How to open a forex trading account?

       1.  Choosing a good forex broker

In order to open a forex trading account, first off all you will need to choose a good forex broker. There are hundreds of forex brokers available on the internet, some of them are just frauds. You

 need to investigate first. Search the internet and find more information about them as more as you can. When you are decided to open an account with a particular forex broker, you will need to follow these steps.

      2.      Filling up the personal details form

Before trading forex through any broker you need to fill a form with personal details. This form can be provided online or you can download it offline from the source website of the forex broker. Fill this form accurately to proceed further which includes your full name, date of birth, email address, phone number, bank details, credit card number etc. (bank details can be asked latter by some brokers).

3.       Submitting the proof of identity

Most of the good forex broker won’t allow you to trade foreign currencies until you submit the proof of your identity. This can be any card issued by the government of your country with photo proof and your full name on it.

4.       Submitting the proof of address.

Proof of address is also required to be submitted to complete the process for forex trading. The best proof of address is your bank details, or the utility bill like water supply bill or electricity bill. Phone bill or bill of your mobile phone is not supported as the proof of address by good forex brokers.

5.       Depositing the money to your forex trading account

When the identity of yours is confirmed then they will give you an account number and the password on your email address and over the phone number which you provided. You can deposit funds to your account through different means like, paypal, net banking, direct account transfer, bank cheque etc. depending on the service provided by your broker.

 

And the work is over now, you can start trading foreign currencies now through your real account. But still there is a suggestion for you to make you a better trader. You should first practice the whole thing by opening a free demo account.

 Enjoy currency trading.