Proof of Identity - cant trade till sent?

I just signed up for a Mini Account with www.forex.com, and deposited $300.

I get an email saying that I wont receive my Login details until I have sent them proof of identity.

Is this normal?


Surely they should allow trading in the meantime, but obviously require proof of identity when you want your funds sent to you?

Any broker that I've ever used has required proof of identity before activating the account. I suspect they all do.I believe U.S. brokers are required to by the Homeland Security Act.

fxdd did not ask for any ID. maybe when i ask for a payout, they'll ask me to fax in something.

as far as i know, you can't trade until you sent them a proof of identity, passport copy, ID copy or something to attest that you are who you said you were. brokers ask for proof of identity in order to prevent money laundering in the forex market

Quoted from FXDD's site:

US Customers
"FXDD uses McDonald Information Services (M.I.S) to establish US residents identity based on data supplied by the client. US citizens may be required to provide photo identification if the MIS report fails to properly establish identity.
If additional documents are needed you will be contacted by our sales team."


Non US Customers
"We require 2 forms of identification for each applicant listed on the account.

Acceptable forms of identification:
copy of a valid driver's license;
copy of a valid passport; or
copy of a valid credit card"

Right, the OP is from Australia though, and falls under FXDD's stricter set of rules.
As far as the Forex.com account, you can probably either fax the documents or scan and email them. Save yourself some time and send both sides of each document and tape off the account #'s on any credit cards you send.

"Oh Dear, this is very sad"

It just may be the best thing that could have happened to you at this time.
Look at things with some logic. 24 Hours ago you started a thread telling the world how green you were in Forex.
Asking, How does a trade end and how does the platform you are using work. Now you can't wait to trade with real money.

stop!!!!


Think about it.Would you take your(car) driving test and ask the examiner what are the pedals for.

Just learning the basics in this business can take six months, 3 to 4 hours a day, after 3 or 4 years ( if one keeps at it) you may get to the stage where you know what you are doing and turn that knowledge into a profit.

It doe'st happen in 24 hours, sorry.

At least you have time to re-think.

This is true.
Another point: Forex.com doesn't trade any smaller than mini-lots, correct?
It'll be very difficult to trade a $300 account at one dollar per pip. You should really be trading micro-lots-- you'll get a lot more bank for your 300 bucks.