®TheTradingBible.com

Why brokers ask for a photocopy of your credit card?

Updated Jan 31 2021

Why brokers ask for a photocopy of your credit card?

Brokers request a photocopy of your credit card to ensure that the card exists physically and it belongs to the person using it. This also gives brokers a layer of protection against malicious users that try to deposit, trade quickly, lose the funds and then ask for a chargeback to their credit card provider.

By having a photocopy of your identity documents along with a credit card they are sure that the transactions belong to the person in question and are not disputable.

Safety precautions when sending a photocopy of your credit card

In order to safely send a photocopy of your credit card to your broker, ensure that you’re sending it through:

An official contact email address belonging to the domain of your broker, for example, any email address belonging to our company will always end in @thetradingbible.com, that’s because it belongs to our domain.

To send the copy of your credit card you can always use a phone camera it’s the simplest method. Make sure that you cover certain parts of your credit card as described below:

Credit Card Front Example
Credit Card Back Example

Bear in mind that you should never send a copy of your credit card to any questionable organisations such as unregulated brokers, there’s no telling what they can do or cannot do with your personal information.

If you happened to send your credit card to a questionable destination, we heavily recommend that you cancel that card for your own safety.

Why brokers ask for a photocopy of your credit card?

Author

TheTradingBible.com

Introduction to Trading

Free Mini Course!

Beginners Trading Course

Learn More

Top Online Brokers

1

Plus500

72% of retail CFD accounts lose money.

2

eToro

67% of retail CFD accounts lose money.

3

Capital.com

67.7% of retail CFD accounts lose money.

Spread the love by sharing our content!

By using TheTradingBible.com's website you agree to the use of cookies.

Editor's Choice

Trade with an FCA Regulated Broker

Try Demo

72% of retail CFD accounts lose money.

Trade with an FCA Regulated Broker

Editor's Choice

Try Demo

72% of retail CFD accounts lose money.

Trade with an FCA Regulated Broker

Install App

72% of retail CFD accounts lose money.