Jayden If you want to trade forex, opening a forex trading account is the first step. To open a new trading account with a broker, you will need to complete the following simple steps. How to choose a forex broker? You can refer to our previous article, or you can directly use the brokers we recommend below in point 4.
1. Select the account type for the forex trading account
When you are ready to open a live account, you can choose to open it in your personal or company name. At the same time, you have to decide whether to open a standard account or a mini account, which can also be a micro account. Inexperienced “rookie” traders and traders with little capital should usually open a mini account; traders with a lot of capital and enough experience should open a standard account.
Some brokers offer a managed account option on their websites. If you want the broker to operate the account on your behalf, you can apply this option. But this is where you come to learn how to trade, and opening a managed account usually requires a high starting point. In addition, the broker has to take a share of the profits made from the investment.
You need to ensure that you open a spot FX trading account and not an FX forward contract trading account or FX futures trading account.
2. Registration for the forex trading account
You can sign up on the broker’s website, which is usually very easy.
You’ll need to provide a good deal of personal information to get your account set up, including the following:
Name, Address, Email, Phone number, Account currency type, Password for your trading account, Date of birth, Country of citizenship, Social Security Number or Tax ID, Employment status, etc.
You will also need to answer a few financial questions, such as:
Annual income, Net worth, Trading experience, Trading objectives, etc.
In addition, you may need to submit a document in order to open an account and the form of this document varies between brokers.
3. Account activation for the forex trading account
Once the broker has received all the required documents, you can expect to receive an email shortly to guide you through the activation process of your account. After all these steps have been carried out, you will receive a final confirmation email that will provide you with your username, password, and instructions on where to deposit your funds. All that remains is for you to log in to the platform and start trading.
4. Best brokers recommend for the forex trading account:
FXTM partner link: https://www.forextime.com/?partner_id=4919801
IC Markets partner link: https://www.icmarkets.com/?camp=12085
Alpari partner link: https://alpari.com/en/?partner_id=1237270
Exness partner link: https://www.exness.com/a/tth8tth8
Errante partner link: https://myportal.errante.com/links/go/929
5. How to open a forex trading account, take the IC Markets broker as an example, we will show you step by step how to open a forex trading account.
Why did we choose the IC Markets broker as an example to open a Forex trading account? Because we think it is the best forex broker. We also want to recommend it to you.
Let’s briefly explain. First, their initial deposit amount needs to be 200USD. This is relatively low. This is also for the safety of traders. If it is lower than this value, the risk of the user’s transaction is relatively high.
Second, there is no pip limit for stop loss and take profit. That is to say, you can set a take profit of 1 pip or a stop loss of 1 pip. This is very useful in certain trading situations. Many brokers limit this.
The third is the size of the leverage. IC Markets offers a leverage of 500:1. Which is necessary for general trading. At present, the leverage of many brokers in Europe and the United States is very low, only 30:1.
The fourth is the safety of funds. IC Markets’ financial supervision is very comprehensive. So this is completely reassuring.
In the end, we use it with no problem at all with the inflow and outflow of funds.
Below is a brief description of how to open a trading account at IC Markets.
Step 1: Click the link below to open the IC Markets’ website.
IC Markets partner link: https://www.icmarkets.com/?camp=12085
Step 2: Click the “start trading” to open a new forex trading account.
Step 3: Fill in your personal information, this information must be true, because the identity proof information and address proof information will be submitted later to activate your account. After filling in, click “Next”.
Step 4: Fill in your birthday information, and address information, this information must be true, because the identity proof information and address proof information will be submitted later to activate your forex trading account.
Tick the referred by an Introducing Broker and confirm that the reference ID is 12085
If the refer id 12085 is not displayed, you can click the check box, and the reference id will appear.
Step 5: Choose your forex trading account type.
IC Markets provides MT4, MT5, and CTrade trading platform accounts, and provides two types of trading accounts, standard, and raw spread account types, the difference between these two account types is that the standard account type has higher spreads than the raw spread account type, but there is no commissions, the raw spread account type spreads are particularly low, but there are commissions, the specific difference can be viewed on their website.
We can start with a standard account on the MT4 platform.
Step 6: Choose a Security Question & Answer to verify your identity, when you forget your forex trading account to retrieve your account. Read their declaration and click the “submit” button.
Step 7: Now need to submit some ADDITIONAL INFORMATION, including Employment & Income and Trading Knowledge and Experience. Click the submit button when finished.
Step 8: Submit your identification and address proof documents. identification can be submitted such as a Passport, National ID or Drivers License, etc. address proof documents can be submitted such as a Utility bill, Phone, Internet Bill, or Bank Statement.
Step 9: Your forex trading account can be used now, you can open a demo forex trading account first, try to trade, and then you can open a real forex trading account to trade after you are familiar with it.
Both the demo forex trading account and the real forex trading account can be opened on the personal login page, and the trading platform can also be downloaded.
If you have any questions during this process, you can get in touch with IC Markets online.
After that, we make a summary. The above is the general method of opening a forex trading account. We take opening a trading account with IC Markets as an example and explain each step in detail. Other forex brokers may be different but should be similar.
If you are having trouble opening a forex trading account, you can chat live with their customer support staff on the broker’s website. This is the fastest way to solve the problem. Of course, email communication is also possible, but generally slower. Brokers’ customer support email addresses are generally available on the Contact Us page of the broker’s website.
