Why is it necessary to take verification seriously - Gerchik & Co

Why is it necessary to take verification seriously


It seems to be a good idea to use the documents of relatives, friends and colleagues for the verification. But at first sight only. Such tricks could provide a trader with a short-term comfort, but they would become a reason of many problems in future.

Verification is an obligatory condition upon registration of trading account. Certain non-coincidences in the trader’s documents and personal account are the barrier for work start. As a result the non-coincidence is disclosed, the trader’s account is frozen and the money couldn’t be withdrawn.

The same will happen if the broker doesn’t follow the rules established by the regulator on a regular basis. The case is heard in the court. The trader has problems to establish his case when other person is a legal owner of trading account. The trader’s another problem is the responsibility for document forgery under the current legislation.

Personal documents should be used upon verification. If they are temporarily unavailable, it’s better to wait. Don’t use the personal data of another person. In this case the trading account formalities will not distract the trader from profitable transactions.