It’s easy to open a forex account and trading. Almost everyone in the world today has access to internet connection. If you are reading this article, you are already online. And if you have visited this blog, you are interested in forex trading. Well, how to open a forex account?
Before you open a forex account, you should find the right broker for you. What kind of trading strategy do you follow? Is long-term trading, short-term trading or scalping? Which pairs do you trade in most, EURUSD, Gold, Oil, BTC? What is your risk preference? Do you want high leverage or low leverage? The answer to all these questions determines the account type and broker you choose.
For example; if you have not decided on a trading strategy yet and do not want to take risks, you can use a nano account. So you can try yourself with an amount like $ 5. Then, you can look at the percentage of profit you have achieved and measure your success. Also investors who want to try forex robot usually use nano account.
If you want to trade on standard conditions, you can choose the standart account type. However, if you are going to fund higher amounts, you may prefer the ECN account, which offers more advantageous conditions. So you can reduce the spread cost or get market analysis support.
Besides these, there may be Muslim investors who do not want to earn or pay interest. These investors also prefer the swap free account option. Many brokers also offer swap free account options.
Each brokers has some advantages and disadvantages. ECN account conditions are very advantageous in a broker while standard account features may be advantageous in another broker. You can read my forex broker reviews to find out which account types and trading instruments are more advantageous for which firm. I tried to write it as simple as possible by making comparisons among brokers. After reviewing these, you can decide which broker you are going to open an account with.
You have done your research and decided which forex broker you are going to open an account with. How to open a forex account? Let’s open an account together.
I will use the XM forex broker for account opening. Because XM forex broker is the most preferred among the visitors of my blog. You can choose another broker. I’m just doing this for the example. Account opening processes will be similar to each other.
If you click on the above account open button, you will be taken to the account opening page. There are two parts here, personal details and account details. Fill in the details section of the personal details such as name, email, phone etc. Then select the platform type and the account type from the account details. If you want to trade cryptcureencies, you need to select MT5. Then click on the “Proceed to Step 2” button.
Fill in your birth date and address information. The next sections are important. In the Account details section, select your account’s base currency, leverage, and bonus preferences.
In the Investor Information section, more information about your investment and education status is required such as education level, bussines, income, worth etc.
The next part is to measure your trading knowledge and experience. The answers here may affect the limitations of your account’s leverage. Try to give the right answers as possible. This part is often found in forex brokers regulated by the FCA. If you are residing outside the UK or Europe, you may not encounter this section.
After you have filled in these sections, enter your account’s password in next section. Then check the following confirmation boxes and click the “Open A Real Account” button.
Then you will receive a mail as you see above. You need to confirm your account within 24 hours. Click on the red button you see and your account will be confirmed. Then you will get an login page as follows. You can log in by entering your account number and your password.
After entering the member area, you will see a page like the one below. Your account has been opened but the use is not ready. You need validation to use your account. You will need to submit a photo of your identity information and documents containing your residence information. This is the process of validating in licenced forex brokers. The broker will review these documents and validate your account. If there is a problem, the customer support will contact you.
After you have done these, you can fund your account. You can click on the Deposit Funds button to select the desired funding method and deposit money. After a short while you can start trading on your computer or on your phone.
If you encounter a problem in this process, you can ask me in the comment below. Or you can contact the customer support of your broker.