stock-optionsI am creating a trading platform for stocks.
I want users to be able to buy and sell their stocks in the platform.
In most sites that i visited i saw that if a user wants to buy stocks through the site, the site requires many details such as id, address, income, and much more.
I want to create a platform that requires minimal details from the user.
If i invest in stocks for the user why would i need so much information about him?
What is the minimal information that i need from the user that wants to buy stocks using my platform?
Assuming you are in the US, it is because of legal issues of course.
Although what you propose is doable, it is far from easy.
You probably thought about this, but a few points:
Since you will be holding people’s money before they buy and after they sell you will likely need to be registered with at least one government banking agency.
Since you will be an intermediary for buying and selling stock you will have to register with the appropriate securities agency. How will you fulfill the orders?
I suggest you get a lawyer versed in setting up securities companies as there are a lot of loops you’ll have to jump through. At least in the US.
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