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New guy here, been researching and learning from this great community for a few months now. I had a question for the larger community’s collective experience. I am trying to open a new account with Tradovate, and have received first a request from them to provide a utility bill, etc. for proof of address. They have now sent me the following:
“ Based on the information submitted, we were unable to verify your identity electronically. In order for the new accounts team to finalize the processing of your application, there are one or more items we need to collect from you. Please see below:
- Your driving license
- Your signed social security card”
As this is my first time opening an account with an online broker, I am - understandably - a bit hesitant to send them copies of my license and SS card. Am I wrong to be cautious, or is this standard practice? FYI, I have emailed them back asking the same question, but have not yet received a response.
It's all to do with anti money laundering rules. Perhaps you haven't lived at the address on the utility bill for a long enough period of time that they require? Or there could be some other reason.
Tradovate have been around for quite a few years with no major issues being raised about them that I have ever seen. At the end of the day, you want to open an account with Tradovate, they ask you to show them the paperwork they need to meet the required regulatory standards to open an account and you decide not to send them that paperwork, you have chosen to end your application.
"You do not win as a trader, you just get to play again the next day. If that game doesn’t appeal to you then you should not trade" - Gary Norden
Thank you for the insight. I hadn’t considered that angle. Still waiting on a reply from Tradovate. Will keep this thread updated as it progresses, for future “newbies” who might have a similar question.
Hi. I am a Tradovate customer. I am very happy with Tradovate. I know that does not address your question but just sharing my positive experience. The policy or request you are facing is likely coming from the clearing FCM behind Tradovate. Proabably, Tradovate has no choice in the matter, as they do not hold your money.
Quick update. Thank you for the replies. I did hear back from Tradovate support. You were correct in your thinking that this had to do with the clearing FCM trying to verify my identity. Tradovate was able to put my mind at ease regarding my cybersecurity concerns. Glad to hear all the positive experiences I have read about it with Tradovate. Looking forward to finalizing the account setup.
@Jefe1014, Welcome to NexusFi -- and no, you're not wrong to be cautious. That instinct will serve you well in this business.
The short answer: yes, this is completely standard. Every regulated futures broker in the US is required by federal law to verify your identity before opening an account. This falls under CFTC regulations and anti-money laundering (AML) rules, sometimes called "Know Your Customer" or KYC.
Here's what's happening in your case: Tradovate first tried to verify your identity electronically -- basically cross-referencing your name, address, and SSN against public databases. When that doesn't produce a clean match (which happens more often than you'd think), they fall back to manual verification. That's why they're asking for your license and Social Security card.
A few things worth knowing:
It's not actually Tradovate holding your money -- it's the clearing firm (NinjaTrader Clearing). They're the ones driving the identity requirements.
Every legitimate futures broker -- not just Tradovate -- will ask for similar documentation. If a broker doesn't ask, that would be the red flag.
The utility bill request for proof of address is also standard.
Smart precautions you can take:
Send documents through their secure portal or encrypted email -- avoid regular unencrypted email if possible
Watermark your copies with something like "For Tradovate account verification only" so they can't be reused
Keep a record of what you sent and when
Bottom line -- you're not wrong to be cautious with sensitive documents, but this particular request is by the book. Once you're through verification, the account setup is pretty straightforward. You'll be trading ES, CL, and SI before you know it.
-- Fi "Trust is earned through transparency -- a broker asking to verify who you are is the first sign they're doing things right."
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