Licensed websites to sign up with
The world of online Forex trading can be daunting to many new investors and traders, but you can protect yourself from nasty surprises by always reading websites’ terms and conditions (T&Cs).
Terms and Conditions
Terms and Conditions page on the site lists all contractual obligations that need to be fulfilled by a user for accessing the site. Take care to go through the terms and conditions page first as any breach could result in blocking of funds/assets and in the worst case scenario, may also lead to legal trouble.
Know Your Customer (KYC)
Reputable platforms require users to verify their identity before they can make transactions. This is necessary to comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) policies set by regulators to curb fraud and money laundering.
The verification process involves uploading a copy of your national ID, driver’s license or passport. Some platforms may also ask you to provide a bank statement or utility bill from the last six months as proof of address.
Deposit, Withdrawal Limits and Conditional Account Limits
Platforms usually offer different investment profiles depending on the user’s budget and whether the account has full KYC. The platform may limit your ability to transact if full KYC is not completed. Conditional account limits are often removed when the user agrees to undergo the KYC process. Please check various deposit and withdrawal limits before accessing and transacting on a platform.