If you have already covered all the prerequisite concepts you need to understand before entering the Forex market, it’s time to open a Forex trading account. But if you have not, we strongly recommend you go through all the basic terms related to Forex trading. You should ensure that your understanding of these concepts, terms, and guidelines is good. This is because opening an account means nothing and hardly bring you any luck if you do not know what you are dealing with and how to deal with it. Conversely, you might lose all invested money just in the blink of an eye.
So, make sure you know all the fundamentals. Now, find yourself an expert broker who will help you execute all your trades. Once you have reached that level, this article is for you.
Trading Account Opening Guideline
After finding the ideal broker, novice UK traders can try to get an account with them. Now, opening an account may sound simple, but in reality, it isn’t. There are some factors to look into and safety to be accounted for while filling out the form to open a trading account.
The overall process for it can be broken down into three activities:
- Choosing a type of account
- Activating the Account
The process is can be followed and can be repeated and so many will tell you to repeat it. Before investing even, a dime of the capital, which is a trader’s arduously earned money, he should sign in for multiple demos first. Those who know the address of Saxo, should definitely check the features of their demo trading platform. By using a high-end platform, you can easily learn a lot about this market.
Though we are not saying that using a demo account as a mandatory option for opening one, it is still necessary. Using a demo account will enable you to learn and perceive all the necessary instruments and functionality of a trading platform. So, demo traders will become worthy of handling real trading, unlike the ones who haven’t use that.
1. Choosing a Type of Account
When someone is completely prepared to start a live account, he has to select the type of account according to his needs and strategy. He has to choose between an individualand a business type.
Previously, during signing up for the market, traders had to select whether they wanted to start a standard, a mini, or a micro account. Nowadays, that kind of problem has been dealt with and most brokers approve traders of traders who trade lots that are customizable.
Without any doubt, that is great news for new traders who only trade with small accounts. This system will provide him with huge flexibility as he will not have to invest more than he is comfortable with.
A trader may have to fill and submit some papers while opening a draft and the forms may vary depending on the broker. In most cases, these forms are offered in PDF format and can be printed and viewed using any PDF reader software.
An investor also needs to ensure that he knows all the relating costs like how much his bank may charge him for any type of transfer. He would be astonished if heestimated the total cost and found out how much they were taking from his capital.
3. Account Activation
Once a broker receives all the paperwork, a trader should also receive an email with guidelines on completing the activation. After a few steps, he will find a final email with his password, username, and instructions on funding that.
Now the only step left for a trader is to log into his account and start real-life trading. After logging in, a trader will find some charts popping out showing all he needs to know of a pair’s price movement. It means he is now set for his next action. This is determining the currency pair he will trade and to set a lot and start trading.