How to Register Forex Trading Account

Free $100 Forex No-Deposit Bonus

Regardless of which type of forex account you choose, installing and logging in is almost as easy as with any other software. First, you should be aware of how you want to act later. This also includes the time, which one is able to invest daily or weekly, as well as the amount of capital invested.

Opening a Forex account to trade on the currency market can be a rather complex operation: you need to have documents, a means of financing the account and a little patience.

In fact, the operation is often managed together with the broker’s desk with an operator who manages the operation by phone or email in several steps. But is it really necessary to address all these complications to open a Forex account?

how to register forex trading account

In this article, we will see how to open a Forex account in a few minutes.

  • First of all a clarification: there are two different types of accounts for Forex trading.

Forex Demo Account is an account that allows you to simulate trading on the Forex market for free. Here you can find some Brokers that offer you a free demo account.

Real Forex account: this type is the actual trading account you need to invest real money. To open it you generally need to follow a procedure and send some documents. Here is a guide that explains the steps to take to open a trading account.

  • The Forex Software

The software itself is available free of charge from any vendor. It will be downloaded, executed and installed as usual. Then you need your own personal information and a secure username as well as an unconditional password.

  • Open forex account

Forex.com and XM account for most Forex account providers, the registration is a bit more complicated, but then it is usually safer. Here one should always remember that it is a kind of bank account, on which at some point perhaps a larger sum of money will lie, which must necessarily be protected from third parties.

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Forex.com Gain Capital review USA Min Deposit: $50
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  • Very important: Serious expiration of the registration process

For some forex accounts, you must first apply to receive the application documents. This is obtained by contacting the customer service of the respective broker via telephone, e-mail or post.

Alternatively, it is usually given to download the documents as a PDF file. In this context, it is important to make sure that the provider requires the original signature on a document. Here is the probability of fraud attempts the least.

Subsequently, the Forex provider should ask for address confirmation. This is simple and can be done by a telephone bill, a power or gas or credit card bill or by a bank statement of the house bank. The legitimacy test is the most significant.

For this, the provider requires either an identity card or a passport, which should be best faxed in the form of a copy. If the steps listed here have run smoothly, the future forex trader can already think about how much he wants to make his first deposit.

Deposit money In most cases, the providers of live forex accounts offer numerous deposit options. As a rule, Visa, Master Card, Maestro and Diners Club are accepted in Europe.

These deposit options run faster than a bank transfer, which means that the money appears in the program within seconds. Since bank transfers always involve a small processing time, it can take between one and three business days for the value adjustments to take place on your own forex account.

A deposit condition is, of course, the identity of the account holder and forex receiver, which must always be the same.

  • Important NOTE!

Forex brokers or CFD providers, like my favorite Forex.com, always have their invested capital at risk. There is always the risk of total loss.

Therefore, I generally recommend testing the providers with a demo account.

  • Finally: Select base currency

Once all the registration steps have been completed and the money is on your own account, the base currency is selected. The base currency is the currency in which you will handle and trade your money in the future.

For this, in most cases, the “four big ones” are offered, ie Euro, GBP, USD, and JPY. If, as a European, you are already sure that you will be trading the dollar, later on, it makes sense to choose it as your base currency. Incidentally, it should be reasonable to use the euro, as later unnecessary misunderstandings can be avoided.

Then there is nothing in the way of the trade. One thing should be said at this point:

Before venturing into the big forex floor and risking thousands of euros, you should have enough experience. These arise only through the constant tracking of the exchange rates and their development, as well as through a forex demo account or contacts to already experienced forex traders.

Furthermore, a forex beginner should never deposit money, which is basically not available to him, because of it, for example, bills or the like should be paid.

In addition, the psychological pressure on potentially unproductive losses is simply too high and the trader under this pressure will most likely make a small mistake with a big impact.

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