we follow in order to operate according to the latest laws, you can have peace of mind knowing that your account is overseen by some of the most strict laws from both the EEA and South African countries.

All these documents are needed in order to confirm your identity as well as the account you’ll use to fund your trading account with. Aside from the obvious reason, we also need to follow the strict order that the Financial Regulators have instated. 

Make sure to check our Funding Page to find more information about the account verification and activation, or contact our Service Desk, your trusted Account Manager or Michalis Efthymiou, our eXceptional Market Analyst.  

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage

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