Is it possible to provide false information when registering with a broker?
Every day, the blog receives numerous emails with questions, not only about trading but also about organizational aspects.
We'll try to answer the most frequently asked questions on the site.
Recently, visitors have been asking: Is it possible to provide false information when registering with a broker?
It's difficult to understand why they would want to do this; perhaps some newcomers are concerned about their privacy or don't want to be called with unnecessary questions.
Rather than delve into the reasons behind this, we'll try to answer this question.
One of the mandatory steps is entering personal data. Let's look at how this affects the account's functionality:
First and Last Name – one of the most important indicators, it usually always requires confirmation, accompanied by uploading photos (scans) of personal documents. This is necessary to verify your age and comply with anti-money laundering requirements.
If you don't confirm the entered information, you won't be able to withdraw funds from your account with most brokerage companies. This means you can deposit funds, but you'll need to complete verification to withdraw funds.
At the same time, all other functions in your personal account will remain available, including trading on any account type.
Email – Enter your email address here. It's highly recommended not to use a fake email address.
It's easier to take a couple of minutes to register a new email address specifically for registration and then forward it to your permanent email address.
Simply entering a fictitious email address can prevent you from using your personal account with some brokers.
Phone number – This is also important, as SMS confirmation is often used for withdrawals.
After submitting a withdrawal request, you receive a number that you should enter on the brokerage company's website. Managers also often call you to offer personalized offers or verify the information you've entered.
Residential address – Recently, residential information has become mandatory during the registration process.
You should provide your registered or residential address and, as expected, confirm it with a photo of your passport page or a utility bill.
If for some reason you're unable to verify your residential address, I'm happy to inform you that there are still brokerage companies that are flexible with this issue.
As you can see, entering false information in most cases doesn't significantly limit the functionality of the trader's dashboard, but it does serve as a major obstacle to withdrawing funds from the account.
Therefore, it's up to you to decide how much you need to do this. In my opinion, this step is simply a waste of time, since if you decide to trade with this broker, you'll have to register again.
