The short answer
KYC means “know your customer”. Regulated brokers must check who you are before you trade, because of anti-money-laundering (AML) rules. Expect to send:
- photo ID (passport, national ID card or driving licence)
- proof of address (a recent bank statement or utility bill)
- sometimes a selfie or short video, and questions about your income, savings and trading experience
Most rejections come from simple mistakes: a blurry photo, a cut-off corner, a name or address that doesn’t match, or a document that is too old. Fix those and most people pass first time.
Protect your documents. Upload them only through the broker’s own website or app, after you have checked its licence. Never send them in a chat.
Why brokers ask for your documents
Money laundering means hiding where “dirty” money came from by moving it through normal-looking accounts. Trading accounts could be used for this, so financial firms must check their customers.
- Internationally, the Financial Action Task Force (FATF) sets standards that countries use to fight money laundering and terrorist financing (FATF Recommendations).
- In the UK, for example, the Money Laundering Regulations 2017, regulation 28, require firms to identify the customer and verify their identity. “Verify” means checking it against documents or information from a reliable source which is independent of the person (legislation.gov.uk).
Other countries have their own versions. The details differ, but the idea is the same: the firm must know who you are and where your money comes from.
KYC also protects you. It makes it harder for someone else to open an account in your name or withdraw your money.
What brokers usually ask for
| Step | What you send | What they check |
|---|---|---|
| Identity | Passport, national ID or driving licence (photo of the full document) | Name, date of birth, photo, expiry date |
| Liveness | A selfie or short video, often in the app | That you are the person on the ID |
| Address | Bank statement, utility bill, or an official letter | Your name and current address, issue date |
| Questions | Income, savings, source of money, trading experience | Whether the product suits you, and where money comes from |
| Payment proof | Sometimes a photo of your card (with most digits hidden) or a bank statement | That the payment method is yours |
Every firm has its own list. Some accept digital ID checks instead of uploads.
Card photos: if a firm asks for a photo of your card, it usually wants you to cover most of the card number and the security code on the back. Never send a full card number or the 3-digit code. If anyone asks for those, stop.
Common rejection reasons (and the fix)
- Blurry, dark or glared photo. Use daylight, no flash, phone held flat above the document.
- Corners cut off. All four corners and edges must be in the photo.
- Name mismatch. The name on your account must match the ID exactly, including middle names. Fix your account details first.
- Address mismatch. The address on your proof must match the address you typed. Watch flat numbers and spellings.
- Document too old. Many firms want proof of address issued in the last three months. This is common practice, not a universal rule, so check the firm’s own requirement.
- Wrong document type. Some firms don’t accept mobile phone bills, screenshots or letters printed from email. Ask which they accept.
- Expired ID. Check the expiry date.
- Edited or cropped files. Don’t crop, filter or edit. Upload the full page.
- Same document for both. Some firms won’t accept the same document as both ID and proof of address.
- Someone else’s payment method. Depositing from a family member’s card or account often causes problems later, especially at withdrawal.
How long does KYC take?
It varies by firm and by case. Automated checks can come back quickly. Manual reviews take longer, and every rejection restarts part of the wait. Extra questions about where your money came from can add more time.
We don’t quote a number, because no official source sets one for brokers. Ask the firm for its usual time before you deposit.
Tip: complete KYC before you deposit. Some firms let you deposit first, but your money can then sit waiting while documents are checked.
KYC at withdrawal time
Firms keep checking customers over time. Before a withdrawal, especially a large one or the first one, a broker may ask:
- for a new or clearer document
- to confirm the payment method you deposited with
- about the source of the money
This is normal at a real firm. It is done through the firm’s own secure portal.
What is not normal:
- a demand to pay a “verification fee”, “tax” or “unlock charge” before you can withdraw
- a request to send more money to “prove” your account
- someone on WhatsApp or Telegram handling your “verification”
If that is happening, read broker won’t process my withdrawal.
Fake “verification” requests: how to protect your documents
ID documents are valuable to criminals. They can be used to open accounts, take loans or pass other scams in your name. Common tricks:
- An email or SMS saying “your account is limited, verify now”, with a link to a look-alike site.
- A “support agent” who contacts you first, on chat or by phone, and asks for documents.
- A clone broker website that copies a real firm and collects documents during “sign-up”. See clone firms and fake broker websites.
- A request for your password or one-time code “to finish verification”. No real firm needs these.
Safe habits:
- Upload documents only after you have found the firm on the regulator’s register.
- Type the website address yourself or use the official app. Don’t use links in messages.
- Never send documents by WhatsApp, Telegram, social media or personal email.
- Never share passwords or one-time codes.
- Consider adding a watermark to copies you upload, such as “For [firm name] account opening, [date]”. Some people do this so a stolen copy is less useful elsewhere. Check the firm accepts it.
- Keep a list of where you have sent your documents.
If you sent documents to the wrong place
- Stop all contact with that site or person.
- Change passwords on your email and any account that used the same password.
- Tell your bank, and watch your statements.
- Report it to your national cybercrime service. In India, use the National Cyber Crime Reporting Portal or call 1930; see lost money on an offshore app.
- If your country offers a way to report a lost or misused ID document, use it.
Sources
- FATF: The FATF Recommendations (read 5 November 2026)
- UK Money Laundering Regulations 2017, regulation 28, customer due diligence measures: legislation.gov.uk (read 5 November 2026)
- FCA: Clone firms and individuals (look-alike websites and email addresses)
- The “three months” proof-of-address window is described as common practice, not a legal rule; firms set their own requirements.
Educational content only, not financial or legal advice. We never name, rank or recommend brokers.
Frequently asked questions
Why does a broker need my ID?
Regulated financial firms must check who their customers are under anti-money-laundering rules. In the UK, for example, the Money Laundering Regulations 2017 require firms to identify the customer and verify their identity using documents or information from a reliable, independent source.
Why was my proof of address rejected?
Common reasons are a blurry or cropped photo, a name or address that does not match your account, a document that is too old (many firms want one issued in the last three months), a document type the firm does not accept, or a screenshot instead of the full document.
How long does broker verification take?
It varies. Automated checks can be quick, while manual reviews can take longer, especially if a document is rejected or extra checks are needed. Ask the broker for its usual time, and check that your documents are clear and match before you upload.
Is it safe to send my passport to a broker?
Only to a firm you have checked on the regulator’s register, and only through its official website or app, never by chat or by replying to an unexpected email. Clone firms and scammers collect ID documents to use in other frauds.
Why does my broker ask for documents again before a withdrawal?
Firms keep checking customers over time, and may ask about large or unusual payments or where money came from. A real broker asks through its own secure portal. A request to pay a fee before you can withdraw is a warning sign.
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