Licensed websites to sign up with
Please ensure that you always read the terms and conditions (T&Cs) of any website you sign up with. This is a surefire way to avoid legal problems, unforeseen account issues, and many of the common pitfalls of investing online.
Terms and Conditions
Terms and Conditions establish the legal boundary based on which a customer accesses service and the platform provides its platform. These are detailed on the home page of a site usually towards the end of the page. It is important to go through the terms and conditions before accessing a site because breaching these legal conditions could force a site to restrict access to the funds you hold on its platform.
Know Your Customer (KYC)
When registering on a platform, you will need to pass a system of identification in order to trade legitimately. Most reputed sites use a system called KYC to process and verify customers. This includes address confirmation, coupled with some government identification documents, such as passports and driving licences.
Deposit, Withdrawal Limits and Conditional Account Limits
When funds are involved, platforms are highly sensitive to fraud and walk the extra mile to ensure the security of their network. Most sites employ a tier-based system that imposes financial limits. Non-KYC accounts are allowed to transact smaller amounts while full KYC accounts are not subject to any deposit or withdrawal restrictions. A platform may also place your account on a conditional limit basis if KYC is not processed or under process.