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How To Choose
Identity Verification For Forex Brokerages
Without Sacrificing Trader Conversions
A practical buyer’s guide for forex brokers operating across multiple jurisdictions, balancing regulatory pressure with growth, countering deepfake-driven and synthetic identity fraud, and onboarding high-intent traders at speed.
Why Forex Trading Firms Must Be Careful in Choosing the Identity Verification Vendor?
Forex trading firms must be careful when choosing an identity verification vendor because onboarding must satisfy strict AML and KYC requirements across multiple regulators while keeping fraud in check. As attacks shift from forged documents to deepfakes and AI-generated identities, platforms also face growing security risks. At the same time, traders expect instant access and abandon onboarding when it slows down—making vendor performance in real production environments far more critical than how similar solutions appear on paper.
$27.2B
Identity fraud losses in 2024 - up 19% from 2023
What This Buyer’s Guide Helps You Get Right
- How to evaluate IDV solutions across document, face, device, NFC, and video KYC
- What “good” verification really looks like for low-risk vs high-risk traders
- How to choose a solution that lets you design risk-based workflows that speed up onboarding without weakening controls
- Which features actually stop deepfakes, AI-generated IDs, and multi-account fraud
- How to assess vendors using real performance metrics like FAR, FRR, and verification time
Frequently Asked Questions
Why do forex brokers need identity verification?
To comply with AML and KYC regulations while preventing fraudulent or impersonated trading accounts.
Which regulations require IDV for forex trading platforms?
Regulators such as the FCA, CySEC, ASIC, ESMA, and FinCEN require identity checks during onboarding.
How does identity verification affect trader conversions?
Faster, smoother verification reduces drop-offs and improves completed onboarding rates.
What types of fraud threaten forex brokers today?
Modern threats include deepfakes, synthetic identities, document fraud, and account takeovers.
