One of the basic actions you will take as a forex trader is opening an online forex trading account. Without successfully doing this, it will be impossible to take advantage of the market. However, the following steps will be of great help if you take them carefully.
1. Choose a broker: From the list of brokers you have discovered, select the one that you are sure will give you the best service. Part of what determine your success in the market is the broker you select. If you are able to choose a very reputable one, your experience in the market will be wonderful, but if not, you might regret the period spent in the market.
2. Choose an account type: There are different types of accounts depending on the broker you choose. But generally, forex brokers create different types of accounts to meet the requirements of their clients. There are accounts that require a small amount of money to open while some will require a reasonable amount of money to open. The features of these accounts are not the same, hence, you should carefully examine the features of each account type.
3. Register with relevant documents: After choosing an account type, the next step is to register. But note that the difference between registering for a forex account and any other internet registration is that your registration must be accompanied with relevant documents. The documents that are commonly demanded for by brokers are national identity card or international passport and utility bills. Some brokers might demand for more, so make sure you check with your broker.
4. Funding your account: The next step is to fund your account and this depends on the account type you choose to open. While you can open some forex account accounts with as little as $10, there are some that will require you to cough out nothing less than $1,000. There are different means by which you can fund your account. A lot of brokers accept the popular credit cards, PayPal and even wire transfer.
5. Account activation: Once you have satisfied all the above requirements, your broker will then activate your online forex trading account and you are ready to go. You might then be required to install a trading platform on your computer or trade online without downloading any software. The latter is faster because your trading request would be processed without any delay and you can even trade with your smart phones.