It’s a legal requirement that we verify all our clients’ identities before we can open a trading account for them, so we’ve tried to make this as easy as possible. Providing us with a photo of your ID document – and of your face – during sign-up allows us to quickly confirm your identity without compromising on security. This enables us to get your account up and running more efficiently.
The images of your face and ID document, along with the other personal details you provide as part of your application, are used to verify your identity. We check your name and address against credit reference agencies and use your ID document and selfie to verify who the person applying for the account is. This is a basic legal requirement for financial services providers like CMC Markets, and all banks.
Our identity checks are powered by Onfido, who handle the identity verification process for us. Onfido processes photo ID and facial biometrics to provide an expert, globally-recognised identity verification service. Once the checks have been completed, your personal data is stored securely on our systems. Please see our privacy policy for more information on how we store your data.
We start processing your application and, if we have all the information needed and you meet the requirements for a trading account, your application is approved. Sometimes we might need a bit more information from you in order to approve your application after you’ve submitted your details and finished the application process. If this is the case, we’ll email you to let you know what you need to do next.
The identity verification check doesn’t affect your credit rating. It leaves an ‘Identity Generic (IG) Footprint’, also known as a ‘soft footprint’, on your credit file. This footprint isn’t visible to lenders and you’ll only see it if you ask one of the credit bureaus for your credit file.