After finding the right broker for you, you can open a forex trading account in three simple steps:
- Selecting an account type
- Registration
- Activating your account
This is worth repeating so it shall be repeated. Before trading a dime of your hard-earned money, open up two or three demos.
Choosing an Account Type
This is great for newbie and inexperienced traders who only have a small account of capital.
Also, always, always, always remember: Always read the fine print.
managed account
Besides, opening a managed account requires a pretty big minimum deposit, normally $25,000 or higher. Also, the manager will also take a cut out of any profits.
Lastly, make sure you open a forex spot account and not a forwards or futures account.
Registration
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.
Account Activation
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.
Time to log in, pop open those charts, and start trading!
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