Lesson #6: To Start a New Trading Account

There are three easy steps to complete in starting a new online trading account with a Forex broker, namely:

1. An account type selection

2. Sign up

3. Account activation

Consider opening a demo account prior to trading a cent from your well-deserved money. In fact you may practice with two or three demos since it is free. Test a number of various brokers to get a feel for the one that suits you.

Different Account Types

To open a Forex trading, if you are prepared to open a live account, has options of signing up an account under your personal name or a business name. Moreover, there is an option on opening a "standard" account or a "mini" account (or "micro" account if offered). It is suggested that inexperienced traders or traders with little capital to trade ought to open a mini account. A standard account is for the veteran traders who have plenty of capital to trade.

Read the fine print at all times

When you want the broker to do the trading of your account then there is a “managed account” option in the functions for some brokers. However, you are here to gain the knowledge of Forex trading then do not opt for that. A managed account also requires a very large minimum deposit of $25,000 or higher and take note that a portion of the revenues goes to the broker.

Ensure as well that the account opened is a Forex spot account and not a “forwards” or “futures” account.

Sign Up for an Account

Sequentially to open an account some paperwork, which varies for each broker, are required for submission. Most commonly, these are made available in PDF format and can be seen and printed using Adobe Acrobat Reader program.

Information on Your Account Activation

The directions on completing your account activation will be sent through email when the broker has obtained all the important paperwork. When these steps are done then a final email with your username, password, and directions on how to fund your account will be sent.

With all that done you can now log in and start trading. Quite simple right?

Hold your horses!

STOP!

It is firmly recommended that you take some time at our entire Forex Academy prior to taking the risk of spending real money.

Why?

You will use up all of your money and panic if you do not check us out.

If you are assuming, “I will not lose any money if I read through your Forex Academy first”

No, we’re not saying that. You will still probably lose money...

However, you might lose LESS, much less, and perhaps feel fine that you wasted money. Read through our entire Forex Adademy and you'll appreciate what we mean.