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Opening A Live Forex Account

Have you just decided to get into the foreign exchange market and open alive account with a broker to take a position on the forex and start making money with it? Congratulations! Here are some tips to follow on how to do it and what to watch out for to avoid unpleasant surprises.

Opening an account with a broker that will allow you to take a position on the forex is a very simple and very fast operation. You fill out an identification form (surname, first name, address, nickname, password, email) and deposit money using your credit card or PayPal with your broker.

It is with this money that you will be able to open one up and that you will make your first exchanges on the forex. In order to verify it and your identity, your broker will surely ask you to send him an ID and the form printed during the registration process by email, post or fax. Registration is very quick because in about twenty minutes after opening it only you can make your first Forex trade.

To start with the stock market we advise you to register now for free to discover online trading step by step: All brokers use a different trading platform. In order to be sure to determine one that suits you, do not open an account with a random broker.

All sites offer trial versions on which you can trade in virtual mode but with real market conditions. This is very important when opening it, because the technical quality of the platform is of paramount importance.

Of course before creating an account on a forex site, one must pay attention to the fees levied by brokers on transactions. When opening it, there are no registration fees or custody fees (as is the case on traditional stock markets), trading platforms are remunerated by charging commissions on all transactions you will make.

So checking this cost is very important before opening an online forex account, the commissions being different from one site to another.

Before creating a live forex account checking that the support speaks your language or a language that you master is also an essential step. Indeed you will be brought, rarely maybe but it will happen to you, to have to exchange with the support, if it is to deal with an anomaly on yours, then you are better off knowing the language of the support, because they won’t search the dictionary to speak to you, it’s up to you to make the right choice from the start.

Make sure that your broker who offers you the opening of one is not a charlatan. The markets are regulated by an authority, and brokers must without exception have an authorisation to trade on the markets, you must therefore, when opening your forex account make sure that your platform is validated by an authority and to what authority it must justly bow.

In order to gain market share and attract new customers, trading platforms do not hesitate to make promotions by paying money (generally depending on the amount of the first deposit) for all account openings, consider consult all the offers available before deciding to take advantage of the best opportunities. This is not essential, but some people do not hesitate to register with several in order to start trading with real funds and benefit from several promotional offers.

Open A Forex Account And Start Trading

To be able to place orders in FX, you must have an account. To do this, the trader must open one knowing that there are 4 types of them available. After registration, authentication is an essential step to protect important information such as bank details. A novice trader can first open a mini Forex account to understand the principles of the stock market.

The Steps To Opening

First, the trader must choose his account type, and then send his bank details to the trading site. Then, he activates his account and finally downloads the dedicated currency trading software.

As there are several types of them, you should choose the one that best matches the skills of the trader and the amount of his investment.

The Different Kinds

The demo, the standard, the Premium and the mini accounts are the four types available. To learn the mechanisms of Forex, it is advisable to open a demo account since it is completely free and remains valid for a maximum of 3 months.

The standard one, for its part, is complete and gives access to all currencies. The minimum payment is equivalent to € 3,000 and maximum € 5,000. The Premium one is suitable for large investors because it requires a first deposit of between € 100,000 and € 150,000.

As for small investors, they are advised to opt for a mini account for which the minimum capital required is € 500.

The Specifics Of A Managed Forex Account

In addition to being able to choose between the 4 usual types, traders can also choose a managed account, especially if the level of investment is important.

This type requires an expert advisor. This specialist is recommended by the trading site. Moreover, the latter can take care of opening and validating the account in place of the trader.

However, a proxy must be given to this advisor so that he can manage the actions. The procedure for the administered account varies from one trading interface to another.

Activation

After choosing the one that corresponds to the level of investment, the trader must send his personal details to the operator of his choice.

It must then wait a few days for the Forex live account to be operational. The trader then receives an email or fax for confirmation of its activation.

Standard Registration Form And Authentication

In general, the trader will be directed to a registration page where he will have to fill in a certain amount of personal information such as his first name, last name, country, e-mail address, date of birth and phone number.

After completing the form, he must enter a security code to prove that he is not a machine. Then he must accept the terms of registration and click on a button entitled “Registration”.

Furthermore, it is imperative that the live Forex account is secure. As trading platforms require bank data in addition to personal information, it is preferable to do this for authentication. Some platforms sometimes ask for copies of identity documents.

The Software Used In Forex

To finalise the opening of a live Forex account, the trader must register and download the special software that he will have to use for his currency exchanges.

The brokers offer several types of software including the trader can choose. It is advisable to choose the software that is the easiest to handle and that provides features specific to Forex such as the possibility of carrying out day-to-day operations and market analysis tools.

Forex Availability

Opening one allows you to have a broader view of the currency market. Traders can then trade in all stock markets such as Sydney, New York in real time.

However, the foreign exchange market closes during the weekend from Friday evening. To know the opening hours of Forex, it is therefore highly recommended to open one up. The ideal would be to start with a mini Forex account to invest a minimum and pay more as you master the workings.

The Qualities Of The Forex Mini Account

Unlike the conventional types, the mini Forex account does not require a huge amount of money. It is therefore suitable on the one hand for small investors, but also for neophytes who wish to integrate the currency market.

It is a way to learn how to trade Forex while investing for real money. It is also a great way to learn the different strategies used by experienced traders.