KYC (Know Your Customer)

KYC is the identity-verification process regulated brokers are legally required to run on new clients — typically collecting proof of identity (like a passport) and proof of address (like a recent utility bill) before allowing deposits or withdrawals. It exists to prevent fraud, money laundering, and the use of trading accounts under false identities. A broker that skips or barely enforces KYC is a red flag rather than a convenience — it usually signals weak or absent regulatory oversight rather than genuinely faster onboarding.