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Onboarding requirements — GC Exchange Limited

GC Exchange Limited is authorised and regulated by the UK Financial Conduct Authority (FRN 828730) and provides FX and CFD products. The documents required to onboard differ for corporates and individuals, and are set out below.  Please note tha these will be requested during the onboarding process and as part of the onboarding questionnaire which the GCEX Compliance Team will share via email.

Requirements for onboarding Corporates in the UK

  • Company needs to have/obtain LEI number before onboarding
  • Test to qualify a client*
  • Articles of Association
  • Certificate of Incorporation
  • Shareholder Register
  • Director Register
  • Source of Funds
  • Source of Wealth
  • Recent Business Bank Statement (not older than 3 months)
  • 1x ID on behalf of
    • Beneficial owner(s) owning more than 25% of the company; and
    • Authorised individual(s)
  • 1x proof of address on behalf of
    • Beneficial owner(s) owning more than 25% of the company; and
    • Authorised individual(s)
  • Corporate Resolution Form confirming authorised individual(s) (GCEX form)
  • FATCA Form (GCEX form)
  • AML Questionnaire (for financial institutions)

*Under MiFID II rules, the quantitative and qualitative tests are used when a firm assesses whether a client (especially a local authority or retail client) can be re-categorised from a retail client to an elective professional client.

  • The qualitative test focuses on the client's knowledge, expertise, and experience in the financial sector. The firm must take reasonable steps to ensure that the client is capable of making their own investment decisions and understands the risks involved in the transactions or services being considered.

  • The quantitative test for MiFID business requires clients to meet at least two specific numerical criteria. These criteria include executing a certain volume of transactions in significant size on the relevant market, having a financial instrument portfolio exceeding €500,000, or having at least one year of professional experience in the financial sector that requires knowledge of the relevant transactions or services.

Requirements for onboarding Individuals in the UK

  • Proof of identity
  • Proof of address not older than 3 months
  • FATCA Form for individuals (GCEX form)
  • Test for individuals*

*To pass the quantitative test, an individual must meet at least two of three criteria related to trading activity, portfolio size, or relevant professional experience. These criteria are:

    • Executing significant size transactions on the relevant market with an average frequency of 10 per quarter over the past four quarters.
    • Holding a financial instrument portfolio (including cash) exceeding €500,000.
    • Having at least one year of professional experience in the financial sector in a role requiring knowledge of the services or transactions considered.