After you have found a suitable broker, the next step is opening a trading account. If you have no experience in trading you can first open a demo account and practice on it, without risking your money. All brokers offer such accounts, and it is completely free. You can open several accounts with different brokers to understand which of them you prefer to use.
So, you have trained on a demo account and you are confident in your abilities. Now it’s time to open a real trading account. It is not difficult. The whole process consists of three steps:
Selection of the account type
By opening an account, you need to decide, it will be personal or corporate. Here everything is simple. Personal accounts are opened by the retail traders and corporate are used by the companies’ representatives.
Also a broker may offer you to open a “mini”, “micro” or “standard” account. This separation allows the traders, who haven’t large sums to trade in the Forex market. A standard lot is 100 thousand units. Not all market participants have 100 thousand dollars or euros. Mini and micro accounts solve this problem, giving the opportunity to start trading with much smaller amounts.
In addition, you need to choose, what trading tools you will use: currency pairs or futures on commodities, metals, energy.
Now we directly turn to registration.
In order to open a real trading account, you need to provide the documents. Provision form differs depending on the broker. Someone asks a copy in pdf format, for others jpg image is enough. Most importantly, what documents are required. Only scammers, who just want to take your money, don’t require them.
Also you need to fill the registration form where you will have to enter your contact details and personal information.
At this stage you will have the opportunity to study the Contract and Regulations. You should read these documents carefully before opening an account. If you are satisfied, press the “Open an account” button.
After that it may take some time until the broker will check your documents. When this happens, your will receive a letter confirming the fact of registration which will specify your personal account number, username in the system, password and the instructions for the further account activation on your email.
Activation is an account replenishment for a certain amount. The most modern brokers provide a wide range of deposit methods: payment cards, Bank transfer, electronic payment systems.
If the recharge is successful, you will see that this amount has appeared on your account balance. Now you can start trading on real account.
Advice to all newcomers. Don’t neglect the opportunity to practice on a demo account. You should open a live account only when you have developed your trading strategy and have confidence that it works, when you have learned to feel the market. This will allow you to avoid losses and become a professional in trading.