Here’s how to open your very first forex trading account, no doubt that Forex trading is an appealing business. It is easy for any person to enter the market and it is not difficult to find a place to learn Forex too. With so many benefits that make it an exciting business to enter, an average person can only start trading in Forex market by joining a Forex broker. So, how can we get started? 

The Steps to Open a Forex Trading Account 

Firstly, you need to find a Forex broker. There are actually thousands of Forex brokers available and you need to make sure that you are working with the right one. You can start by playing on different demo accounts offered by a variety of brokers before you open your first live account. When you finally find the best, here are the next steps.

Step 1: Prepare the Required Information

There is some typical information required to show when you are going to open a live trading account. For sure, you will need to show personal information including name, address, phone number, email, date of birth and country of citizenship, employment status, tax ID or Social Security Number and some financial questions. For the financial questions, it will include your annual income and net worth.

If you are wondering why you need to show the typical information above, the answer is simple: to comply with the regulation. Nowadays, Forex market has been regulated by legal authorities to make sure the security of every element engaged in the market. It is nearly impossible to find any reliable broker that doesn’t require these typical questions to be answered. 

Step 2: Choose Your Account Type

Now that you are ready to open your first live account, you need to select which type of account you want to create. There are two typical options: business or personal account. However, some brokers may have different type offered. For instance, there are several brokers who offer a “managed account” too. It is for you who want your broker trade your account.

Step 3: Register for an Account

Next, you will need to submit your registration form to the brokers. The registration form of very broker may vary. Some of them may provide the form in PDF formal while some others may simply offer an online registration form. At this point, you need to upload any document and information required by your broker so that your application can be processed for next step.

Step 4: Verification

Once you provided all the information, your broker will verify all the information. It is possible that your broker ask you to send additional verification documents like government-issued ID and utility statement to make sure your name and address. The process may take a day or two. Once it is finished, you will be able to fund your live account and start trading.

Step 5: Deposit and Trade

As mentioned previously, you will be able to deposit fund to your account once your information and document are verified. Simply login to your account and follow the funding instructions on your trading platform. One advice that you better to always remember is to never put an amount of money to your account that you cannot manage to pay for the loss. 

It is recommended for you to start trading with a reasonable amount of money and consider trading small first. Remember that the world of Forex market is unpredictable, so you need to prepare for the worse. The last, don’t forget to keep yourself updated and learn Forex as you go since education is extremely essential in Forex trading. So, don’t stop upgrading yourself!