Documentation is a key part when it comes to opening a forex brokerage account. In most of the forex brokerage platforms, there are multiple documents that are required to open an account. This often becomes very difficult and turns out to be a major hurdle. Brokerage platforms like Economypair understand this problem and ensures that it maintains the minimal document requirements for account opening. As per internet reviews about this brokerage platform, traders were able to open the account just with as less as four documents.
The key question that often comes to your mind is why is so much documentation required to start a trading account? In this article, we will cover why opening a trading account requires you to have proper documents. Moreover, we will also touch on the important documents that are required for opening an account with Economypair.
Importance of documents white opening a trading account
Though, there are multiple reasons for why brokerage account opening requires you to submit multiple documents. Here are the key five reasons that you should know:
- Regulatory requirements: As a part of the regulatory requirements for different regions, traders are required to submit their documentation proof. It helps in fighting against money laundering cases and ensures that the brokerage platform follows the regulatory compliances.
- Communicating with traders in times of exigency: During times of exigencies, it can often be very difficult to communicate with the traders if the right document proof is not available. Even though during the account opening process the contact details are requested, it has often been observed that the contact details are not accurate. As a matter of fact, checking it is always recommended before you share your documents.
- Repository for the brokerage platform: Brokerage platforms always keep a tab of the key financial and personal documentation. This helps them to track any sort of discrepancy in terms of financial transactions, which can be a hint to scrupulous activities.
- Prevention of unauthorized access: Security is a key concern when it comes to forex brokerage platforms. One of the key reasons is it is dealing with financial transactions. Any breach into cybersecurity can lead to a huge loss of reputation for the brokerage platform and funds for the trader. By verifying the documents from the trader, the brokerage platform ensures that the access is given only to the authorized people.
- Quicker account verification: Account verification is a crucial step when it comes to trading in the forex market. Yet, account verification will only be quite quick if the right documents have been collected. With a simplified documentation process, account verification is generally streamlined with
List of documents needed for verifying your account with Economypair
Here is a small snapshot of the list of documents that are required for account verification:
- National ID card: The national ID card should be issued by the central government of the country, and it should display the name properly, as input during the signing up process.
- Residential proof: Residential proof mostly includes the bank statement for the last three months or any utility bill which includes the address and the date of issue clearly.
- Declaration of funds: A declaration of funds form is available which the traders can download, get it signed and upload a copy of the same.
- Photocopy of credit or debit card: A photocopy of the credit or debit card is highly required when it comes to signing up with Make sure that the uploaded picture includes all the details of the card, except the CVV.