Glossary
KYC
KYC, short for know your customer, is the process a prop firm uses to confirm a trader's identity before issuing a funded account or paying a reward.
What it means
A typical check asks for a government ID, a selfie or liveness check, and sometimes proof of address. The verification provider compares the documents with the person and screens them against sanctions lists. Many prop firms run KYC once a trader passes the evaluation rather than at purchase, because that is when money starts moving from the firm to the trader.
KYC also enforces a firm's rules on restricted countries and on one person per account. Firms usually pay per verification, so the point at which they run it affects cost. Traders should verify with the same name used at checkout and for rewards, since a mismatch can delay the first reward.
Worked example
Illustrative case: a trader passes a two step challenge. Before the funded account is issued, they upload a passport and complete a selfie check. The name matches the one used at checkout, the country is accepted, and the firm issues the funded account.
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