The FxPro identity check, done once

What the check is for

The identity check confirms that the person funding the account is the person named on it, which is a condition of the licence FxPro operates under. FxPro is licensed by the FCA (UK) and CySEC. It does not hold an ASIC licence, so Australian residents deal with an offshore entity — check this before funding.

The check is separate from the trading account, and that separation is the point. An account can be opened and left unfunded while documents are reviewed, but money in an unverified account cannot be traded and is harder to return. Treat verification as the last step of opening, not the first step of withdrawing.

Documents that clear first time

Photographic ID clears when the whole document is in frame, all four corners are visible, the text is sharp, and nothing is cropped or covered. A passport or a driving licence both work; the requirement is that the name and date of birth match the application exactly, including middle names.

Proof of address clears when it is a document issued in your name at the address on the application, and recent. A bank statement or a utility bill is the usual choice. The address must match the application line for line, so if you have moved, update the profile before uploading rather than after.

A selfie or liveness check, where requested, clears when the lighting is even and the face is unobstructed. Take it in daylight against a plain wall, without a hat or glare on glasses. These are the three items that account for most first-time passes, and none of them needs a special app.

What sends a file back, and why order matters

Files go back for a name that differs from the ID, an address that differs from the proof, a document that is expired, or an image that is too dark or cropped to read. Each of these costs another upload, and the second attempt is where people rush and repeat the same error. Check the three matches before you submit, not after.

The order that avoids trouble is: complete the profile exactly as the documents read, upload the ID, upload the address proof, then wait for the confirmation before depositing. Funding first and verifying second means your money sits idle while the check runs, and any mismatch has to be corrected with a balance already on the account.

Our calculators do not need a verified account, so you can size a bitcoin trade and check the margin at 1:200 while the check is in progress. That is the useful way to spend the wait: a 0.10-lot position needs about $385.00 margin, and knowing that number before funding keeps the first deposit proportionate.

The anti-money laundering law behind the identity check

The identity check exists because Australian anti-money laundering law requires financial service providers to know who their customers are before opening an account. The relevant framework is the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, administered by AUSTRAC. Under that law, a broker must collect and verify your identity, and must also understand your financial situation before it can lawfully provide services to you. The check is not a marketing step or an optional extra; it is a condition of doing business.

For Tasman Coin readers dealing with FxPro, the practical consequence is that the entity serving Australia is FxPro UK Limited. FxPro is licensed by the FCA (UK) and CySEC. It does not hold an ASIC licence, so Australian residents deal with an offshore entity — check this before funding. That offshore status does not remove the verification obligation, because the UK and European rules that bind FxPro UK Limited impose equivalent customer due diligence duties. You will be asked for identity and address evidence regardless of which entity holds the account.

The law also explains why the check happens before deposits are usable. Customer due diligence must be completed before a business relationship is established, or at least before transactions are carried out. A broker that lets you trade first and verify later is exposed to regulatory action, so most firms block the account until documents clear. The delay is a compliance requirement, not a customer service failure, and it applies to every regulated broker you will encounter in this market.

Document errors that trigger a rejection even when the file is genuine

The most common rejection cause is a file that is genuine but unreadable. Photos taken at an angle, with glare across the photo page, or with a corner cut off will fail because the reviewer cannot confirm the security features. A scan saved at low resolution has the same problem. The document must be legible in full colour, with all four corners visible and no reflection obscuring the text or the photograph. A clean, flat, well-lit photograph of the original usually passes; a compressed screenshot rarely does.

A second frequent error is an expired document. An identity document that has passed its expiry date is not acceptable, even if it was valid when you first opened the account. The same applies to a proof-of-address document that falls outside the accepted recency window. Reviewers check the dates on the document itself, not the date you uploaded it, so a recent upload of an old bill will still be rejected. Check the expiry and issue dates before you submit anything.

The third error is a mismatch between the document and the account details you entered. A middle name omitted at registration but present on the passport, a hyphen dropped from a surname, or an address typed with a different unit number will all cause a hold. The reviewer is comparing the document against your profile, not against what you intended to type. Enter your name and address exactly as they appear on the document you plan to submit, and correct the profile before uploading rather than after.

