Why do I need to provide my financial information when opening a forex account?

Asked 4 years ago

I don't know about you guys, but I don't like handing out my personal information left, right, and center. Why should I provide my financial details to Forex just to open a trading/brokerage account? I can understand ID and proof of residency, but financials? I think it's ridiculous.

Financial information Open a brokerage account Forex account

Osasere Okunloye

Monday, December 20, 2021

Well, I don't know about all trading platforms. Lite forex for instance could ask for your bank details so that they recognize that it's you when you're depositing from your bank account into your forex account, and also so they they can know which account to send the money to in case you want to withdraw from your forex account. This is my assumption though. You should always be careful and vigilant when it comes to giving out your financial details.