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To access unlimited deposits and withdrawals in FXGT, you must first verify your account. Find out what you need to prepare and how to do it in this article.
Trading with a regulated broker is highly crucial these days. A broker licensed by trusted authorities has a lower chance of being a scam because they must comply with strict rules imposed by the authorities. They are also obliged to provide transparent services and protect their clients.
If you are looking for such a broker, try FXGT. FXGTis a leading broker that offers top-notch trading services for any type of trader. It is regulated by several financial regulators, including two of the most trusted institutions, the FSA and the FSCA. The broker offers many exciting deals, such as diverse account types, low spreads, and exclusive promos. Not only that, the broker also provides decent educational materials to help you get a better understanding of the trading world.
In order to get all those benefits, you need to open an account and complete the FXGT verification process. This is actually a pretty common requirement among regulated brokers in the industry. Many traders do it simply because it is mandatory, but did you know that this step is actually crucial for your safety?
Why Verify Your FXGT Account?
Before we dive into the verification process itself, it is important to understand why verifying FXGT account is necessary:
- Safety Reasons: Verification is basically a security measure to avoid frauds, money laundering, hacks, and other crimes from happening in the trading world. This adds an extra layer of security that will reduce the risk of losing your assets to criminals.
- Access to Exclusive Services: Some features offered by FXGT like withdrawing cryptocurrency and fiat currency are only available for verified users.
- Broker Compliance: Every regulated broker is required by their regulators to implement KYC procedures and confirm their client's identity before allowing them full access to the markets. As a result, the broker can filter their clients and protect their community from undesirable crimes
Prepare These Documents to Verify Your FXGT Account
To verify your account, you will be asked to upload a colored copy of certain documents. You must provide both sides (if the document is double-sided), and make sure that all information matches your profile. Preparing the documents beforehand is a great idea to quicken the verification process.
In FXGT verification requirement, each client to submit two types of documents, namely:
Proof of Identity (POA)
This document is needed to confirm your identity, so make sure it contains your full name and latest photo. You can choose to upload one of the following types:
- Passport
- ID Card
- Driving License
Proof of Address (POR)
This document is required to confirm where you live, so it has to show your residential address and name. It also must not expire and the issue date must be no longer than 6 months. Documents accepted as POR are as follows:
- Utility Bill – Electricity bill, water bill, gas bill, phone bill, tax bill, internet bill.
- Bank Statement
- A Certificate of Residence
- Affidavit
In addition to that, you also need to pay attention to these conditions:
- The document must be clear and no edges are cut off. Blurry images won't be accepted.
- The size must not exceed 10 MB.
- The document format must either be JPEG, JPG, JFIF, PNG, DOC, DOCS, or PDF.
- The document must be officially issued by your local government.
How to Verify Your FXGT Account
Now that you understand the importance of FXGT account verification and what documents to prepare, here's the step-by-step guide of the main process:
- Open FXGT's official webpage and log in to your account.
- Once you are inside the Client Portal, you may see a small reminder that says your account is still unverified at the top.
- You will see a pop-up message that shows the status and the current conditions of your FXGT account. Press "Go to verification page" to start the verification process.
- On the next page, you need to complete the form with your personal data. Keep in mind that the data you input in this form must match the data in your documents. Once you are done, click "Proceed to Upload Documents".
- Click "Upload" to select your file from your computer and submit it. Preparing the documents in advance would greatly speed up this process.
- Once you're done, click "Submit for Verification".
- After that, you can sit back as FXGT reviews your documents. You will be notified once your account is successfully verified or if you need to upload some additional documents. In addition, the reminder for verification will be gone from your dashboard, which indicates that now you can enjoy the full features of your account without any barrier.
So that's it! Once you verified your account, you can enjoy all the functionality offered by FXGT including making unlimited deposits and withdrawals. Please note that transfer out is not the same as withdrawal. The former refers to making internal transfers in and out of your FXGT accounts. Meanwhile, withdrawal means cashing out your balance to an external bank account and this requires verification.
FAQs on FXGT Account Verification
- Can I make a deposit using an unverified account?
Yes, you can still fund your account but only up to USD5000 (Japan) or USD2000 (global). - How long does the verification take?
It varies from broker to broker, but in FXGT, the process can take up to 24 hours. However, it may be longer if there's an issue with your documents. - What would happen if the broker rejects my documents?
FXGT will send you a notification via the ticketing system that you can check on your Client Portal and via email. The message will specify the reasons for the rejection along with the instructions on how to fix it. You may be required to provide additional documents to support your proof or replace the submitted documents.
FXGT broker is a trusted global brokerage company that was founded in 2019. The broker has a good reputation for offering a diverse list of tradable instruments such as forex pairs, stocks, indices, commodities, cryptocurrencies, and even NFTs. It also provides competitive prices and many educational resources for beginner traders.
5 Comments
David
Nov 23 2023
I tried to verify my account in a different broker and it took me a whole week before I could place my first trade. A whole week! I was so bumped because I literally saw a market opportunity, but I couldn't take it. I was also scared that I got scammed. Besides, why do brokers always demand us clients to provide our identity in such detail? I mean, not everyone is willing to give away their privacy that easily no matter how "popular" the company is. These days identity theft is quite common and we should be aware of who we share our identity with, especially when it comes to private documents like national ID and passport. I hope there is a solution to this.
Nina
Nov 25 2023
Ugh, I feel you dude. Having to wait that long for verification process must not feel good, frustrating even. Not to mention the anxiety! Normally it takes a maximum of several business days to complete verification. Some brokers like FXGT can even process the documents for less than 24 hours.
I also get why you're concerned about identity theft, and I think it is indeed important for us to be careful when uploading our personal documents/information online. However, verification is crucial in forex brokers and shouldn't be taken lightly. It is in fact, required by official regulators for the safety of the broker AND the clients. This is why one should only trade with regulated brokers. This way, you can be sure that the broker won't abuse the knowledge or use the information for their personal gains. Hope this helps.
Ifaaa
Nov 24 2023
In the explanation, it is mentioned that KYC documents are one of the requirements of making withdrawals in this broker. I get why this is important for any trader because obviously, we all want to get a taste of our wins every once in a while. My question is what are the rest of the conditions? Also how quick is the withdrawal process in FXGT (in average)? I heard that this is one of the most vital things to check in a broker though I'm not sure why exactly. Can anyone explain… Thank you so much
Maya L.
Nov 26 2023
Aside from verification, there are also some requirements and limitations for making a withdrawal, but it varies based on the payment method that you choose. For instance, the minimum withdrawal amount for Visa/Mastercard is 50 USD, whereas for Fasapay the minimum amount is only 10 USD. Not only that, the processing time also varies even though withdrawals can be requested at any time. If you want instant withdrawal, opt for e-wallets like Perfect Money or Fasapay. Bank transfers usually take longer, around 2 business days. To see the full list of available methods, check on the broker's website. Keep in mind that the list may vary across different regions.
Jenna
Nov 27 2023
There are two more requirements actually. First, you can only withdraw using the same credit card, e-wallet, or bank account used for deposit. If your account is expired or no longer active, you can simply contact the customer support team. They will advise you on the best course of action to withdraw your money safely. You may be asked to provide additional verification documents for your payment account though, such as the front and back of your credit card, etc.
Another thing is that the bank account, e-wallet, or credit card must be registered under the name that matches your FXGT user profile. This also applies to corporate accounts. If the names don't match, you will have to upload supporting documents to prove your association with the corporate account used for deposit. The broker will decide if you may continue with the withdrawal process or not. Don't worry though, you will be informed immediately after the process is done.