Mitrade EU, a CFD trading platform licensed by CySEC, is making strides in digital transformation to improve market access. The platform has introduced a paperless Know Your Customer (KYC) process. This shift enhances efficiency, reduces paper use, and complies with regulatory requirements. It aims to make onboarding more intuitive for new investors and aligns with global sustainability trends.

The company has also implemented an Excess of Loss Insurance Policy through Lloyd's of London. This adds an extra layer of protection for retail traders, complementing existing security measures. As a result, Mitrade joins other brokers offering additional capital protection alongside regulatory safeguards.

Mitrade Digital KYC Reduces Paper Use, Streamlines Onboarding

"The future of trading is digital, and as a CFD broker, we are committed to enhancing onboarding with a digital KYC process that supports a greener future," said Kevin Lai, Vice President of Mitrade Group. "Through technology, we elevate trader experience while following the regulatory requirements."

Traditionally, opening a CFD trading account involves extensive documentation and manual verification, which can take days or even weeks. According to The Fintech Times, KYC procedures for corporate clients account for up to 40% of operational budgets in the financial industry. In 2024, Europe produced 77.8 million tons of paper, highlighting the environmental impact of paper-heavy processes.

Onboarding with Real-Time Digital Verification

Mitrade’s move to digital KYC modernises the onboarding process. By integrating digital identity verification, traders can complete authentication in real time from any device. This reduces paperwork, cuts down on administrative work, and ensures security while meeting due diligence requirements.

By eliminating manual KYC processes, Mitrade can reallocate resources to improve trader services, enhance platform features, and tighten spreads. This move supports a trader-first experience.

As digitalisation continues to reshape financial markets, Mitrade’s approach reflects the industry's shift toward more sustainable and inclusive practices in CFD trading.