How to open a Forex account in just a few minutes

Many people who want to open a Forex account do not know that they need to take into account several basic points that make trading on the foreign exchange market much more comfortable.

This stage is quite important for a novice trader, as it allows you to avoid a lot of unpleasant surprises and significantly saves time.

For full registration, you may need an electronic scanned copy of your passport and a document confirming your registration (place of residence), so make copies of these documents in advance.

It’s also a good idea to open an electronic wallet in one of the payment systems, preferably WebMoney, this is quite simple, as a result you get the opportunity to quickly replenish and withdraw money from your trading account and make exchanges at a more favorable rate.

There are also quite traditional ways to replenish and withdraw profits - bank account, plastic card, cash, bitcoins, Yandex money, etc.

See all available top-up options .

After you have chosen your Forex broker, you need to proceed to registration on its website, to do this you should follow these steps:

In order to open an account for Forex trading you need:

1. Register as a client, indicating your personal data - last name, first name, patronymic, sometimes year of birth and passport data. Remember that you are allowed to trade and open a Forex account from the age of 18, but if you wish, you can register on behalf of your closest relative.

2. Verification – confirmation of the completed data, for this you need to send copies of your passport and registration page, it is also advisable to confirm your phone number and email address.

It is with the address that most often there are problems; to confirm it, you need a receipt for payment of utility bills, no older than three months, and some brokers also require that this document have a wet stamp, that is, online receipts are not suitable.

You can open an account with a Forex broker without going through verification, but then there is a high probability of problems with withdrawing funds.

3. Agreement - some companies require confirmation of the agreement before opening a Forex account; this can actually be done online, but sometimes you have to print out the agreement, sign, scan and send it again to the broker.

An alternative is to send a photo of the signed contract; fortunately, modern phones have a document scanning function that takes a photo that is almost indistinguishable from a scan.

4. Opening an account is one of the most important points; before opening a Forex account, you need to consider the following parameters:

• Account type – standard, cent or demo, but trading conditions and the amount of additional commissions may differ significantly. Trading in micro lots is available on cent accounts, and you can open a demo Forex account to learn trading or test strategies.

Choosing an account type is quite simple - the larger your capital, the more favorable conditions you can open an account on the Forex exchange, but do not forget to check whether the assets you are going to trade are available on this account.

• Receiving bonuses – when opening an account, you sometimes need to indicate the type of bonus you are receiving, so you should be especially careful here, since many of the bonuses are available only upon opening.

• Account currency – we indicate the monetary unit in which it is more convenient for us to make deposits and trade; the best choice in this case is the US dollar.

• Leverage - usually its size ranges from 1:1 to 1:1000, the selection tactic is as follows - the smaller the deposit, the greater the leverage used and vice versa. Most often, traders use a leverage of 1:50, as this is the optimal ratio of funds received to risks. For trading on cent accounts and scalping, it is recommended to use a leverage of 1:500.

• Account replenishment – ​​there are usually quite enough replenishment options; this is done using a debit or credit card, electronic money or bank transfer, as well as in cash at any of the broker’s offices.

Once you have opened a Forex account, you will receive data to access it; you should be careful when storing passwords; for these purposes, it is better to use a special flash drive rather than storing it in clear text on your computer.

Now let’s move on to real trading; to carry it out, you use a trader’s terminal or a web terminal; in the first case, you will need to download the program to your computer; in the second, trading is available directly on the broker’s website using a browser.

Opening a forex account is much easier than making money with it, so take a training course before you start trading. At the moment there are quite a large number of free training courses provided by brokerage companies.