Q&A: when funding a forex account, do you need to give the company a copy of your passport and utility bill?

Mon, Apr 18, 2011

Query by alkalinezachmo: when funding a fx account, do you will need to give the company a copy of your passport and utility bill?
I am hunting to open an eToro account and I am not cozy with giving a copy of my passport and a utility bill to the business, are these factors required? Also if you have a very good foreign exchange internet site for men and women with tiny amounts of money these as myself, what would you be employing? Thank you.
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Best solution:

Reply by Diagnostic Ddt
yes for a passport if you do not have a driver’s license. I don’t you need to present your utility bill. I never ever had that dilemma before.

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8 Comments For This Post

ASK ME FOR A PICTURE Says:
April 18th, 2011 at 5:46 pm

If the site is legit than don’t worry just send them what they need. I have done this and I have a very good site for you, but you need to study Forex market before investing. i did my homework and I am making money with Forex.

Regards

Michael Pilinski Says:
April 18th, 2011 at 6:40 pm

When I signed up with FXDD they only required my driver’s license, but that’s because I was a US citizen. If you are not then I believe they DO require 2 pieces of ID. This is the price we all pay for identity theft, everything is more difficult.

tonnie Says:
April 18th, 2011 at 7:27 pm

For USA based brokers it is a must, The brokers are regulated by financial regulators such as CFTC that specify brokerage companies must obtain these documents from their clients.

A good forex learning website to start with is

http://www.forexmarketscience.com/money_management.htm

? Says:
April 18th, 2011 at 7:28 pm

Depends on the broker. If they need those papers you should give them those. I think it is connected to the regulation they have on each country. I would recommend that you take a look at global forex. as they are receiving micro accounts.

nico orion Says:
April 18th, 2011 at 8:24 pm

giving your your ID is a must for most forex brokers. if you don’t want to give your passport copy you can submit your national id and copy of your driving lisence. some brokers also require utility bill for address confirmation. if you do not have the utility bill you can submit your bank statement. ask your bank to issue bank statement and make sure that the address and account number is the same as the address and account number on forex brokers registration application form to avoid unnecessary delays. if you have small amout of fund, you should find a broker that allows you to open mini account. there are a lot of forex broker to choose from. FOREX.COM, FXDD.COM, and FXCM Micro are also provide mini account and excellent services. apart from that they are also legal brokers and regulated under NFA regulation.

Sean Ramon Says:
April 18th, 2011 at 9:00 pm

Verifying your ID is a must, but I guess it could be also driver license. Utility bill is to verify your address which be done also by something else like bank statement. Yes, it is not uncommon. To succeed in forex you need to learn the best methods. Check the forex system reviewed below.

Fdsfsdf Gfgfgd Says:
April 18th, 2011 at 9:10 pm

I am not sure if i can tell you which is the best forex robot or system available but i find this blog has a lot of valuable and great forex articles and also offering free e course and FREE FOREX BOOK guide which i believe can help you decide which robot you can go for

eToro Team Says:
April 18th, 2011 at 9:13 pm

We ask for these documents in order to establish your identity. This is standard procedure in the forex indusrty that is meant to protect both companies and traders from fraud. Do not worry, your documents are absolutely safe in our hands and the security of our traders is our top priority. We ask every trader to send in the same documents and are yet to receive a complaint.

If you have any further questions please don’t hesitate to contact our support staff: http://bit.ly/eToroLivechat

We wish you happy trading,
Laura, eToro Team

ASK ME FOR A PICTURE Says:
April 18th, 2011 at 5:46 pm
If the site is legit than don’t worry just send them what they need. I have done this and I have a very good site for you, but you need to study Forex market before investing. i did my homework and I am making money with Forex.

Regards
Michael Pilinski Says:
April 18th, 2011 at 6:40 pm
When I signed up with FXDD they only required my driver’s license, but that’s because I was a US citizen. If you are not then I believe they DO require 2 pieces of ID. This is the price we all pay for identity theft, everything is more difficult.
tonnie Says:
April 18th, 2011 at 7:27 pm
For USA based brokers it is a must, The brokers are regulated by financial regulators such as CFTC that specify brokerage companies must obtain these documents from their clients.

A good forex learning website to start with is

http://www.forexmarketscience.com/money_management.htm
? Says:
April 18th, 2011 at 7:28 pm
Depends on the broker. If they need those papers you should give them those. I think it is connected to the regulation they have on each country. I would recommend that you take a look at global forex. as they are receiving micro accounts.
nico orion Says:
April 18th, 2011 at 8:24 pm
giving your your ID is a must for most forex brokers. if you don’t want to give your passport copy you can submit your national id and copy of your driving lisence. some brokers also require utility bill for address confirmation. if you do not have the utility bill you can submit your bank statement. ask your bank to issue bank statement and make sure that the address and account number is the same as the address and account number on forex brokers registration application form to avoid unnecessary delays. if you have small amout of fund, you should find a broker that allows you to open mini account. there are a lot of forex broker to choose from. FOREX.COM, FXDD.COM, and FXCM Micro are also provide mini account and excellent services. apart from that they are also legal brokers and regulated under NFA regulation.
Sean Ramon Says:
April 18th, 2011 at 9:00 pm
Verifying your ID is a must, but I guess it could be also driver license. Utility bill is to verify your address which be done also by something else like bank statement. Yes, it is not uncommon. To succeed in forex you need to learn the best methods. Check the forex system reviewed below.
Fdsfsdf Gfgfgd Says:
April 18th, 2011 at 9:10 pm
I am not sure if i can tell you which is the best forex robot or system available but i find this blog has a lot of valuable and great forex articles and also offering free e course and FREE FOREX BOOK guide which i believe can help you decide which robot you can go for
eToro Team Says:
April 18th, 2011 at 9:13 pm
We ask for these documents in order to establish your identity. This is standard procedure in the forex indusrty that is meant to protect both companies and traders from fraud. Do not worry, your documents are absolutely safe in our hands and the security of our traders is our top priority. We ask every trader to send in the same documents and are yet to receive a complaint.

If you have any further questions please don’t hesitate to contact our support staff: http://bit.ly/eToroLivechat

We wish you happy trading,
Laura, eToro Team

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