Short guide to Darwinex's account application.
The Markets in Financial Instruments Directive (MiFID) 2004/39/EC requires firms to verify the identity and residence of their customers. During the application process, you'll be asked to fill in questionaires and upload documents.
Only users wo've passed the application process can open live trading accounts, live investor accounts and create DARWINs.
1. Before starting your application
Before starting your application, be aware of the following points.
- A Darwinex account is associated to a public username that cannot be changed. Be careful when choosing your username!
- A Darwinex account can be held in only one currency which then needs to be the currency of all trading accounts opened from this Darwinex account and must also be the currency of the investor accounts. The account currency cannot be changed. Darwinex accounts may be EUR, GBP or USD denominated.
- The minimum first deposit for individual / joint accounts is 500 EUR, GBP or USD while the minimum first deposit for corporate accounts is 10,000 EUR, GBP or USD.
- We don't offer swap-free (Islamic) accounts.
Residents of the following countries will not be able to apply for a Darwinex account as we're not allowed to provide brokerage and investment services to them.
Afghanistan, American Samoa, Bahrain, Barbados, Belarus, Benin, Bolivia, Bosnia & Herzegovina, Burkina Faso, Burundi, Cambodia, Cape Verde, Central African Republic, Congo (Zaire), Cote D'ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Egypt, Eritrea, Ethiopia, Grenada, Guam, Guinea, Guinea-Bissau, Haiti, Iran, Iraq, Japan, Kenya, Laos, Lebanon, Lesotho, Liberia, Libya, Macao, Macedonia, Mali, Maldives, Marshall Islands, Mongolia, Montenegro, Mozambique, Myanmar/Burma, Namibia, Nepal, Niger, North Korea (Democratic People’s Republic of Korea), Northern Mariana Islands, Pakistan, Palau, Palestine, Panama, Paraguay, Puerto Rico, Saint Lucia, Samoa, Sao Tome And Principe, Sierra Leone, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Tajikistan, Tanzania, Trinidad and Tobago, Tunisia, Uganda, US Virgin Islands, USA, Vanuatu, Venezuela, Yemen, Zambia, Zimbabwe.
2. How to initiate the application process
Once logged in, you can start the verification process from the URL darwinex.com/mifid.
Please note that once an account gets verified, it is not possible to change the owner of the account, nor is it possible to transform an individual account into a joint or a corporate account.
During the application process, you'll be asked to perform the following 3 tasks:
- Fill in a questionnaire asking for personal information.
- Fill in a questionnaire abour your financial solvency and knowledge.
- Upload the documents specified in section 4 of this article.
After having performed them, you'll receive and email notification about your application's status within 1 business day.
3. What to do to open a joint account
Individuals opening a joint Darwinex account must also have a joint bank account for depositing and withdrawing monies.
To open a joint account, please choose "Individual account" when asked to select your account type.
Afterwards, please introduce the name and address of both / all account holders in the Name, Surname and Address fields.
When asked to upload documents, please upload the documents of both /all account holders.
4. What documents are required for account verification?
In the last steps of the verification process, you'll be asked to upload the following documents through a secure system.
Individual / joint accounts
- We need a valid copy of the Passport / ID / driving license of the account owner(s) (please make sure you provide the backside in case of ID and driving license).
- A valid proof of residence (e.g. bank statement, utility bill, etc.) less than 3 months old so we can verify the current address of the account owner(s).
Spanish residents must also provide the CNMV declaration (downloadable from the user’s own profile) duly signed.
British citizens must also provide a document to verify their UK National Insurance number.
- Legal Entity Identifier (LEI)
- Memorandum and Articles of Association
- Copy of register of Shareholders
- Copy of Register of Directors
- Proof of Registered address (original utility bill or bank statement displaying the Company’s Name and Registered Address dated within the las t3 months
- Proof of Operating address (original utility bill or bank statement displaying the Company’s Name and Registered Address dated within the last 3 months)
- ID and Proof of Address for:
- --- All active Directors
- --- Shareholders/Beneficial Owners with a holding of 25% or more
- Business certificates (if any)
- Copies of last year’s audited accounts and auditors’ report
- Power-Point presentation on nature of business, products/services offered, types ofcustomers served (individuals/companies, nature of their business/occupation)
Wondering whether it's worth applying for a Darwinex account? Here are the key points we think retail traders need to consider before deciding to trade with any broker.