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A comment on Tell HN: Instagram demands I send a picture of myself to prove I own my account. Parent comment

Re:Tell HN: Instagram demands I send a picture of myself to ... by malux85 on Monday June 20, 2022 @05:19PM (#31816112)
So KYC them when you onboard them, NOT when they try to withdraw.

“Oh no, that might hurt our signup and trading figures?! “

Well, DUH, but anything to fudge the numbers right?!

Maybe if they make withdrawals even more difficult a percentage of users will abandon and then our assets under management numbers look better.

This is exactly what’s happening, stop forgiving the dark pattern behaviour under the guise of compliance.

[ Parent | on HN ]
Re:Tell HN: Instagram demands I send a picture of myself to ... by EVa5I7bHFq9mnYK on Monday June 20, 2022 @06:19PM (#31816889)
That's why you should always start with small amounts, deposit $10, withdraw $10. If it works, repeat with $100 etc. Never keep large amounts there, withdraw as soon as trade is complete.
[ Parent | on HN ]
Re:Tell HN: Instagram demands I send a picture of myself to ... by DakotaR on Monday June 20, 2022 @08:23PM (#31818114)
Alternatively, use a brokerage that's been around for decades and doesn't employ these dark patterns.
[ Parent | on HN ]
Re:Tell HN: Instagram demands I send a picture of myself to ... by abawany on Tuesday June 21, 2022 @01:13AM (#31820153)
I agree, though these can deteriorate too. I've been with Vanguard for a while but was astounded as to how much the site and the customer support had degraded. Kind of worried about them but not enough to take a capital gains hit likely necessary to transfer the funds.
[ Parent | on HN ]
Re:Tell HN: Instagram demands I send a picture of myself to ... by smaccona on Tuesday June 21, 2022 @08:19AM (#31822974)
You can probably do an in-kind transfer (see [0] and the 4th FAQ at [1]) to another brokerage with no capital gains hit because you’re not actually selling the asset.

[0] https://finance.yahoo.com/news/kind-transfer-134617847.html [1] https://investor.vanguard.com/account-transfer/other-transfe...

[ Parent | on HN ]
Re:Tell HN: Instagram demands I send a picture of myself to ... by aarbor989 on Tuesday June 21, 2022 @08:06AM (#31822920)
You can do an in-kind transfer to move the assets over to a new firm without having to sell first. Definitely works for cash, stocks, mutual funds, and bonds. Not sure what else you can do it for
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Re:Tell HN: Instagram demands I send a picture of myself to ... by heavyset_go on Wednesday June 22, 2022 @06:51PM (#31842907)
You don't need to liquidate and realize capital gains.
[ Parent | on HN ]