Documentation is very critical when it comes to opening an account in a brokerage platform. The right documents not only help you to pass through the account verification process but also ensure that you don’t face any hurdles concerning the process. The account opening process is very smooth only if all the documents are available to you. FinCompose clearly states the documents needed for opening a Forex account with them. Moreover, the FinCompose review states that a very minimal set of documents are needed to get started – which is a big relief to the traders.
In this article, we will take a deeper dive into the key documents needed for getting your trading account verified. Moreover, we will also look into the reasons why you should get your trading account verified – for a smoother trading experience.
Why should your Forex account be verified in FinCompose?
In FinCompose, there is a strict policy for no FWA – what it necessarily means is that no unverified profiles will be entertained. With the growing financial and cybersecurity risks all around – it is critical that proper care is taken regarding it. As financial frauds are growing with time, the brokerage platform takes no shortcuts in this matter. Moreover, there have been many cases of money laundering that have affected organizations severely in the past.
Cybersecurity is also a critical issue to look into when it comes to brokerage platforms. It must not be forgotten that financial transactions take place over the platform, hence the funds need to be secured separately. Under such a situation, if there is unidentified access to the brokerage platform, then it can hijack the entire system and pilfer the funds available.
It will end up causing financial havoc on the brokerage platform. Not only will the reputation of the brokerage platform be reduced, but it will also bring about a lot of trust issues when it comes to forex trading. With these situations in mind, it becomes very critical to verify the background documentation – before proceeding with giving access to traders
Documents needed for account verification in FinCompose
When it comes to giving the right set of documents, we have to be very sure that we don’t mess it up. Here is a list of the right documentation required for account verification:
- Identification Proof: As identification proof you need to share any of the government-issued ID cards in which your name is the same as that present on the account during registration.
- Address proof: As an address proof, you may go ahead and share any of the recent utility bills where your name and the date of issue are mentioned. You can also share your bank account statement for the last 3 months, wherein your name is mentioned.
- For foreigners: If you’re a foreigner who is currently residing in a different country and opening an account from there, your passport shall be required for account verification.
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