Verifying your FxPro account before the first deposit

Which documents pass first time

A document passes first time when it is current, complete and consistent with the details you entered on the form. For identity, that means a government-issued photo document showing your full name, date of birth and photograph, with all four corners visible and no glare across the text. For address, that means a document issued in your name showing your residential address as you entered it, recent enough to satisfy the broker's stated recency requirement.

The broker states its accepted document types and its recency rule in the verification section of the client area, and that list is the one to follow rather than a general assumption about what counts. Photographs taken flat on a dark surface, in colour, with the whole page in frame, pass more reliably than scans with cropped edges or screenshots of a digital statement.

If your name appears differently across documents, for example a middle name on one and not another, resolve it before uploading rather than after a rejection. A short note through support explaining the difference is easier to act on than a resubmission with the same mismatch.

What sends a document back

Documents come back when an edge is cropped, when the expiry date has passed, when the address does not match the one on the form, or when the image is too dark or blurred to read. A screenshot of a bank statement can fail where a downloaded PDF of the same statement passes, because the screenshot may not show the full page or the issuing institution's details.

A second common cause is a document that proves something other than what was asked. A utility bill in a partner's name does not prove your address, and a driver's licence that shows a postal address rather than a residential one may not satisfy the address requirement. Read the label on the upload field and match the document to it.

If a document is rejected, the client area normally states the reason. Fix that specific reason rather than uploading a different document entirely, because a fresh document introduces a new set of details to reconcile.

Why finish it before the first deposit

Verification completed before funding means the first withdrawal is not held up by a check you could have done earlier. The broker's process ties withdrawals to a verified account, so an unverified account can accept a deposit and still be unable to return it until the check clears.

Finishing verification first also lets you confirm the base currency and account type on a live account before any money is committed, which is the point at which a wrong choice is cheapest to correct. If the base currency turns out to be wrong for how you intend to fund, you want to know that before the first transfer, not after.

Use the margin calculator on this site once verification is complete, with the leverage the broker has actually set on your account, so the first position you place is sized against the real number rather than an assumed one. That is the moment the paperwork stops being paperwork and starts setting your risk.

The anti-money-laundering law behind the identity check

Identity verification exists because Australian anti-money-laundering law requires it. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 obliges financial service providers to identify customers before providing a designated service, and a trading account is one. FxPro UK Limited serves Australian residents under its FCA and CySEC licences rather than an ASIC licence, but the entity still applies a full know-your-customer process. The check is not a marketing formality: it is the record that proves the firm knows who is moving money through the account. Until that record exists, the account remains restricted.

The law requires the broker to collect enough information to establish identity and to keep evidence of it. That is why a licence or passport is requested alongside a proof of address and, in some cases, questions about the source of the funds. The obligation sits with the broker, not with you, so the broker cannot waive it or accept a promise in place of a document. A missing document means the broker is exposed to regulatory breach, which is why the account stays limited until the file is complete. The practical effect is that no deposit or trade can proceed normally before approval.

The requirement applies regardless of how small the intended trading is. A 0.10-lot gold position at 1:200 uses about $85.50 margin, and even that modest exposure triggers the same identification duty as a larger account. The law does not set a trading-size threshold below which checks are skipped. What varies is the depth of the check: a straightforward Australian resident with a clear document set may be approved quickly, while a file with inconsistencies or a politically exposed person declaration will attract more questions. The constant is that the file must be complete before the account is fully active.

The document mistakes that get a file sent back

The most common rejection is a photo that is legible to you but not to the reviewer. Glare across a laminated licence, a corner cut off, a shadow over the document number, or a scan so compressed that the date is unreadable will all send the file back. The reviewer needs the full document in frame, all four edges visible, with no finger over the text. A phone photo taken flat under even light is usually enough; a photo taken at an angle on a desk is not. The fix is to retake the image rather than to resubmit the same one.

A second frequent mistake is a document that has expired or is about to expire. A passport or licence with no valid dates, or a proof of address older than the broker's recency window, fails even if every other detail is correct. The reviewer is checking that the document was valid at the time it was submitted, so an expired licence proves nothing about your current identity. Check the expiry before you upload and replace anything that is out of date. This is also why a document that passed a year ago may be requested again later.

The third mistake is a mismatch between the name on the document and the name entered in the account. A middle name omitted on the form but present on the passport, a maiden name on a utility bill, or a hyphen that appears on one document and not another will all cause a hold. The reviewer cannot assume the two records are the same person without evidence. The fix is to make the account name match the identity document exactly, then supply a linking document if a former name is involved. Consistency across the whole file is what clears the check.

