Account Forex Trading Online - 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 Trading 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 accompanying documents:
What Are Documents Required To Open An Online Forex Trading Account?
1. Proof of ID - Color copy of ID card or Passport - A color copy of valid passport or other official identification document that is issued by authorities (e.g. Driver's license, identity card, etc). The identification document must contain the client's full name, an issue or expiry date, the client's place & date of birth or tax identification number and the client's signature.
2. Proof of Residence Location - Color copy of utility bill - A recent utility bill (example. Electricity, water, gas, Internet or cable TV connection, phone, oil, bank account statement) dated within the last Six months and validating your signed up address.
You can use your phone to take the pictures of these documents & upload them direct from your phone(this is the best option when opening a forex account). Alternatively, use digital camera to take snapshots, upload the pictures to your PC then upload saved documents on to your account
To Find where to upload these required accompanying documents search for the option 'Upload Documents'. Please note after opening your account it'll not get validated 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 entail that all brokers ask proof of ID and Residence with your name so as to verify that you are a citizen of the country you claim as a trader you are from as well as a Utility Bill that shows your exact location where you reside, that way you can't come up with some fake identity or fake residency location to use for money laundering.
All regulated Forex brokers must adhere & 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 Details - Color copy of a utility bill, electricity bill etc. (bill with recent date, dated within the last six months).
Upload the above forms plus the above document color copies, you can use your camera phone to take the color pictures of the above documents, then download the pictures from your phone to your computer PC and then upload these pictures from your computer.
Once your online currency broker receives the online Forex trading account opening sign up forms plus the above documents, your application will be processed & you will be given login account number & a sign in password for the live Forex trading account.
Once you upload these supporting documents 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 & 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 & try to do everything to know who their client is, in order to guard against money laundering activities.
You can then use your details to log into your MT4 platform and start trading on this verified account. You can also use the same login details to log in to your trader cabinet on the Forex broker website. On my-account area client cabinet you can deposit money, withdraw money & view trading reports of your Forex broker account.
How to Open an Online Forex Trading 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 require you to upload the following accompanying documents:
What Are Documents Required To Open An Online Forex Trading Account?
1. Proof of ID - Color copy of ID card or Passport - A color copy of valid passport or other official identification document that is issued by authorities (e.g. Driver's license, identity card, etc). The identification document must contain the client's full name, an issue or expiry date, the client's place & date of birth or tax identification number and the client's signature.
2. Proof of Residence Location - Color copy of utility bill - A recent utility bill (example. Electricity, water, gas, Internet or cable TV connection, phone, oil, bank account statement) dated within the last Six months and validating your signed up address.
You can use your phone to take the pictures of these documents & upload them direct from your phone(this is the best option when opening a forex account). Alternatively, use digital camera to take snapshots, upload the pictures to your PC then upload saved documents on to your account
To Find where to upload these required accompanying documents search for the option 'Upload Documents'. Please note after opening your account it'll not get validated until you have completed uploading these supporting documents.
Please note if you don't upload the above required documents your account will not be verified - Make sure you upload the 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 accompanying documents then your trading account will be verified and you can start trading with your trading account within 5 minutes. Take color picture of these two documents with your smartphone & upload these directly to your Forex broker website using your mobile phone browser.
Where To Upload Documents on The Forex Trading Account
Once you have filled and Submitted account opening forms that your broker will have provided you with, you will get access to your trade cabinet: This will now then be your forex account.
The 'Upload Documents' Button can then be accessed from within this myaccount area client cabinet & as a trader you can upload your documents using this button.
Once you complete uploading the correct documents on the '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 beginners don't succeed in opening their Forex account due to the reason that they fail to upload the required supporting documents.
Why is a Copy of ID and a Copy of a 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 entail that all brokers ask proof of ID and Residence with your name so as to verify that you are a citizen of the country you claim as a trader you are from as well as a Utility Bill that shows your exact location where you reside, that way you can't come up with some fake identity or fake residency location to use for money laundering.
All regulated Forex brokers must adhere & comply with this requirement prior to opening a trading account for a new client.
Once your online currency broker receives these online account opening sign up forms plus the above documents, your application will be processed and you will be given login account number & password for the 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 & 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 & try to do everything to know who their client is, in order to guard against money laundering activities.
You can then use your details to log into your MT4 platform and start trading on this verified account. You can also use the same login details to log in to your trader cabinet on the Forex broker website. On my-account area client cabinet you can deposit money, withdraw money & view trading reports of your Forex broker account.
Forex Traders Cabinet Area for Making FX Trading 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.
