2.12 Opening a Forex Trading Account

 
A forex trading account can be easily opened on the website of the chosen FX broker. Requirements vary from broker to broker and also depend on the country of the applicant trader. However, here are the usual steps needed to open a FX trading account:
 
  1. Keep documentation ready. Documentation requirements vary from broker to broker but you might need scanned copies of some or all of these.
       
    • Identifying documents – such as passport, drivers’ license, voter card or other identity proof.
    •  
    • Proof of residence – such as Credit Card statement/ Electric bill/Mortgage bill/ Driver’s license/Telephone bill/ Current lease agreement/Bank statement.
  2.  
  3. Select the type of account. This might be either a personal or corporate account. Some brokers have other classifications such as ‘active trader’ or ‘micro trader’, and account funding requirements differ depending on this. Select the option that suits you. Ensure that you do not select a ‘managed account’ – this is the best way to hand over your hard-earned money to strangers of unknown ability and integrity! Lastly remember not to enroll for a ‘futures’ account – you need a ‘spot’ trading account. Select the option on ONLY spot trading.
  4.  
  5. Provide the other information that is required in the form. This could be employment background, financial status, trading profile, and tax applicability.
  6.  
  7. Agreements.  These are various agreements you may be required to sign off on. Please keep copies of all of these and of course go through every comma and full-stop here!
  8.  
  9. Activation. Once all the paperwork is complete the broker may take a while to respond via one or more confirmation/activation e-mails. Account activation will finally be confirmed with details of your username, password and relevant instructions or welcome package.
  10.  

    We would strongly suggest that before the next step you should go with demo trading at least for a few months. 

    Practice before you open a real Forex account.

  11. Fund your account. You now need to provide the minimum funding in your newly-opened account – transfer funds as per the broker’s procedures. That’s it – happy trading!  
 
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