Verification of the account, also referred to as KYC verification: Know Your Client ( KYC) is a standard and mandatory step that all financial institutions need and must follow.
The verification step can be completed when on the funded stage – Funded stage of 1,2 or 3 Phase challenges, Lightning account or when on the Instant Funding account.
It must be completed as soon as you are on the funded stage, before requesting a payout.
In order to pass the KYC verification with FXIFY, you will need to provide several forms of documentation through our verification system, SumSub.
The following documents are required to successfully verify your FXIFY Account.
It can be your
- National ID or Driver’s license. Front and back side of the document.
- Passport: Picture showing clearly both pages of the passport.
The image must be clear, easily read-able, in color, not light-stricken, all 4 corners and sides must be clearly visible in the image. Of course, must be a valid document (not expired).
- It can be a utility bill (such as Internet bill, water, electricity, gas, landline phone)
- Bank or credit card statement which can also be a PDF File from online banking (must show transactions)
- TAX invoice or government-issued residential statement/certificate (it must be signed and/or stamped by the Town Hall/Municipality).
This document must be:
- Issued in your name
- Showing your address (same as on your FXIFY account)
- Issued within the last 3 months, recently issued (not older than 3 months)
- Must show the name/logo of the issuing authority (example: If you are to provide a bank statement, the bank’s name and logo must be shown on the document)
- A live likeness image (usually a selfie)
Selfie image while holding your proof of ID document close to your face – the same document you will submit for verification.
We don’t accept:
– screenshots or scanned documents
– mobile phone bills
– medical bills
– receipts or insurance statements
– expired documents
Alternatively, you can use your ID document as proof of address, if it contains your full home address. But you will need to provide another ID document as your proof of identity.
Important Notes:
- Please do not attempt to upload fake documents as this will result in the risk of losing your accounts with FXIFY™ and failure to issue new accounts.
- In some cases, additional documentation may be required.
- All withdrawals are processed via RISE which means, KYC verification will be also be required to be done with RISE Work Solutions. The above documents, if accepted on SumSub, should also work with RISE since these are standard guidelines.
- You can always contact our support team via our live chats or email to support@fxify.com for further assistance.
- If you are wondering what happens if you cannot verify your account, you can always check by clicking on this link: What if I cannot get verified?
An underpayment is basically when a purchase via Crypto is done. The crypto sent do not amount to the actual cost value.
Example: 1-Phase, $5,000 balance costs $59. Trying to pay via crypto and due to the crypto exchange and how volatile Crypto are, we receive the crypto but their value now is less than $59
In such scenarios, the Crypto transfer is being sent back to the wallet it came from*.
A new purchase can be attempted – just make sure for the crypto to amount the respective value of the account to be purchased.
*Potentially less crypto may be received as the blockchain has fees for processing crypto transfers. These are not in FXIFY’s control and we cannot be held liable for any losses that may occur.
At FXIFY™, traders can select Raw Spreads accounts when they are customising their account during checkout.
Traders get to enjoy raw spreads close to 0 with a $6 per lot RT commission. Spreads on popular pairs such as XAUUSD, EURUSD and USDJPY go close to 0 during London and New York sessions.
Raw Spreads
Commissions – $6/lot for FX, Index CFDs, Metals, 0.35% RT for stock CFDs
FXIFY™ Performance Protect is a unique feature designed to safeguard our funded traders’ accounts in the event of a drawdown breach. This prop trading add-on provides account protection, enabling our funded traders to preserve their remaining trading gains and request a payout based on the agreed performance split, even in the face of a drawdown breach.
This innovative solution proves to be particularly advantageous for traders who have accumulated substantial trading gains and seek to safeguard them against potential drawdown breaches. With FXIFY™ Performance Protect, traders can confidently navigate the market, knowing that their hard-earned gains are protected and that they can continue to benefit from their trading success, regardless of any temporary setbacks.
Calculation Example of FXIFY™ Performance Protect:
To illustrate how FXIFY™’s Performance Protect add-on works, let’s consider a hypothetical scenario. Here’s what you need to know:
- Starting Balance: $100,000
- Highest Equity Reached: $130,000
- Daily Drawdown (DD): -$6,500 (5% DD breached)
Ending Balance: $123,500
Without Performance Protect, the trader’s funded account would be closed, and all existing gains would be forfeited. This is not the case with FXIFY™ Performance Protect.
With the Performance Protect add-on, the trader can request a payout of the remaining gains, in this case, $23,500, which will be distributed accordingly based on the agreed-upon performance split. This not only saves the trader from losing all their hard-earned profits but also provides a safety net in the event of adverse market conditions.
How to Purchase FXIFY™ Performance Protect:
FXIFY™ Performance Protect is offered as an add-on to all prop traders of FXIFY™. This add-on can be added at checkout upon choosing your FXIFY™ assessment, pricing at just an additional 15% of the assessment fee. It’s important to note that the add-on must be purchased during your FXIFY™ assessment checkout and cannot be acquired separately upon advancing to the funded stage. By making a thoughtful decision from the start, you can safeguard your trading gains and benefit from them in your funded stage.
You are free to use different IPs and different devices.
We only look out for multiple accounts using the same IP, and even then, we’d reach out and ask for clarification as to why.
It’s normal for IPs to change, and normal for people to use different devices. This isn’t a violation with us.
Multiple accounts using the same IP can be an indication towards prohibited activity, such as account management services and the alike.
Please note that even though our rules around IP’s are flexible, we also look at CID which is a computer ID. This is an ID that is tied to a specific device. If multiple users are attached to the same CID, this could raise concerns for us related to prohibited trading activity/account management/KYC issues.
