A process where traders provide personal identification and documents to verify their identity before accessing certain features, such as funded accounts or payouts, in a prop firm.
Why It Matters
- 1KYC is required for compliance and security, ensuring that payouts are sent to verified individuals.
- 2Without completing KYC, traders may not be able to withdraw profits or access full account features.
Example
A trader submits a government-issued ID and proof of address to complete KYC. Once verified, they become eligible to request payouts from their funded account.
Common Mistakes
- ✖Delaying KYC and facing payout restrictions
- ✖Submitting incorrect or incomplete documents
- ✖Assuming KYC is optional for funded accounts
- ✖Not matching account details with submitted identification