Metatrader 5 account verification

[mpslabour]

Has anyone experienced their trading account having to be verified due to inactivity?

[Michael Charles Schefe]

mpslabour:
Has anyone experienced their trading account having to be verified due to inactivity?

i know that my broker disables any account, both live and demos - that had 0 activity on it for a period of time. I can still see the account in my brokers portal, and even log in via MTX, but can not deposit or withdraw until I have contacted the broker and posted proof of identity again. But for demos it is just a matter of asking them in chat to enable it again.

afterthought: I was told that archiving the account after XXX days of inactivity is a legal requirement in Australia, however, i can imagine that this could be a policy among all brokers.

[Miguel Angel Vico Alba]

mpslabour:
Has anyone experienced their trading account having to be verified due to inactivity?

Beyond the fact that the account has been deactivated for inactivity (this usually happens if you have a zero balance), I interpret that what you really want to know is why you are being asked to verify yourself.

That usually happens in cases of inactivity or when the national identity card (the one you sent when you opened the account) has expired over time.

In any case, even if it is cumbersome for us, it is a security measure that benefits us and in my opinion gives added value to the broker in question.

[Miguel Angel Vico Alba]

Revo Trades #: afterthought: I was told that archiving the account after XXX days of inactivity is a legal requirement in Australia, however, i can imagine that this could be a policy among all brokers.

Yes, I suppose they would tell you Australia in reference to where they are from and why they should do things, but it really is something that goes beyond the nationality of the broker and in many places around the world it is also for security reasons (as well as technical because it frees the server to monitor the account 24/7 and send daily/monthly reports which in some brokers are sent even if there is no activity in the account).

[mpslabour]

Thanks - has anyone been asked to pay to have their MT5 account unfrozen or verified?

[Fernando Carreiro]

mpslabour #:Thanks - has anyone been asked to pay to have their MT5 account unfrozen or verified?

That is a scamming tactic. Find a reputable broker — https://www.mql5.com/en/forum/446683

EDIT: And contact the authorities and regulatory agency.