Due diligence · Rookie
Know your customer
Also searched as: KYC, identity verification
What does Know your customer mean?
Know your customer, or KYC, is an identity-verification process used in financial and trading services. A prop provider may require verification before issuing an agreement or paying rewards.
Example
A trader completes an identity check after passing the evaluation.
Illustrative example; not a provider’s quoted offer.Why it matters for prop traders
Completing KYC does not establish that the provider or product is regulated or that every payout condition is met.
Sources and further reading
The following primary sources support the terminology. Provider rules describe their own products and may change.