Glossary / KYC (Know Your Customer)

KYC (Know Your Customer)

KYC (Know Your Customer) is the identity verification process a firm runs on a trader, usually triggered at or before the first payout rather than at account purchase.

A firm delaying KYC until payout time is standard practice, not a warning sign on its own; what’s worth watching for is a firm using KYC as a stalling tactic against a payout it’s otherwise reluctant to process.