The first step after choosing a forex broker is to open your forex trading account. Because all forex trading transactions in modern times are carried out via the internet, you only need to open your account by visiting the broker’s website. How to open Forex account It’s very easy, you only need to take three easy steps to open a forex trading account, namely choosing the type of trading account, registering, and activating your account. We tirelessly remind you, that before you deposit money to start trading forex, make sure you practice trading using a demo account beforehand.
Choose the account type
When you are ready to start trading, you can choose which type of forex trading account you want to use. Generally, forex trading accounts are divided into three types based on lot size. Standard accounts, mini accounts, and micro-accounts.
Along with the times and the intense competition among brokers, now most brokers allow you to trade with lot sizes that suit your needs. As a result, now more and more novice and inexperienced traders are interested in trying trading because the capital required is not large.
There are also brokers out there that provide options to help you while the trade is being made. But it’s not assistance like a trading robot that you get, but you only need to deposit some funds with the broker, and the person inside the broker will do the trading for you.
The problem is, that you need a high level of trust to do this. It would be better if you run forex trading in your way, so you can find out where the mistakes lie and learn to become a better trader.
Registration
The next step is registration. You must collect many documents such as an identity card or a driver’s license as complete documentation required for registration. The number of documents required to register differs from broker to broker, but almost all brokers require you to complete these types of documents.
Before registering, make sure you know for sure what fees will be charged to you. For example, if you decide to use a forex broker from another country, consider things like transfer fees to a foreign bank. Transfer fees to banks from other countries are usually very expensive, much different than transfer fees between local banks.
Activation after opening an account
After the broker has received all the required documents, you will receive an email from the broker to complete the registration process. After the registration process is complete, you will usually receive an email containing your account username, password, and instructions on how to deposit trading funds into your account.
After that, you can download the trading platform from the broker’s website, log in using the username and password provided, and you can start trading forex.
Wrapping Up
We strongly recommend that you trade using a demo account, before trading with money that has already been deposited. Trading using a real account is very different from what has been imagined. It’s like you’re playing a fight with friends, but that’s what Mike Tyson is up against. You will only be the moon.
Take advantage of the demo account feature at will because your forex broker provides this facility for free. Practice regularly for at least 6 months. Even if you’ve been practicing on a demo account for quite some time, nothing can replace the tension when your positions are floating. Don’t forget to use the risk management and always be disciplined when trading.