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Opening a Forex Trading Account
Opening a new online trading account with a Forex broker can be done in three simple steps:
1. Selecting an account type
3. Activating your account
Before trading a dime of your hard earned money, you may want to think about opening demo account. Actually, open up two or three demos - why not? Itís all FREE! Try out several different brokers to get a feel for the right one for you.
When you're ready to open a live account, you have the choice of opening a Forex trading account under your personal name or a business name. Also, you will have to decide whether or not you want to open a "standard" account or a "mini" account (or "micro" account if available). Inexperienced traders or traders with a small amount of capital to trade should always open a mini account. Only experienced traders with lots of money should open a standard account.
Always read the fine print.
Some brokers have a ďmanaged accountĒ option in their applications. If you want the broker to trade your account for you, pick this, but obviously youíre here to learn how to trade the Forex for yourself. Besides, opening a managed account typically requires a pretty big minimum deposit - $25,000 or higher - and the broker also takes a portion of the profits.
You will have to submit paperwork in order to open an account and the forms will vary from broker to broker. They are usually provided in PDF format and can be viewed and printed using Adobe Acrobat Reader program.
Once the broker has received all the necessary paperwork, you should receive an email with instructions on completing your account activation. After these steps have been completed, you will receive a final email with your username, password, and instructions on how to fund your account.
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