What happens to money sent before verification is complete

A deposit made before approval is usually received and held, not lost. The funds land in the broker's client money account and are credited to your trading account, but withdrawals and trading are typically restricted until verification clears. You can usually see the balance in the platform, which can create the impression that everything is active. In practice the account is in a pending state, and the broker will not release funds or execute orders until the documents are approved.

The exact treatment depends on the firm's procedures and on how far the verification has progressed. If your documents are already under review, the deposit simply waits. If no documents have been submitted at all, the broker may contact you to request them, and some firms return the deposit to the source account after a period if verification is never completed. Because the holding period and the return process are set by the broker's terms rather than by law, read the client agreement before sending money.

For Australian readers, the funding route matters here. PayID and bank transfer both create a traceable record tied to your bank account, which helps the broker match the deposit to your identity. A deposit from a third-party account, such as a friend's or a company's, will usually be refused or returned because it breaks the link between the funds and the verified customer. Send from an account in your own name, and complete verification before funding to avoid the waiting period entirely.

The suitability questionnaire and how your answers change the account

The suitability questionnaire is a short assessment of your trading knowledge, experience, financial situation and objectives. Its purpose is to decide whether the product is appropriate for you, not to test whether you are clever. Answers about previous trading in leveraged products, your understanding of margin and your ability to bear losses feed into a risk score. That score determines whether the broker allows you to proceed, restricts certain products, or requires you to acknowledge warnings before trading.

The answers can change what you are offered. A profile with limited experience may still be approved, but the broker may require you to complete additional education or sign a risk acknowledgement before activation. In some cases the firm may decline to provide the product if the assessment shows it is clearly unsuitable. Leverage is capped at up to 1:200 in Australia, and that cap applies regardless of your answers; the questionnaire does not unlock higher leverage, it only informs the suitability decision.

Answer honestly and consistently with your documents. Inconsistent answers, such as claiming years of experience while also stating no knowledge of margin calls, can trigger a manual review and delay approval. The questionnaire is not a hurdle to game; it is part of the record the broker keeps to demonstrate compliance. If your circumstances change materially, such as a large change in income or employment, you may be asked to update the assessment, and the account permissions can be revisited at that point.

Proof of address accepted in Australia and the recency window

Proof of address must be an official document that shows your name and your residential address, issued recently. Common accepted documents include a bank statement, a utility bill such as electricity, gas or water, a rates notice, a government letter, or a tax office notice. The document must be a full page showing the issuer, your name, the address and the date. Screenshots of an app balance or a cropped header are not accepted because they do not show the full document context.

The recency window is typically three months for statements and bills, though the exact period depends on the broker's policy and the document type. A rates notice or a government letter may be accepted within a longer window, while a bank statement is usually expected to be recent. The date that matters is the issue date printed on the document, not the date you downloaded it. If your only bill is older than the window, request a fresh statement or use a different document that is current.

The address on the document must match the address on your account. If you have moved, the document must show the new address before it can clear. A document in a partner's name will not verify your address, even if you live at the same property, because the check is tied to your identity. For Australian residents, a document issued by an Australian bank or utility is the simplest route, but a foreign document can be accepted if it clearly shows your current residential address and is within the recency window.

Third-party names on a card or transfer and the mismatch rule

A payment from a card or account in someone else's name will not verify your deposit and is usually returned. Anti-money laundering rules require the broker to know the source of the funds, and a third-party payment breaks the audit trail between the money and the verified customer. The same applies to a joint card where the primary name differs from yours, or a transfer from a business account you do not control. The funds may be held while the broker investigates, which delays both the deposit and the verification.

The rule is applied to the name on the payment instrument, not to who physically pressed the button. If you use a card, the cardholder name must match your verified name. If you use PayID or bank transfer, the sending account must be in your name. A small variation, such as a shortened first name or a maiden name, can usually be resolved by providing a linking document, but a completely different name cannot. The broker will ask you to withdraw the funds and resend from an account in your own name.

To avoid the problem, complete verification before making any deposit and use only funding methods held in your own name. If a mismatch has already occurred, contact the broker's support team rather than sending more money. They will explain whether the payment can be returned to the source or whether additional evidence is needed. Do not ask a friend or relative to fund the account on your behalf, even temporarily, because that creates a record the broker cannot reconcile with your identity.

checked 2026-09-29 · FxScouts, SafeForex, FxPro