Now-a-days Forex trading is a familiar thing. Currencies of various countries are traded in the foreign exchange market. If you want to invest your money in forex trading, you have to open a Trading Account. The trading account acts as a bank account that holds securities and cash. The account is administered by the investment dealer who advices account holder to employ the trading strategy. Trading account can of two types i.e. live forex account and demo account. In case of a demo account, investors are allowed to test and review the trading platform and its features before providing fund to account and placing trades.
Steps to Open a Forex Trading Account –
- You must choose a perfect forex broker who can help you to understand the global market and guide you to make business strategies.
- You must choose the type of account you want to open. After that, you have to register yourself and activate the account.
- If you have decided to create a Live Forex Account, you must choose the type of forex trading account you want for yourself i.e. personal account or business account. You may also choose whether you want to open standard account, mini account, or a micro account.
- You must submit the necessary paperwork for opening your account. The application form may be different for different brokers.
- Along with that, you must have complete knowledge regarding the cost that you have to pay i.e. bank charges, transaction charges etc.
- After getting the necessary details, your broker must send you an e-mail describing the instruction needed to activate your account.
After all these steps, you must get an e-mail that consists of username, password from your broker. The must provide you necessary instructions to fund the account. You can follow their guidance and earn money easily.