Know When and How to Open Forex Real Accounts

Opening Forex Real Accounts is the first step towards becoming an honest-to-goodness Forex trader. Unlike Demo Accounts, individuals would be dealing with real money here, putting their funds at stake with the expectation of profit. Considering how important this step is, it only makes sense for Forex traders to prepare themselves thoroughly for the event. 

Things to Remember Before Opening

 Prior to starting Forex Real Accounts, individuals must be thoroughly informed regarding the FX market. Information shouldn’t be confined to theories but should also include hands-on experience by the Forex trader. Specifically, they should have at least one Demo Account where they would manage to learn the process of FX investment and how to use their chosen platform. The Demo is as close to the real thing as it gets; so if the individual still hasn’t mastered the Demo, it’s best not to proceed with Real Accounts.

 How to Open a Real Account

 Opening a Forex account may vary from one broker to another. There are those who ask for extensive requirements while others are happy with simple documents. Individuals are advised to choose wisely when browsing through platforms, making sure that they evaluate the service thoroughly. For example, how much does the platform cost and what kind of accounts do they offer? More importantly, is it user-friendly and are there any available tools to help assess the Foreign Exchange market?

 After choosing a platform, Forex traders can choose what type of Real Account they want to open. They have the option of Micro, Mini and Standard. For those who are brand new to the industry, opening a Micro or Mini might be best. This necessitates lesser capital and therefore lesser risk. Standard Accounts are best opened after a considerable time of trading has passed.

 Once the platform and account type are chosen, individuals can go through the application process. Different brokers have different steps when accepting new traders in their platform. The usual requirements include an Address Proof and an ID Proof. The ID Proof can be anything from passport, voters ID and driver’s license. As for the Address Proof, it can be the utility bill for the last 6 months or a bank passbook.

 Simply follow the steps provided by the broker and wait for their confirmation. All transactions are often initiated and finalized online so there really isn’t any problem on the part of the applicant.

 Holders of Forex Real Accounts can start buying and selling currencies based on their own system. Keep in mind that at this point, real money is being traded, therefore requiring lots of planning on the part of the trader.

 Source: MTrading – forex trading Broker