The FxPro identity check, done in one pass

What the check is actually asking

Verification confirms two things: that you are the person named on the account, and that the address on file is where you can be reached. That is why the process asks for identity and address evidence as separate items rather than one combined upload.

Do it before you deposit. A verified account is the state the broker expects when you later request a withdrawal, and an unverified one stalls at exactly the moment you want money moving. The order matters more than the speed.

What passes first time, and what gets sent back

Documents pass first time when the whole page is visible, in date, and matches the name and address you typed. Anything cropped, glare-covered, expired, or showing a different spelling from your registration comes back, and a second attempt costs you the queue again.

The common failure is the name. If your bank transfer arrives from an account in a slightly different form of your name, that mismatch is what triggers questions later, so keep the registration spelling consistent with your bank records from the start. Address evidence must show the address you entered, not an older one.

We cannot tell you how many documents or how long it takes, because those depend on your file and the broker's review. What we can say is that a complete, legible, consistent submission is the only thing you control.

Why it belongs before the deposit

Verifying first means the first withdrawal is a routine request rather than a rescue. It also means any name or address discrepancy is found while no money is at stake, which is a far easier fix than after a deposit.

Keep the same details across your NGN bank transfer, your card and your trading account. When those three agree, the broker's checks and your later withdrawal both run on the same identity, and you avoid the second attempt entirely.

The legal duty behind identity checks on a Nigerian gold account

Identity verification exists because anti-money laundering law treats a leveraged gold account as a financial product, not a betting slip, and the broker must know who is opening it. In Nigeria the Securities and Exchange Commission (SEC) is the capital market authority, and the caveat you will see on FxPro's Nigerian page is exact: FxPro is licensed by the FCA (UK), CySEC and FSCA; confirm any broker on the SEC Nigeria register of capital market operators. The entity that serves Nigeria, FxPro Markets Direct Costa Rica Latam SRL, applies its own onboarding file to that offshore relationship, and the file is built to satisfy the regulator it answers to.

The check is not a formality invented to slow you down; it is the record that proves the money behind the account belongs to a named, adult person who is not on a sanctions list. That is why the broker asks for a government photograph document, a proof of address and, for larger relationships, questions about where the funds came from. A gold position can be opened at up to 1:200 through the offshore entity, which magnifies both gains and losses, so the broker's risk team has a real reason to know whose margin is on the line before a single lot is traded.

For a Nigerian trader the practical effect is that the same document set follows you from broker to broker, so keep clean digital copies of your passport, driver's licence or voter's card plus a recent utility or bank statement. The law does not care that you are trading XAU/USD rather than shares; it cares that the account is attributable. Once the file is complete, the identity requirement is settled and you can fund with a local NGN bank transfer or a Visa or Mastercard debit card without the deposit being held up for a document that should have been uploaded first.

Document mistakes that send a verification file back

The most common rejection is not a fake document but an unreadable one, and it is entirely avoidable. Blurred phone photos, a glare across the photo page, a corner of the passport cut off by the frame, or a scan so dark that the machine-readable strip cannot be read will all be returned. The broker needs the full page, all four corners, in colour, with no finger over the number and no reflection from a lamp. If the document has a signature, the signature must be visible. A tidy flat scan or a steady well-lit photo is the difference between a file that clears first time and one that restarts the clock.

The second frequent mistake is a mismatch between the document and the details keyed into the account. A middle name omitted at sign-up, a maiden name still on the utility bill, a date of birth typed with the day and month swapped, or an address written with a different spelling from the statement will all trigger a manual review. The file is checked against itself, so the name on the ID, the name on the proof of address and the name on the trading account must agree. Correct the account details first, then upload, because a document cannot fix a typing error on the profile.

The third mistake is sending a document that has expired or is not the type requested. An expired passport, a driver's licence with no visible expiry, or a proof of address older than the broker's window will be rejected even if the image is perfect. Sending a screenshot of a bank app rather than a statement, or a utility bill in a landlord's name, also fails because it does not prove your address. Read the upload slot before you attach anything: the file type, the freshness and the document category are all specified, and meeting them is faster than appealing a rejection.

What happens to a deposit made before the account is approved

A deposit made before approval is usually received and held, not lost, but it cannot be traded until the file clears. The money sits in the broker's client account and the trading platform stays in a restricted state, so you can log in and see the balance without being able to open a gold position. That is the normal outcome for a local NGN bank transfer or a card payment that arrives while verification is still open. The deposit is not a shortcut past the check; it simply waits. The risk is timing: a market move you wanted to trade can pass while the account is still frozen.

The awkward case is a deposit that arrives with a name that does not match the account, because that is exactly the pattern the check is designed to catch. A transfer from a friend's account, a card in a spouse's name, or a payment from a business account will normally be held for review and may be returned to the source. That is why the funding method should carry the same name as the trading account. Sending from your own Nigerian bank account, or using your own Visa or Mastercard debit card, keeps the deposit clean and avoids a return that can take days to unwind.

