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How to open an investment account: documents, verification and timing
What you need to open an online investment account, the identity and address checks, why verification can take days and what to check before you deposit.
In short
- Opening an investment account is mostly identity checking: a registration, a questionnaire, then proof of identity and proof of address.
- Delays usually come from blurry, cropped or expired documents and from names or addresses that do not match.
- Before depositing, check who the firm is, what it costs and how you will be taxed: opening the account is the easy part.
What does a broker ask for when you open an account?
Online brokers in the EU must identify their clients and assess whether a product is suitable for them. In practice you will be asked for the same few things almost everywhere:
| Step | What happens | What to have ready |
|---|---|---|
| 1. Register | Email, username and password, and acceptance of the terms | A valid email address |
| 2. Personal details and questionnaire | Name, address, date and place of birth, tax or ID number if requested, and questions about your knowledge and experience | Details exactly as on your documents |
| 3. Phone check | A code sent by SMS | A mobile number you can use |
| 4. Proof of identity | A photo or scan of a passport or ID card | A valid, readable document |
| 5. Proof of address | A recent bill or statement with your name and address | A document dated within the last few months |
| 6. Review | The firm checks the documents; this can take days | Patience, and an inbox you check |
| 7. Deposit | You choose a payment method and add money | Only after you have checked costs and risks |
Why does verification sometimes take days?
- The document is hard to read: cropped corners, glare, low resolution or a photo taken at an angle.
- The document is expired or does not show everything required, such as the expiry date.
- The details do not match: a different spelling of your name or an old address.
- The proof of address is too old or is a type the firm does not accept.
- Volume: checks are reviewed by people, and busy periods are slower.
Scan documents flat against a contrasting background, with all four corners visible, and enter your details exactly as they appear on the documents.
What should I check before I deposit?
- Who is the firm? Follow the steps in how to check if a broker is authorised.
- What does it cost? Read the fee table for the products you plan to use: see broker fees explained.
- What about tax? A broker in another country may not withhold tax for you: see taxes on investing with a foreign broker.
- How will I take money out? Check withdrawal methods, costs and minimums before you add money.
- Can I practise first? Many platforms offer a demo mode: read what a demo account teaches and what it does not.
A concrete example: opening an eToro account
Data from eToro's official help and verification pages, checked on 5 October 2026. They can change: verify on the site before you start.
- Who can apply: adults (18 or over) who live in a country where eToro offers its services, with an email address and a mobile phone number.
- Registration: eToro describes a username, email and password, acceptance of the terms and email verification.
- Personal details and questionnaire: your details must match your documents, and you answer investment knowledge assessments.
- Phone: verification by SMS code is part of the mandatory process.
- Proof of identity: a valid passport or both sides of a government-issued ID card; a passport is the quickest to process, according to eToro.
- Proof of address: dated within the last 3 months. Accepted examples include utility bills, bank or credit card statements and municipal or tax letters, and documents in your local language are accepted. Mobile phone bills, receipts and handwritten documents are not.
- Timing: eToro says verification can take a few days, and that you do not need to open a support ticket to ask about it.
- Deposit: methods depend on your country; check the minimum and the costs of the one you choose, including currency conversion. See depositing euros on eToro and what conversion costs.
Registering does not oblige you to invest, and every product has costs and risks you should read first. If you want to look at the process on the platform, you can open eToro through my affiliate link. I earn a commission if you open an account: read the disclosure.
Capital at risk. The value of investments can go down as well as up, and you may lose some or all of the money you put in. Copy trading and Smart Portfolios do not remove this risk and are not investment advice. Past performance is not a guide to future results.
Frequently asked questions
How long does it take to open an investment account?
Registration takes minutes, but verification depends on the firm and on the quality of your documents and can take days. Do not plan a trade around a verification date.
Do I need a minimum deposit to open an account?
It depends on the broker and the payment method, so check the minimum before you start. A minimum to open the account is different from the minimum size of a single trade.
Which documents do I need?
Usually a valid photo ID, such as a passport or national ID card, and a proof of address such as a recent utility bill or bank statement. Check which documents the firm accepts.
Why does the broker ask about my experience?
Regulated firms must assess whether a product suits you, especially complex ones. Answer honestly: the answers can decide which products are available to you.
What do I need to open an eToro account?
According to eToro, you must be at least 18, live in a supported country and have an email address and a mobile phone number, then verify your identity and address.
How long does eToro verification take?
eToro says the process can take a few days and that you will be notified. Rejected documents come with an explanation by email.