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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
2. Registration
3. Activating your account
Before trading of your hard earned money, you may want to think about
opening demo account. Actually, open up two or three demos - why not? It’s
all FREE! Try out several different brokers to get a feel for the right
one for you.
Account Types
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 “managed account” option in their applications. If you
want the broker to trade your account for you, pick this, but obviously
you’re 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.
Also, 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.
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