Verifying Your FxPro Account

Which documents pass first time

The identity check needs a government-issued photo ID: an Australian driver licence or passport is accepted. The document must be in colour, all four corners visible, and the photo and signature must be clear.

The address check needs a document issued within the last three months that shows your full name and residential address. A utility bill, bank statement or government letter in your name is the standard choice.

What sends a document back

Poor lighting, cropped edges or a document that is older than three months are the most common reasons for rejection. A driver licence held at an angle that hides the state or expiry date will be returned.

A mismatch between the name on the trading account and the name on the ID is an automatic failure. Use the exact spelling and order of names as they appear on your passport or licence when you open the account.

Why finish verification before the first deposit

Verification is a prerequisite for withdrawals, and if you deposit before being verified you may trade but not take money out until the check is complete. Finishing it first means your first withdrawal request is not delayed.

The process is free and can be done entirely online through the FxPro portal. Our position size calculator needs your account balance and risk settings, but verification does not change those numbers — it only unlocks the exit.

Why Kalgoorlie Markets verifies accounts: the legal basis

Kalgoorlie Markets verifies every account because Australian law requires it. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 obliges financial service providers to identify customers before providing services. Even though FxPro UK Limited is offshore, Kalgoorlie Markets applies the same standard to protect all clients and maintain access to international payment systems. Verification is not a discretionary step; it is the minimum legal threshold before a live trading account can be opened and funded.

The check exists to stop money laundering and terrorist financing. By confirming who you are, where you live and how you fund the account, the broker can detect suspicious patterns and report them if needed. For Australian residents, this means the process mirrors what an ASIC-regulated broker would do, even though the operating entity is not ASIC-licensed. The result is a trading environment where both the client and the platform are protected from illicit activity.

The law also requires ongoing monitoring, not just a one-time ID check. That is why Kalgoorlie Markets may ask for updated documents later. The initial verification satisfies customer due diligence at onboarding, but the broker must keep records current. If a document expires or a transaction looks unusual, the compliance team will ask again. This is not a penalty; it is the law working as intended for a gold CFD account.

Document mistakes that cause a verification rejection

The most common rejection is a blurry or cropped photo of a document. The compliance team must be able to read every line, including the machine-readable zone on a passport. A photo taken at an angle or with glare on the lamination will be sent back. The fix is simple: place the document flat on a dark surface, use natural light and ensure all four corners are visible. A high-resolution scan is even better.

Expired documents are another frequent cause of rejection. A passport or driver licence that has passed its expiry date cannot be used for identity verification. The expiry date must be clearly visible in the image. For proof of address, the document must be recent — usually within the last three months. A utility bill from six months ago will not pass, even if the address is unchanged.

Mismatched information between the application form and the document is also a common error. If the name on the application is “John A. Smith” but the passport says “John Alexander Smith”, the system flags it. The same applies to date of birth, address and nationality. Always enter details exactly as they appear on the identity document. A small typo can delay approval by several days.

What happens to a deposit made before verification is approved

A deposit made before verification is approved is held in a segregated client account and cannot be traded. The funds are not lost; they sit in a suspense account linked to your application. Once the documents are approved, the deposit is automatically applied to your trading account. The time between deposit and activation depends only on how quickly you submit correct documents.

The broker will not return the deposit simply because verification is pending. Under anti-money laundering rules, the funds must be frozen until the client is identified. This protects both the client and the platform. If verification ultimately fails, the deposit is returned to the original funding source, minus any bank fees. For PayID or bank transfer from an Australian account, the return usually takes a few business days.

To avoid this situation, complete verification before sending any money. The document review typically takes less than one business day, but it can be longer during peak periods. A deposit before approval does not speed up the process; it only adds a temporary hold on your A$. The safest order is: submit documents, wait for approval, then fund the account.

The suitability questionnaire and what your answers change

The suitability questionnaire asks about your trading experience, financial situation and risk tolerance. The answers do not change the spreads, swaps or leverage cap on gold. They change the warnings you see and whether the broker will offer you certain products. A retail client who answers that they have never traded CFDs will receive more risk disclosures before the first trade.

The questionnaire is a regulatory requirement, not a test. There is no passing score. It determines your classification as a retail or professional client. Most Australians will be retail clients, which gives the strongest protections, including negative balance protection. If you answer that you are a professional trader with significant income, you may be offered professional status, but that removes some safeguards and is not recommended for gold trading.

The answers also affect the leverage offered. The maximum for retail clients in Australia is 1:200, and that is a cap, not a target. If the questionnaire reveals limited experience, the broker may set a lower leverage for your account. You can request a review later, but the initial answers matter. Always answer honestly; inaccurate answers can lead to account restrictions or closure.

Accepted proof-of-address documents in Australia and how recent they must be

Acceptable proof-of-address documents in Australia include a utility bill (electricity, gas, water), a bank or credit card statement, a council rates notice or a government letter such as a tax assessment. The document must show your full name and current residential address. A mobile phone bill is sometimes accepted, but a P.O. box is not. The address must be a physical street address, not a postal box.

