Question: What documents do I need to submit for verification of Forex trading account in XTrade?
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As a XTrade is a regulated online broker, the broker requires certain KYC(know your client) procedures for its clients.
XTrade requires two kind of documents as follows.
1. Government Issued Photo ID
You can submit a copy of your drivers license or Passport for example.
The ID you will provide must clearly display your name and your date of birth and a valid expiration date.
If an ID is issued by a government related entities, that ID may be also accepted by XTrade.
Even if you have opened a corporate account, you may still need to submit documents of yours also.
2. Proof of Address
You can submit an utility bill (for electricity, phone and water), bank statement and lease or mortgage agreement for example.
The document needs to have following information:
- Issued date within the last 3 months ago
- Your full name
- Your registered address
- The name of the entity issued the bill
After opening an account with XTrade, if you have soft-copied required documents with you, please send them to support@xtrade.com.
Account verification or no withdrawal
With XTrade, you can open a real/live account and make a deposit and start trading in a few minutes though, you will need to verify your trading account with documents before you make a withdrawal.
So you cannot technically make a profit without going through the account verification process with XTrade.
We recommend that after opening an account with XTrade, you should first submit documents to verify your identity with them.
So you can avoid possible troubles in the future and trade without worrying about it.
Third Party deposit/documents
XTrade strongly prohibits third party payments.
Meaning that no one else can make a deposit and trade in a trading account under your name.
Also the documents you submit cannot be alternated by any other person including your family or legal partner.
After opening a real/live account with XTrade, you need to submit copies of your own documents and make a deposit from an account under your name.
Please note that if XTrade finds that you have made a deposit from someone else’s account, the broker may immediately refund all deposited amount to the original account where you made the deposits from.
Number 1 CFD broker
XTrade is popular among CFD traders, as the broker offers the largest number of CFD product which is more than 800 through its trading platform.
You can trade Stocks, Index, Commodities, Energies and Precious Metals in one trading account with XTrade.
Not like usual Stock agencies, XTrade does not require:
- extra costs/commissions
- hard copy contract
- actual delivery of the instruments etc
To start trading these hundreds of CFDs, you just need to:
- Open an account
- Submit documents
- Make a deposit
- Login to the online trading platform
The process is all on the web, and XTrade does not require some physical documents or days to setup an account for you.
Trading CFDs with XTrade is the smarter way to trade Stocks, Metals and Oils.