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Articles

Opening currency trading accounts

If you are new in the Forex trading market then it is quite likely that you will need to know several things before you actually can take into the currency trading. One of the most important things which you must do is open a Forex trading account.

Here I would like to put it in three simple steps:

  1. Account Selection
  2. Account Registration
  3. Account Activation

Now, Before you begin to trade your hard earned money, it is advisable that you open a demo account. You can open more than one demo account as they are free! It is wise to try out various kinds of Forex brokers to get the pulse of each one of them and finally select the right one for you.

You can find out which are the best brokers by visiting our Forex broker reviews.

Forex Account Selection

Once you are done with your practicing with the demo accounts and you are confident about your Forex trading capabilities you are actually ready to open a live account. This you can do either in your personal name or any business name.

Here you will also need to decide if at all you want to open a "standard" or a "mini" or a "micro" account. The availability of the micro account is not always guaranteed.

Traders who are novice or those who want to trade small amounts should always go for a mini account. Only veterans and much experienced traders with ample money should go for a standard currency trading account.

At times several brokers have an option of “managed account”. In this kind of trading the broker will manage your accounts, which simply means that he will trade the currency for you.

But assuming that you are here to learn about the art of Forex trading for yourself, this option would be ignored right now. Moreover, opening a managed account will also require a pretty hefty deposit of about- $25,000 or may be even higher, with the broker taking a portion of the profit as well.

Account Registration

Submission of paperwork, in the form of application is essential for opening an account and the forms and its contents will vary from one broker to another. You will find them being provided in a PDF format and can be viewed as well as printed using the Adobe Reader program.

Currenct Trading Accounts Activation

Once you have finished all the essential paperwork and it reaches the currency trading broker and all the formalities are done you will be intimated by the broker through an email that your account has been activated.

The email will also contain relevant instructions. Finally, as all the formalities get completed, you will receive a final email intimation citing your username and the password, followed by instructions on ways to fund your account.

Forex trading is a mind game and you need to be very conscious about the market conditions around you. Moreover you should be ready to lose before you can actually get to a winning spree.

To start trading Forex with the best broker click here

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