It is easier to get a loan than to open an account

“It is easier to get a loan than to open an account”

Written on: 25/01/2013

I filled out the paperwork online. Talked with these guys online but they demanded so much paperwork to open an account - guarantor signature, copies of drivers license, passport, etc. etc.

I told them that I don't waste time trying to open an account unless I know it is worth it. So I asked them to give me the transaction exchange rates (selling and buying) if I was going to trade today (with no commitment) in order to estimate the spread. O, boy, they would not give me the rates; talked with the agent's supervisor, and the supervisor's supervisor. No luck. The only reason I can think of is that their rates must be terrible.

I am not spending hours opening an account and then finding out how bad their rates are.