The volume of requested data depends on the broker's operational model. Our editorial explains why some require passports while others only ask for email.
Minimum for registration
Absolute minimum (offshore brokers):
- Password
- Sometimes — phone for 2FA
Standard KYC verification
Regulated brokers request:
- Passport or ID
- Address proof (utility bill)
- Source of income
- Trading experience
- Tax ID (US — FATCA)
Why do brokers request data?
On a phone, scroll the table horizontally.
| Data | Reason |
|---|---|
| Passport | KYC/AML regulator requirements |
| Address | Residence confirmation |
| Income | Client suitability assessment |
| Trading experience | Product complexity assessment |
Minimization principle
The word offshore does not establish how much data is collected. Before registering, read the questionnaire, agreement and withdrawal rules: automation does not eliminate identity checks or additional documents.