A deposit made before approval also affects how quickly you can withdraw, because the first withdrawal usually has to go back to the same source that funded the account. If the deposit was made before the file was complete, the broker may ask for the verification documents again at the withdrawal stage, which delays the payout. The practical sequence is to upload the identity and address documents, wait for the approval notice, and only then fund. That order costs you nothing and removes the chance of a held balance at the moment you want to trade or take profit.

The suitability questionnaire and what your answers actually change

The suitability questionnaire is where the broker records whether leveraged gold is appropriate for you, and your answers change the leverage cap and the warnings you see, not the price of the instrument. Questions about trading experience, income, savings, investment objective and tolerance for loss build a profile. A profile that shows little experience with leveraged products will typically be offered a lower maximum leverage, while a profile that demonstrates relevant experience may be allowed the higher cap available through the offshore entity, up to 1:200. The answers do not change the spread or the swap; they change how much margin the account can command.

The answers also decide whether the broker must show you additional risk warnings or restrict certain features. If you state that you cannot afford to lose the money you are depositing, or that you do not understand that losses can exceed your initial margin in fast markets, the file may be flagged for a further conversation or the account may be opened with a conservative setting. That is not a punishment; it is the broker documenting that it asked. Answer honestly, because a profile that contradicts your later behaviour, such as depositing far beyond the income you declared, can trigger a review.

The leverage figure is a cap, not a setting to aim at. At 1:200 through the offshore entity, a 0.10-lot gold position needs about $85.50 in margin, and that number is useful for planning but should not be read as a target. One review cited 1:30 or 1:20 caps, which conflicts with the 1:200 figure and was not verified at the time of that review, so treat the exact cap on your account as something to confirm in the client area rather than assume. The questionnaire is the place where that cap is set, which is why careless answers are costly.

Proof of address accepted in Nigeria and how fresh it must be

A Nigerian proof of address is normally a utility bill, a bank statement or an official letter that shows your name and your residential address, and it must be recent. The broker's window is typically measured in months rather than years, so a statement from last year will usually be refused even if it is genuine. The document must show the same name and address as the trading account, and it must be a full statement or bill rather than a screenshot or a cropped image. If you use a bank statement, ask the bank for a stamped or electronically generated copy that carries the date and the address.

The accepted categories are the ones that a third party can verify: electricity or water bills, a bank or card statement, a government-issued letter, or a tenancy or municipal document where the broker lists it. A mobile phone top-up receipt, an online shopping invoice or a hand-written letter will not pass because they do not establish residence. The address must be a physical address, not a post office box, and it should match the address you entered at sign-up. If you have recently moved, update the profile before uploading, because a bill for the new address against an old profile address is a mismatch.

The freshness rule exists because an address changes and a stale document proves nothing about where you live now. Keep the document within the broker's stated window, and if you are close to the edge of it, request a fresh statement rather than risk a rejection. The same rule applies at re-verification, when the broker may ask for an address document again after a period of inactivity or a large deposit. A current, clearly dated Nigerian bank statement is usually the simplest document to obtain and the least likely to be queried, provided it shows the address and the name exactly as they appear on the account.

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 is treated as a third-party funding signal, and the deposit will normally be held or returned. The broker's rule is that the funding instrument should belong to the account holder, so a card in a spouse's name, a parent's card used to help a child, or a company card will not clear without explanation. The same applies to a local NGN bank transfer sent from an account that is not in your name. The check is not about the card itself but about who the money belongs to, and a different name breaks that link.

The usual fix is to fund from an instrument in your own name, which for most Nigerian traders means a bank transfer from a personal account or a Visa or Mastercard debit card issued to you. If a card carries a maiden name or a shortened form of your name, the broker may accept it once you provide a document that bridges the difference, such as a marriage certificate or a bank letter confirming the name variant. That is an explanation, not an automatic pass, and it adds time. The cleanest route is to use the name that appears on your government ID for both the account and the funding method.

A mismatch discovered after the deposit has been credited can also affect withdrawal, because the first payout is normally sent back to the original funding source. If the source was a third party, the broker may require the funds to be returned to that same third party and ask you to re-deposit from your own account. That can take days and may involve additional verification. The lesson is to settle the name question before the first deposit: confirm the account name matches the ID, and use a card or bank account that carries the same name, so the funding chain and the identity file tell one story.

Re-verification and why the broker asks for the documents again

Re-verification is a routine refresh of a file that has aged or changed, not an accusation, and it is triggered by specific events rather than by a fixed calendar. A long period of inactivity, a large or unusual deposit, a withdrawal to a new bank account, a change of address, or a new device and location can all prompt the broker to ask for the identity and address documents again. The broker is required to keep its records current, so an old passport or an address document outside the freshness window will be requested afresh. The request is normally made in the client area and by email, and the account may be restricted until it is answered.

