Is it possible to provide false information when registering with a broker?
Every day the blog receives many letters with questions, and these questions relate not only to trading, but also to organizational aspects.
We will try to answer the most frequently encountered ones on the pages of the site.
Lately, visitors have often asked: Is it possible to provide false information when registering with a broker?
It is difficult to understand why they need this; perhaps some newcomers are afraid for the confidentiality of their data or do not want to be called with unnecessary questions.
But we will not find out the reasons that prompted such a desire, but will try to answer this question.
One of the mandatory points is to enter personal data; let’s look at how filling it out affects the functionality of the account:
First and Last Name – one of the most important indicators, as a rule, always requires confirmation, which is accompanied by uploading photos (scans) of personal documents. This is to verify your age and comply with anti-money laundering requirements.
If you do not confirm the entered data, then most brokerage companies will not be able to withdraw money from your account. That is, you can top up your account, but to withdraw you need to go through verification.
At the same time, all other functions in your personal account will be available, including trading on any type of account.
E-mail - here you enter the address of your mailbox; it is highly not recommended to use a non-existent address.
It’s easier to spend a couple of minutes and register a new mailbox specifically for registration, and then redirect it to your regular mail.
If you simply enter a fictitious email, some brokers will not be able to use your personal account.
The phone number is also an important point, since SMS confirmation is often used to withdraw funds.
That is, after submitting an application to withdraw money from your account, you will receive a number that you should enter on the brokerage company’s website.
Managers also often call you on the phone to please you with individual offers or to check the data you entered. Residence address – Recently, residence information has become mandatory during the registration process.
Here you should indicate your registration or residence address and, as you would expect, confirm it with a photo of a passport page or a receipt for payment of utility bills.
If for some reason you are unable to confirm your residential address, I would like to please you that there are still brokerage companies that are sensitive to this problem.
As you can see, entering false data in most cases does not greatly limit the functionality of the trader’s office, but serves as the main obstacle to withdrawing funds from the account.
Therefore, it is up to you to decide how much you need to do this.
In my opinion, this step is simply a waste of time, because if you decide to trade with this broker, you will need to register again.