Documentation is a key component when it comes to opening an account in the forex brokerage firm. With the right documents, the account verification process can be sped up. Certain brokerage firms increase the burden on the trader by having a huge list of documentation for them. Yet there are brokerage firms such as FinCompose that have kept the documentation to the least possible. The reason for it is quite simple. It doesn’t want its traders to go through a very long process of getting their accounts verified. As per FinCompose reviews by users, the more the set of documents required, the more complex the account verification process will be.
Why is document verification important?
Document verification is a step that cannot be skipped. If the document verification is not completed on time, The traders will not be able to make a trade even though the account is open. Account verification is a crucial process in opening a forest brokerage account. It is the reason why the brokerage accounts are pushing the traders for the right set of documents.
Safety is very important when dealing with security. And, with the documents being verified, the safety and security of the traders on the brokerage account is taken care of. Taking a note of the documentation means that the authenticity of the user is being verified. In this way, the brokerage platform ensures that there are no scammerson the system. The access of the entire system is only given to the users who were authorized by the brokerage platform.
Document verification becomes far more important since there are too many security breaches that are taking place. Not only is the fund crucial, but also your personal details are important too. With the help of document verification, the brokerage account looks into these matters.
The main problem that traders face with other brokerage platforms is the wide list of documents which are to be submitted. A wide list of documents is a turn-off for the traders – which can often lead to a deteriorating impact on the brand value of the traders. With FinCompose.com, traders are experiencing far less documentation, which is encouraging the traders to continue with it.
List of documents needed for trading with FinCompose
Documents required for opening an account with this published platform are considerably lesser compared to the rest of them. Here is a list of the various documents that you need to take care of:
- A valid ID proof: A valid ID proof issued by the national government of your country is required. It should have the same name as that of the name that you have shared during the signing up process. Your picture should be clearly visible.
- Residential proof: Either a bank statement not later than three months is acceptable, or any utility bill with the date of issue and the address mentioned is acceptable too.
- Proof of finance: A scanned image of the credit/debit card is accepted – just make sure that the CVV is not visible.