The documents requested at re-verification are usually the same set as at onboarding: a government photo ID and a recent proof of address, plus a fresh source-of-funds explanation if the deposit pattern has changed. If your circumstances have changed, such as a new job, a new address or a new source of income, say so when you upload, because the file should reflect the current position. Ignoring the request is the worst response, since a restricted account cannot trade and a pending withdrawal may be paused. Answering promptly with clear, current documents restores the account to normal.

Re-verification also protects you, because it is the moment when a broker confirms that the person operating the account is still the person who opened it. If you have changed your name, moved house or started using a different funding account, the refresh is where those changes are recorded. Keep your contact details current so the request reaches you, and keep a folder of recent documents ready. The cost of a little housekeeping is small compared with a frozen account during a gold move, and a file that is already current is far less likely to be pulled for review at an inconvenient moment.

Changing an address or a name on an approved account

Changing an address or a name on an approved account requires a formal request with supporting documents, and it is not something you can edit freely in the profile. For an address change, the broker will normally ask for a new proof of address in your name, dated within its freshness window, showing the new address. For a name change, it will ask for a government document that bridges the old and new names, such as a marriage certificate, a court order or an updated passport. The request is reviewed, and the account may be briefly restricted while the change is processed. Do not simply overwrite the profile field, because the file and the profile must agree.

The reason for the formality is that the account is tied to a verified identity, and a name or address change alters the record the broker is required to keep. A change of address can affect the country of residence and therefore the entity that serves you, so the broker needs to confirm it rather than assume it. If you move within Nigeria, the change is usually straightforward with a new utility bill or bank statement. If you move abroad, the account may need to be reassigned or closed depending on the entity's permissions, so ask before you move rather than after.

The practical sequence is to contact support first, ask exactly which document they will accept for the change, and upload only that. A clear covering note explaining the change, with the old and new details, speeds the review. Until the change is approved, keep using the old details for any pending withdrawal, because a payout sent to an address or name that has not yet been updated can be held. Once approved, confirm that the profile, the identity file and the funding instruments all show the same current information, so the next re-verification is uneventful.

The politically exposed person declaration and what answering yes changes

A politically exposed person declaration asks whether you hold, or have held, a prominent public function, or whether you are closely associated with someone who does. The category covers heads of state, senior politicians, senior government officials, judges, military officers of senior rank, state-owned enterprise executives and their immediate family members or close associates. Answering yes does not close the account; it places the relationship in a higher-risk category, which means enhanced due diligence. The broker will ask for more information about the source of your funds and may require senior management approval before the account is opened or a large transaction is processed.

Answering yes honestly is safer than answering no and being found out later, because a false declaration is a serious compliance issue and can lead to the account being closed. The enhanced checks are not a judgment on your character; they are a legal requirement that applies to a defined group of people. In practice, a yes answer may mean a longer onboarding process, additional questions about your income and wealth, and more frequent reviews. The trading itself is not prohibited, and the instrument, gold (XAU/USD), is available on the same platforms, but the file is monitored more closely.

If your circumstances change, for example you are appointed to a public role or a family member is, you should update the declaration rather than leave a stale answer on file. The broker relies on your statement, and a later discovery of an undeclared public role can trigger a re-verification and a review of past transactions. The declaration is part of the same identity file as your passport and proof of address, so treat it as a living record. A clear, honest answer at the start saves a difficult conversation later and keeps the account in good standing.

The source-of-funds question and what an acceptable answer looks like

The source-of-funds question asks where the money you are depositing came from, and an acceptable answer is a specific, documentable origin that matches your profile. Salary from employment, savings accumulated over time, proceeds from the sale of an asset, a inheritance, a pension or a business profit are all ordinary answers. The broker wants a short explanation plus a document that supports it, such as a payslip, a bank statement showing the accumulation, a sale contract or a tax record. The answer must be consistent with the income and savings you declared in the suitability questionnaire; a deposit far beyond your stated income is what triggers the question.

A weak answer is a vague one, such as saying the money is from savings without showing the account where the savings built up, or naming a source that the documents do not support. The broker is not asking for your whole financial history, only for enough to show that the funds are legitimate and belong to you. If the money came from a Nigerian bank account, a statement covering the relevant period is usually sufficient. If it came from a sale, a simple contract or receipt helps. Keep the explanation short and attach the document, because a clear file is processed faster than a long narrative.

The question can also arise at withdrawal or at re-verification, not only at the first deposit, particularly if the pattern of deposits changes. A large lump sum after a period of small transfers, or funds arriving from a new source, will prompt a fresh look. The same principle applies: name the source, attach the document, and make sure the name on the source matches the account. If you cannot document a source, do not deposit it into a trading account, because the funds may be held and the account reviewed. Legitimate, documented money is the only kind that moves smoothly through a gold account.

checked 2026-07-09 · fxscouts.ng/broker/fxpro; forextrading.ng/best-forex-brokers; fxpro.com/about/licences