Authenticating your trading account is very crucial when it comes to forex trading. Not many of us understand the importance of account authentication, but as per regulatory terms, an authenticated account will be a very safe way to keep your Forex brokerage platform free from cyber attacks. Account authentication also gives a lot of security to the traders as well. Suppose that there is a hacker who has created an account on the Forex brokerage platform then they can go ahead and breach the platform and pilfer funds from other accounts. Hence, FCF Markets has a strict account authentication process – through document and background verification – to ensure trader’s safety. FCF Markets review stresses the simplicity in terms of the number of documents collected – thus making account authentication – simpler.
In this article, we’ll list out the three important reasons why the account authentication stage is highly crucial for every trader in a forex platform. Then we’ll find out what different documents need to be produced for the account authentication.
Why is account authentication crucial for the Forex brokerage platform?
- Other than the safety mentioned above, the key point to be highlighted here is anti-money laundering. Account authentication in the forex platforms helps in preventing anti-money laundering and allowing the brokerage platforms to stay compliant with the regulatory laws of their country.
- During the account opening process, a lot of details are requested which need to be verified to ensure that the details being provided are true. With the help of the account authentication process, if any details are false then they can be rectified right away. Details like e-mail and phone number are important as they are used to communicate with the trader. Hence it is always required. As a best practice to authenticate your account – before you get started with trading.
- Account personalization is another reason why your document verification is important. Based on your background, different ways can be instrumented, to personalize the forex trading experience for you. Be it with the help of better account options or leverage – FCF Markets has been quite a leader in this aspect for some time now.
FCF Markets: Documents needed for account authentication
Following is the list of the documents that are required for the account authentication:
- A personal identification proof, which has to be the national ID as shared by the country’s government agency. Make sure that the name written on the ID proof is legible and that it should be the same as the one you entered during the account opening process.
- A residential address which could either be a utility bill being shared by you or the bank statement for the last 3 months – with the address and the date of the issue mentioned.
- If you are a foreigner who’s looking forward to opening an account, then your passport will also be required. The passport should display your passport number.