The document must be dated within the last three months. A bank statement from four months ago will be rejected. The date must be clearly visible in the image. For electronic statements, a PDF downloaded from your bank is acceptable, but a screenshot of an app may be rejected if it does not show the bank logo and your full name. Always send the original PDF, not a photo of a screen.

If you have recently moved, you may not have a three-month-old document at the new address. In that case, a lease agreement or a utility connection letter can be used, but it must be from a recognised provider. Some brokers also accept a letter from an Australian bank confirming your new address. The key is that the document must come from an independent, verifiable source, not from you.

Why Kalgoorlie Markets is legally required to verify your identity

Kalgoorlie Markets must verify your identity because Australian law applies the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) to all financial service providers that deal with retail clients. The Act requires brokers to collect and verify customer identification before providing a designated service such as opening a trading account or accepting funds. This is not a broker policy choice but a legal obligation enforced by AUSTRAC, and failure to comply can lead to criminal penalties for the broker. The verification process is therefore unavoidable for anyone who wants to trade gold or other instruments through a regulated venue.

The specific law that requires verification is the AML/CTF Act, not the Corporations Act or ASIC licensing rules. While ASIC regulates financial services conduct, the identity check obligation comes from AUSTRAC's customer identification rules. A broker must verify your full name, date of birth or address using reliable and independent documentation before you can trade. For Australian residents, a driver licence, passport or Medicare card are commonly accepted because they are issued by government authorities and contain a photo, signature and unique identifier. Without this verification, Kalgoorlie Markets cannot legally activate your account or process any deposit.

The legal basis also requires brokers to keep records of the verification for at least seven years after the relationship ends. This means your personal documents are stored securely and may be reviewed by regulators if a suspicious transaction is reported. The purpose is to prevent gold trading accounts from being used to launder money, finance terrorism or evade tax. You will therefore be asked to provide both proof of identity and proof of address, and occasionally proof of the source of the funds you intend to deposit. This is not optional and applies equally to small accounts and large ones.

Document mistakes that cause a verification rejection at Kalgoorlie Markets

A verification rejection is most often caused by submitting a document that is expired, blurry, cropped or missing the edges. The compliance team must be able to see the full document, including the machine-readable zone on a passport and the signature strip on a driver licence. A photo taken at an angle, with glare from the flash, or with fingers covering part of the document will be rejected. The document must be in colour unless the issuer only provides black-and-white versions, and every character must be legible. If the name on the document does not exactly match the name on the application, the verification will fail.

The second common mistake is submitting a proof-of-address document that is older than three months. Bank statements, utility bills and government letters must be dated within the last 90 days to be accepted. A mobile phone bill or a rates notice from six months ago is not acceptable. The address on the document must match the residential address you entered on the application, not a post office box or a previous address. If you have recently moved, you must update your address with your bank or utility provider before requesting a statement, because the broker will not accept a handwritten change or a cover letter.

The third mistake is uploading a document that is not on the accepted list. Kalgoorlie Markets cannot accept a student card, a library card, a membership card or a letter from an employer as proof of identity. For proof of address, a tenancy agreement or a letter from a real estate agent is not enough unless it is registered with a government authority. The document must be issued by a government body, a bank, a utility company or a similar regulated entity. If you are unsure whether a document will pass, contact support before uploading it, because repeated failed attempts can trigger a temporary lock on the verification portal.

What happens to a deposit made before verification is approved at Kalgoorlie Markets

A deposit made before verification is approved is held in a segregated client account and cannot be used for trading until the verification is complete. The funds are not lost, but they are frozen from your perspective. You will see the deposit in your account balance, but any attempt to open a gold position will be rejected by the platform. The broker is legally required to separate client money from its own operating funds, so the deposit is safe, but it remains inaccessible for trading or withdrawal until you pass the identity and address checks. This is a hard rule, not a discretionary decision by the support team.

If your verification is rejected after you have deposited, the deposit remains frozen and you will be asked to submit correct documents. You cannot withdraw the deposit until the verification is approved, because the broker cannot legally return funds to an unverified person under the AML/CTF Act. The only exception is if the broker decides to close your account and return the funds to the originating bank account, but that can take several business days and may require additional proof that you own that bank account. To avoid this delay, complete verification before sending any money via PayID or bank transfer.

There is no penalty or fee for depositing before verification, but there is a practical risk: the deposit may sit idle while the gold price moves. If you intended to trade at a specific level, that opportunity is lost. The broker will not compensate you for missed trades caused by your own failure to verify first. The fastest way to unfreeze the deposit is to upload clear, valid documents and respond to any follow-up email within one business day. Kalgoorlie Markets typically processes verification within one to two business days, but incomplete submissions can extend that to a week or more.

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