HomeBeginner TraderHOW TO TRADE FOREX COMPLETELY ANONYMOUSLY

HOW TO TRADE FOREX COMPLETELY ANONYMOUSLY

HOW TO TRADE FOREX COMPLETELY ANONYMOUSLY

The justification of the requirements for identification can be considered fair, but there are problems that arise in the process of providing documents. From the very beginning of trading in the Forex market, KYC documents (Know Your Client) created problems for both traders and brokers. These documents are often the only obstacle that stands between a potential trader and the platform that he must use in order to profit from trading on the Forex market.

In this article, we will talk about what these requirements for documents are, why brokers ask for their submission, and how you can cooperate with brokers of our rating in order to avoid the need to provide your personal information in exchange for access to the Forex trading platform.

KYC DOCS OVERVIEW

The basis of the Know Your Customer documents is the anti-money laundering initiative, which was implemented in 2014. The goal of this initiative was to combat money laundering, especially money laundering by those who want to help finance global terrorism. It is clear that the requirements of KYC stem from a very noble reason, and therefore you can not treat them negatively.

However, these requirements are a problem, simply because a huge number of people do not have identification cards and documents necessary to meet KYC requirements. KYC documents are requested at various financial institutions, such as banks, lenders, and other companies that handle incoming and outgoing financial payments. Document requirements include an official color photo identification issued by the government. This can be a passport, driver’s license, military ID or another official identification card. They also require proof of residence and maybe a statement from a bank account or credit card, utility bill, telephone bill or other official documents confirming the fact of residence.

Justification of KYC requirements is important for combating money laundering, but the problems presented by requirements have two aspects. On the one hand, the sharing of documents jeopardizes the privacy of personal data. On the other hand, not everyone has them. There are many reasons why someone may not have one or both of the types of documents that are required, and the fact of the matter is that brokers who adhere to the Know Your Client rules do not care why you do not have them. , they only care about compliance with the rules.

Sharing your personal data is your own set of problems, but in conjunction with sharing information about the payment method, the threat is multiplied. When replenishing an account using a credit or debit card or even a bank transfer, you will have to share information about the payment. This may include card numbers, account numbers, or other information that is best kept confidential. Often, it is not necessary to provide this information to the broker, but instead, payment systems and banks that work with the brokerage company take responsibility for accepting deposits and withdrawing funds.

PROBLEMS WITH CREDIT / DEBIT CARDS AND BANK DEPOSITS

When you want to shop, most people use debit or credit cards. Some calmly enter their card numbers on the Internet, while others do everything they can to avoid this. When making a deposit from a card through a Forex broker, you will need to indicate not only the full card number, but also information about the card, such as the validity period and a special CVV code, on the back of the card. The broker can take another step by asking you to send a photo of a physical card with all four last digits of the card to help you establish that you really own the card and payment account.

In particular, bank transfers are often chosen for large deposits. Money transfers offer a safer way to transfer funds, but, of course, the slowest way to replenish and withdraw funds. In some cases, you may be asked to send a receipt by bank transfer, and this receipt may contain a significant amount of personal information. It should be possible to hide any personal data that is not relevant to the actual transfer, but even this may not be enough to provide complete protection. Money transfers are usually expensive. Even when the broker refuses the commission for the transfer of funds, the average commission for a bank transfer is about $ 30 for an outgoing and incoming transfer.

HOW TO AVOID PROVIDING DOCUMENTS TO THE BROKER

The most important step to completely abandon the KYC process will be to choose a broker who gives you this right. There are brokers who allow their clients to anonymously trade in the Forex market. Their registration process only requires the provision of a first and last name, together with an email address. Email will be used to send important information, which includes confirmations, monthly activity reports and much more. Because of this, you must specify a real email address, not a fake one.

The next step will be to deposit and withdraw funds using digital or cryptocurrencies only. With other payment methods, the broker is required to collect your KYC documents, but he can circumvent this requirement when the trader decides to conduct all his banking operations using digital coins. This step is absolutely necessary, so if you have never bought cryptocurrency in the past, now is the time to get to know it. The buying and sending processes are actually quite simple and also take very little time.

There are several potential problems with anonymous trading in the Forex market, but most of them are with the broker. For example, allowing private trade means that the broker cannot know some information, such as the location of the trader. Perhaps the broker does not want to accept customers from China. Without requiring KYC documents, they are much less likely to be able to control this. The same applies to the age of the client. When identification is required, the broker can make sure that the trader really meets their age requirements. These are just two of the risks that a broker assumes when allowing private Forex trading.

What about problems on the side of the trader? This boils down to the fact that not one of the regulated brokers will ever be allowed to accept clients on their platform without their compliance with KYC requirements. They will understand that they lack a large segment of the market, but in fact, they can not do anything to change this. It is not known what will happen next, but at the moment there is no immediate solution for regulated brokers who want to allow anonymous trading on their platforms.

The best option for those who want to trade Forex privately is to choose a trusted broker with whom they can trade. Brokerage services of such companies are not only beneficial in that they allow customers to trade completely anonymously, but they also offer the privileges that all traders wish, such as excellent platform conditions, high leverage, round-the-clock online customer support, withdrawals on the same day, low minimum deposit requirements and much more. If you want to protect your identity and payment information or simply do not have the documents necessary for passing the KYC test, there are reliable options for trading currency on your own terms.

Leave a Reply

Your email address will not be published. Required fields are marked *

Enter Captcha Here : *

Reload Image