What documents are needed to open an account and exchange trading?
If you decide to engage in stock trading, then first of all you will need to open an account with one of the brokers.
Some novice traders have a question: “What documents are required to open an account?”
First of all, it should be said that there is an age limit; you can engage in trading from the age of 18, although you can bypass this rule if you wish.
Let's start with the fact that in most cases you do not need to provide any documents to register with a broker and open an account.
That is, at this stage no one checks the identity and age of the bidder, but after registration you will only be able to open transactions and, in some companies, top up your account.
A copy of your passport allows you to trade and fund your account. There are also brokers who, upon providing a copy of your passport, allow you to withdraw profits through cryptocurrency.
Residence permit – a copy of your passport's registration page or proof of payment for your apartment. In most cases, this fully unlocks all the possibilities; your account is considered verified, and you can trade, deposit, and withdraw funds.
It is at this stage that many people encounter problems: the copy of the stamp in the passport is blurry, or a bank statement with a wet seal is required, but an electronic one is not suitable.
Bank card verification – in order to use your bank card for deposits and withdrawals, you must upload a copy of it and make a symbolic deposit into your trading account.
In most cases, the above is sufficient for full-fledged work, but recently, when working with Russian brokers, you will also be required to:
A copy of the university diploma – confirming higher education in economics.
A copy of your diploma or certificate – proving that you have completed a training course in stock trading and have sufficient knowledge to engage in trading.
A copy of your work record book —or, alternatively, an extract from your electronic work record book, confirming that you have worked for at least two years in an organization engaged in investment.
To work with an exchange company operating within the Russian legal framework, you must provide one of the above documents.
Ultimately, we can conclude that if you want to try your hand at demo accounts, most companies don't require any documents. If you have trouble proving your residency, you should use cryptocurrencies.
If you do not have an economic education or sufficient experience, an alternative to Russian brokerage companies is trading through international brokers .
