Account Forex Online Trading - How to Open a Live Forex Account - Step by Step Procedure
How to Open a Live Forex Account - Step by Step Procedure
To open a Live Forex Account you can go to an online broker website and open one. Once you go to the Forex broker of your choice and select this option, you will then have to fill some online forms, the step by step process of filling these forms is described in this guide.
With this online trading account you can trade the following: Forex, Gold, Silver, Oil, CFDs, Futures and Stock Indices.
How to Open an Online Forex Account
To open this live trading forex account, a trader has to fill some online forms provided by a Forex broker. The account opening online form can be obtained from your online currency broker.
Process of opening a real Forex trading account is one where your broker will also require you to upload the following documents:
What Are Documents Required To Open An Online Forex Account?
1. Proof of ID - Color copy of ID card or Passport - A color copy of official identification card or valid passport document or other document that is issued by authorities (example. Driver's license, identity card, etc). Identification document must have the client's full name, an issue or expiry date, the client's place and date of birth or tax identification number and client's signature.
2. Proof of Residence - Color copy of utility bill - A recent utility bill (e.g. Electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within last 6 months & confirming your registered address.
You can use your phone to take the photos of these documents & upload them directly from your phone(this is best option when signing up a forex trading account). Alternatively, use digital camera to take snapshots, upload pictures to your PC then upload saved documents on to your account
To Get where to upload these supporting documents search for the option 'Upload Documents'. Please note after opening your account it will not get verified until you have completed uploading these supporting documents.
Why is a Copy of My ID & a Copy of Utility Bill Document with My Name Required?
These documents are required by your Forex broker to safeguard against money laundering. AML, or Anti Money Laundering Rules and Regulations require that all brokers ask proof of ID and Residence with your name so as to certify that you as a trader are a citizen of the country which you claim you are from as well as a a Copy of Utility Bill that shows your exact location details where you reside, that way you cannot come up with some fake identity or residence location to use for doing money laundering.
All regulated Forex brokers must adhere and comply with this requirement prior to opening a trading account for a new client.
Now once you have scanned or taken pictures of these forex account opening forms:
2. Proof of ID - Color copy of ID card or Passport
3. Proof of Residence - Color copy of a utility bill, electricity bill etc. (bill with recent date, dated within the last 6 months).
Upload the above forms plus the above document color copies, you can use your camera phone to take color pictures of above documents, then download the pictures from your phone to your PC computer & then upload these pictures from your computer.
Once your online currency broker receives the online Forex trading account opening registration forms plus above documents, your application will be processed & you will be given login account number & a log in password for live trading account.
Once you upload these required supporting documents your account will then get to be verified. Your login details will be sent to your email address. An example of a verified account is displayed and illustrated below:
This is KYC - Know Your Client, it's more of a legal requirement than a mere formality, your broker must follow this policy and try to do everything to know who their client is, in order to ensure that they safeguard against any money laundering activity.
You can then use your details to log into your MT4 platform and start trading on this verified account. You can also use same login details to log in to your trader cabinet on Forex broker website. On the my-account area trader cabinet you can deposit money, withdraw money & view trading reports of your Forex broker account.
How to Open an Online Forex Account
To open this forex account, a trader has to fill some online forms provided by a Forex broker. The account opening online form can be obtained from your online currency broker.
Process of opening a real Forex trading account is one where your broker will also need you to upload following accompanying documents:
What Are Documents Required To Open An Online Forex Account?
1. Proof of ID - Color copy of ID card or Passport - A color copy of official identification card or valid passport document or other document that is issued by authorities (example. Driver's license, identity card, etc). Identification document must have the client's full name, an issue or expiry date, the client's place and date of birth or tax identification number and client's signature.
2. Proof of Residence - Color copy of utility bill - A recent utility bill (e.g. Electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within last 6 months & confirming your registered address.
You can use your phone to take the photos of these documents & upload them directly from your phone(this is best option when signing up a forex trading account). Alternatively, use digital camera to take snapshots, upload pictures to your PC then upload saved documents on to your account
To Get where to upload these supporting documents search for the option 'Upload Documents'. Please note after opening your account it will not get verified until you have completed uploading these supporting documents.
Please note if you don't upload above documents your account won't be validated - Make sure you upload above documents to get your account verified. More than 50% of all new traders don't succeed in opening their forex account because they fail to upload the required accompanying documents. If you correctly upload all the required supporting documents then your account will be validated & you can start trading with your trading account within 5 minutes. Take color photo of these two documents with your smartphone & upload these docs directly to your Forex broker website using your mobile phone browser.
Where to Upload Documents on the Forex Account
Once you have filled and Submitted account registration form that your broker will have provided you with, you will get access to the trade cabinet: This will then be your forex account.
The 'Upload Documents' Button Key can then be accessed from within this client cabinet & as a trader you can upload your documents using this button key.
Once you complete uploading the correct documents on 'Account Verification' on your account will reflect as Validated and you can then start trading on this account.
This process might seem simple but more than 50 % of all new beginner traders do not succeed in opening their Forex account due to the reason that they fail to upload the required supporting documents.
Why is a Copy of Identity Card and a Copy of Utility Bill with My Name Required?
These documents are required by your Forex broker to safeguard against money laundering. AML, or Anti Money Laundering Rules and Regulations require that all brokers ask proof of ID and Residence with your name on so as to certify that you as a trader are a resident citizen of the country which you claim you are from as well as a Copy of Utility Bill that shows the exact location details where you reside, that way you can not come up with some fake identity or residence location to use for doing money laundering activities.
All regulated Forex brokers must adhere and comply with this requirement prior to opening a trading account for a new client.
Once your online currency broker receives these online account opening application forms plus above documents, your application will be processed and you'll be given login account number & password for live Forex trading account.
Once your uploaded documents are approved by your broker - your account will then get to be validated. Your login details will be sent to your email address. An example of a verified account is displayed and illustrated below:
This is KYC - Know Your Client, it's more of a legal requirement than a mere formality, your broker must follow this policy and try to do everything to know who their client is, in order to ensure that they safeguard against any money laundering activity.
You can then use your details to log into your MT4 platform and start trading on this verified account. You can also use same login details to log in to your trader cabinet on Forex broker website. On the my-account area trader cabinet you can deposit money, withdraw money & view trading reports of your Forex broker account.
FX Traders Cabinet Area for Making Forex Account Deposits & Withdraws Request
Withdraw and deposit options provided from within the traders cabinet where traders can deposit & make withdraws from the various options provided, for example: Credit Card and Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer, MoneyGram and Western Union money transfer methods as shown below.