What happens to money sent before the account is approved

A deposit made before approval is received but not made available for trading. The funds land in the broker's client account and are recorded against your pending file, but the trading platform remains restricted until verification is complete. The money is not lost, and it is not invested; it sits in the client money arrangement while the file is reviewed. In Australia, funding is typically sent by PayID or bank transfer, and the reference you use helps the broker match the payment to your account. Without a complete file, that match may take longer and the funds may sit idle.

The practical risk is delay rather than disappearance. If the file is missing a document, the deposit can be held for as long as it takes to supply it, and the broker may ask for the source of the funds before releasing the balance for trading. Sending money first does not speed up approval; it simply creates a balance that cannot be used. The safer sequence is to finish verification, then fund. That order also means any question about the payment can be answered while the file is fresh, rather than after a gap.

If a deposit is made and the account is never approved, the funds are returned to the source account after the broker's process completes. The return is made to the same account the money came from, which is why the name on the bank account and the name on the trading account need to match. A third-party payment, such as a transfer from a relative or a business account, complicates the return and usually triggers further questions. Keeping the funding in your own name avoids that loop and keeps the money recoverable if approval does not proceed.

The suitability questionnaire and what your answers actually change

The suitability questionnaire is an assessment, not a pass-or-fail exam, and its main effect is on what the broker can offer you. Answers about trading experience, financial situation and understanding of leverage inform whether the account is appropriate for the products requested. A retail client in Australia can access leverage up to 1:200, but that is a cap rather than a target, and the questionnaire is where the broker records that you understand the risk. A weak or inconsistent answer set can lead to a restricted product set or a request for more information, not an automatic rejection.

The answers change the risk warnings you receive and, in some cases, the products you can access. If you state that you have never traded a leveraged product, the broker may require you to complete additional education or acknowledge specific risk disclosures before gold (XAU/USD) trading is enabled. If you describe a financial situation that cannot absorb losses, the broker may limit the account to lower-risk features. The questionnaire does not set your leverage to a number you choose; it documents whether the available cap is suitable for you.

Inaccurate answers are the real problem, because they undermine the record the broker relies on. Saying you have years of experience when you do not, or overstating income to unlock a larger position, creates a mismatch that can surface later during a review or a withdrawal request. The honest answer is also the useful one: it shapes the warnings and limits that protect you. The questionnaire is short, but it is part of the same file as your identity documents, and consistency across the file is what keeps the account in good standing.

Proof of address accepted in Australia and how recent it must be

A proof of address for an Australian resident is normally a document issued by a bank, a utility provider or a government body that shows your name and residential address. A bank statement, a rates notice, a utility bill or a government-issued letter are the usual forms. The document must be recent, because it is evidence of where you live now, not where you lived previously. The exact recency window is set by the broker and is typically measured in months rather than years, so check the current requirement before you upload rather than assuming an old statement will pass.

The document must show the same name and address as the account, and it must be a full document rather than a screenshot of a balance. A bank statement with the address page included, or a utility bill with the service address visible, is what the reviewer needs. A mobile phone bill is sometimes accepted and sometimes not, depending on the issuer and the address shown, so it is safer to use a document from a bank or a rates notice. If the address on the document differs from the account, the file will be held until the discrepancy is explained.

The recency requirement exists because address evidence goes stale. A statement from two years ago does not prove where you live today, so the broker will ask for a newer one even if the old document was accepted previously. This is also why re-verification can be triggered by a move: the file on record no longer matches the address you have given. The practical approach is to keep a recent bank statement or rates notice ready and to upload a fresh copy whenever the address changes, rather than waiting for the broker to ask.

When the name on the document and the name on the card differ

A mismatch between the name on the identity document and the name on the payment card or bank account stops the deposit from being credited normally. The broker is required to know whose money it is holding, and a payment from a differently named account raises the question of a third party. The funds are usually held rather than returned immediately, and the broker will ask for an explanation and evidence linking the two names. A married name, a maiden name or a shortened name on a card is a common cause, and each case needs a document that bridges the difference.

The bridging document is usually a marriage certificate, a change-of-name certificate or a bank letter that shows both names belong to the same person. A card in a maiden name alongside a passport in a married name is not automatically rejected; it is held until the link is proven. The same applies to a joint account or a payment from a family member, which is treated as a third-party payment and may be returned to the source. The cleanest path is to fund from an account in the exact name that appears on the verified identity document.

The mismatch also affects withdrawals, because the broker returns funds to the source. If the deposit came from a card in a different name, the withdrawal cannot simply be paid to the trading account holder without breaking the audit trail. That is why the name check happens at deposit rather than at withdrawal: catching it early avoids a frozen balance later. If a name has changed, update the account record and supply the linking document before the next deposit, so the payment, the identity document and the account all tell the same story.

checked 2026-09-29 · FxScouts, SafeForex, FxPro