Verification with Forex Broker: Important AspectsBarry Copeland 25 / September / 19 Visitors: 17
We think that each of our readers has at least once encountered the complexity of verifying for the payment of profits. Verification, as a means of deception and manipulation, is used by unscrupulous forex brokers everywhere. The purpose of such a broker may even be a profit on the net verification from the broker of a customer who has believed him. After all, what is it worth to the broker to say that you have not been verified and therefore it is impossible to pay money?
Why do verification in general, if it is so easy to use as a deceptive trick? Everything is simple - it's your own safety and guarantee that the money you earn will fall into your wallet. Also, the FATF recommendations play a significant role in this.
In addition, a third party takes part in the activity of the broker and trader, for example, the bank to which the trader deduces the earned money. As you know, banks set a considerable list of requirements for information on transactions.
In most cases, a passport is sufficient for the client to verify the broker. There may be difficulties with foreign banks, so it is quite normal, if the broker will ask for a certified copy of your passport and even a bill for a communal (certified at your place of residence) notarized. If the client has problems with the latter, there are several alternatives - a valuable document, in which the client's address is indicated. If such alternatives are not offered by a broker, then, most likely, you ran into a fraudster.
Suspicious will be a broker who requires an extensive package of documents of a European type, but does not work with European banks or uses a simplified procedure for payments. Remember, the broker's website should contain comprehensive information on customer verification.