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Identity verification (KYC)

KYC (Know Your Customer)

Firm terms

Definition

The process by which the firm verifies your identity before paying you: an ID document, proof of address, and usually a selfie video. In most prop firms, it comes after passing the evaluation or before the first payout, and without it, there is no payout.

Detailed explanation

Three recurring issues for traders in Israel: a name that doesn't exactly match between the account, document, and bank account; proof of address that is too old or an address in Hebrew that the system doesn't recognize; and an identity verification system that doesn't get camera permission. A consistent name across all platforms saves most problems. It's best to complete identity verification as soon as it's available, not on the day you want to withdraw. For some firms, verification is done by the payment platform, not the firm itself.

An example from the prop world

At FTMO Futures, after passing the evaluation, there is a results review of one to three business days, followed by identity verification (KYC) with FTMO Identity, usually in less than one business day. The proof of address must be no older than 6 months.

How it works at the firms on this site

Based on the rules listed on our firm pages. Rules get updated, so check the firm's page before buying.

W-8BEN form

A US tax form where a non-US resident declares this to a US entity that pays them. In some prop firms, it is filled out before the first payout, and a trader from Israel marks their status as a foreign resident.

Payout methods

The ways a prop firm transfers profit to you: payment platforms like Rise or WorkMarket, international bank transfer, Wise, PayPal, or crypto. Each method has its own transfer time and fee, and not every method is available to Israeli residents.

Rise payment platform

A payment platform through which several prop firms pay traders. You open an account and complete identity verification, the firm transfers the payout to it, and from there you transfer to a bank or crypto wallet.

Funded account

The account you get after passing the evaluation. At most firms it's still a simulated account, and its profits are paid out under the firm's payout rules.

Renewal

An action that happens automatically every month (or every 30 days), meant to extend the evaluation account's subscription and ensure continuous access so you can keep trading.

Reset

An account reset is a manual action meant to return the trading account to its original starting state by restoring the balance and restarting progress.