Why so many questions during registration? | Forex Factory

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Why so many questions during registration?

  • #1
  • First Post: Dec 16, 2015 7:24am Dec 16, 2015 7:24am
Some brokers (not all) asks many questions in the registration process.
education, experience, salary, net worth, source of income and even your pet's name.

Is it a good or bad sign ?

Do they really care about your safety or just their "books" !? share your thoughts please
  • #2
  • Dec 16, 2015 11:45am Dec 16, 2015 11:45am
Honestly I don’t want to work with such companies; I believe there are enough brokers in the world. I prefer brokers that ask me something that’s definitely crucial, but salary or such stuff is absolutely useless. Now I am not counting US because that country is one place where been a trader is really miserable especially low investor. I am working with Octafx and here the only important thing we need to answer is related to our NIC (verification), so nothing else like Salary, Experience, net worth or such thing is asked.
  • #3
  • Dec 16, 2015 12:11pm Dec 16, 2015 12:11pm
Quoting HeyYou
share your thoughts please
I prefer facts not thoughts. It's a regulation thing. Depending on the questions asked it has to do with anti money laundering regulation or to decide whether you're a retail- or a professional trader (EU thing, google for MIFID client categorisation).

See also https://en.wikipedia.org/wiki/Know_your_customer
  • #4
  • Dec 19, 2015 12:31am Dec 19, 2015 12:31am
I think regulated brokers ask so many question for the sake of security . They verify address and identity of their clients to check then either they are fake or real .It is in our benefit to verify our account . In this manner nobody can use our amount we an claim if there is any problem.
  • #5
  • Dec 19, 2015 12:43am Dec 19, 2015 12:43am
Quoting JensG
{quote} I prefer facts not thoughts. It's a regulation thing. Depending on the questions asked it has to do with anti money laundering regulation or to decide whether you're a retail- or a professional trader (EU thing, google for MIFID client categorisation). See also https://en.wikipedia.org/wiki/Know_your_customer

Agreed.
What I believe is Humans are never satisfied with what they get. Think it this way, when the traders look for the regulated brokers for their own safety, then why will the brokers not follow the guidelines and protocols on their end. As the brokers deal with number of clients each day, I believe it is good this verification is done on their end.
  • #6
  • Dec 19, 2015 1:01am Dec 19, 2015 1:01am
They often want your phone number (hotfx).
  • #8
  • Dec 23, 2015 2:17am Dec 23, 2015 2:17am
I don't mind giving such info, but i don't like it too much. I started up with Instaforex, but even after i left them, i still get call from them regularly, so i don't prefer giving such details as they trouble me unnecessarily.
  • #10
  • Jan 15, 2016 12:28am Jan 15, 2016 12:28am
Actually, information is very valuable. More information could be a good advantage in the future. However, I also don't like any site ask too much in registration. I really like site that only require username, pw and email without activation.
  • #11
  • Jan 15, 2016 1:29am Jan 15, 2016 1:29am
Quoting francmorio
Hidden
you're talking about verification but we discuss broker questions when you open an account with them. I was denied to trade from Global Prime after I filled their questionnaire. Gladly, there are dozens of other good brokers so I found another good one.
  • #12
  • Jan 15, 2016 6:37am Jan 15, 2016 6:37am
very true, question as much as possible because it helps you to know what broker is trying to say and where is he trying to hide something.
The more you ask, the more you will know him and better you will get to know them and have secured registration.
  • #13
  • Jan 15, 2016 10:47pm Jan 15, 2016 10:47pm
An owner of a brokerage told me personally that he was using the answers to these questions only for one purpose:

To decide how fast he will attach the "virtual dealer plugins" parasite software to his clients' accounts.

- The less experienced the trader is, the sooner his/her account will get the parasite software sucking the life (and funds) out of it.

- More experienced traders' accounts get a few months "parasite-free" trading time to get comfortable with the broker. Eventually their accounts will also get the parasites, but in a more gradual fashion...

Practically all brokers "B-book" their small retails clients (i.e. under 50 lots size) and use the commercially available and widely used "virtual dealer plugins". If you have not figured it out yet, the game of Forex is rigged at many levels... Therefore traders with profitable Forex strategies usually move to the centralized and highly regulated Currency Futures Markets (e.g. 6E, 6A, 6J, etc.) where there are no "plugins".

P.S. Here you can read about "virtual dealer plugins" (or you can Google it): http://www.forexpeacearmy.com/commun...r-plugin.9019/
  • #14
  • Jan 25, 2016 3:08pm Jan 25, 2016 3:08pm
Quoting MasterGuru
An owner of a brokerage told me personally that he was using the answers to these questions only for one purpose: To decide how fast he will attach the "virtual dealer plugins" parasite software to his clients' accounts. - The less experienced the trader is, the sooner his/her account will get the parasite software sucking the life (and funds) out of it. - More experienced traders' accounts get a few months "parasite-free" trading time to get comfortable with the broker. Eventually their accounts will also get the parasites, but in a more gradual...



i wouldn't be so pessimistic, I have been with a russian broker for over 5 years and never been scammed once. No it's not about luck it's about choosing the big broker or the regulated one.


Btw many brokers went bankrupt after the SNB event, how if they were all b-booking or internalizing ?
  • #15
  • Last Post: Jan 31, 2016 8:08am Jan 31, 2016 8:08am
It's a regulatory requirement plain and simple. It can be off-putting though. You'll see multiple regulated brokers pretty much ask the same questions.
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