Why are you asking how to open a forex account? Did you try the demo already?
DON’T LIE! You probably tried a demo once on a single trading platform.
Come back to read this when you can say that you have experience of at least 3 different trading platforms’ demos.
IT IS FREE! WHY DON’T YOU TAKE ADVANTAGE OF IT!?
This might be the only thing that brokers will offer you for free! SEIZE THE MOMENT!
Do you remember when you were a child, you never said no to free candy!
Ok, we will assume that you are smart and you already did all of the above! Here are the steps to opening a real trading account.
First, you need to select an account type.
Then the registration comes in line.
In the end, the broker will activate your account.
Which Type of Account Should I Choose?
Before, if you wanted to open a forex trading account, you’d also have to choose whether you wanted to open a “standard” account, a “mini” account, or a “micro” account.
At the present, most brokers have already updated their systems and adapted them according to the clients’ needs, allowing you to trade custom lots.
This gives you great flexibility, as you won’t have to trade bigger than you’re comfortable with.
DON’T FORGET THOUGH: Always read the fine print.
Some brokers can offer the option of a “managed account” in their application forms.
But pick this option only in case you want the broker to trade your account for you.
Additionally, opening such an account will require a huge minimum deposit, usually around $25,000 or higher. Plus, the manager will also take a piece out of your profits.
And please be sure that you have put your glasses on and you have opened a forex SPOT account and not a forwards or futures account.
Here comes our “favorite” part of living on the Earth. Every human being has done the paperwork for at least a couple of different institutions.
In order to open an account, you will need to submit the paperwork first.
Of course, if you decide to open accounts in more than one trading platform, don’t think that you will give the same paperwork for each of them.
The forms usually come in PDF format.
But most importantly familiarise yourself with all the associated costs, if you don’t want to be disappointed when the bank takes a significant portion of your trading capital as a fee for a bank wire transfer.
Once you completed all the steps mentioned above, you will receive an email with further instructions.
After you complete this as well, your broker will send you a final email with your username, password, and instructions on how to fund your account.
So now fasten your seatbelt, log in and start trading.
Let us remind you that if this is your first time trading real money, you should consider how much you want to risk.
Even if all your trades in demo trading become profitable, you still should be extra cautious when you have real bucks on the line.
The golden rule is to never get too comfortable. There are always more things to learn and practice.