How Much Does it Cost to Begin a Gold Trading Account?
As a trader you can decide to begin with $1,000 for Mini Gold Accounts Or you can decide to begin with $100 for Micro Lots
You can also decide to start with $10,000 if you want to open a Standard xauusd trading account to be trading Gold Trading Standard lots.
Minimum Capital Required to Begin Online Gold Trading
What is needed to open a xauusd trading account?
Once you have selected an online gold broker to open an account with - the requirements for opening an account with an online gold broker are listed below.
Requirements to Get Started with XAUUSD Trading
How to Open a MT4 account
To open a MT4 account you can go to MT4 brokers website and open one. Once you go to the broker of your choice & select this option, you will then have to fill some online forms, the gold trading step by step process of filling these forms is described in this tutorial.
With this online MetaTrader 4 trading account you can trade the following: Gold, Gold, Silver, Oil, CFDs, Futures and Stock Indices.
How to Open an Online MT4 account
To open this live xauusd trading account, a trader has to fill some online forms provided by a xauusd trading broker. The account opening online form can be obtained from the MetaTrader 4 platform broker. On the Accounts menu provided on the File menu in the MT4 platform - choose the Open a new account option and then you can open an account - a demo gold account or real account option is provided and you can open the type of account you want. You will then have to fill an account opening forms.
Process of opening a real xauusd account is one where your xauusd broker will also require you to upload the following required documents:
What Are the Documents Which are Needed To Open An Online XAUUSD Trading Account?
1. Proof of ID - Color copy of ID document 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). Identification document must have the client's full name, an issue or expiry date, client's place and date of birth or tax identification number and the client's signature.
2. Proof of Residence - Color copy of a utility bill - A recent utility bill (e.g. Electricity, phone, water, gas, oil, Internet and/or cable TV connection, bank account statement) dated within the last 6 months and validating your signed up address location.
You can use your phone to take the snapshots of these documents and upload them directly from your phone(this is the best option when registering a xauusd account). Alternatively you can use a digital camera, upload the pictures to your Desktop computer & then upload these supporting documents to your trading account
To Get to where to upload the required accompanying documents look for the option "Upload Documents". Please note that after opening your gold account it will not get to be validated until the time that you will complete to upload these copies of the supporting required documents.
Why is a Copy of My Identity Card & a Copy of a Copy of Utility Bill with My Name Required?
These documents are required by your gold broker to safeguard against money laundering activities. AML, or Anti Money Laundering Regulations require all brokers ask for proof of ID and Residence with your name so that to verify that as a trader as a trader you are a citizen of the country you say you are from as well as a copy of a Copy of Utility Bill that shows your exact residence location, that way you cannot create some fake identity or some fake residence to use for money laundering.
All regulated gold brokers must comply to this requirement before opening a gold account for a new client.
Now once you have scanned or taken pictures of these gold trading account opening forms:
2.Proof of ID - Color copy of ID card or Passport Document
3. Proof of Residence - Color copy of utility bill, electricity bill etc. (bill with a recent date, dated within the last 6 months).
Upload the above forms plus the above accompanying documents color copies, you can use your phone camera to take color pictures of the above accompanying documents, then down-load the pictures from your phone to your PC computer PC and then upload these pictures from your Desktop PC computer.
Once your online gold broker receives the online gold trading account opening sign up forms plus the above documents, your application will be processed & you will be assigned a login account number & a login password for the live xauusd trading account.
Once you upload these supporting documents your account will then be verified. Your log in details will be sent to your e mail address. Example of a verified account is illustrated below:
This is KYC - Know Your Client, it is more of a legal requirement than a mere formality, your gold broker must follow this policy and try to do everything to know who their client is, so as to 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 the broker website. On the myaccount area trader cabinet you can deposit money, withdraw money & view trading reports of your xauusd trading broker account.
How to Open an Online Gold Trading Account
To open this xauusd trading account, a trader has to fill some online forms provided by a xauusd trading broker. The account opening online form can be obtained from your online xauusd trading broker.
Process of opening a real xauusd account is one where your gold broker will also need you upload the following supporting documents:
What Are the Documents Which are Needed To Open An Online XAUUSD Trading Account?
1. Proof of ID - Color copy of ID document 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). Identification document must have the client's full name, an issue or expiry date, client's place and date of birth or tax identification number and the client's signature.
2. Proof of Residence - Color copy of a utility bill - A recent utility bill (e.g. Electricity, phone, water, gas, oil, Internet and/or cable TV connection, bank account statement) dated within the last 6 months and validating your signed up address location.
You can use your phone to take the snapshots of these documents and upload them directly from your phone(this is the best option when registering a xauusd account). Alternatively you can use a digital camera, upload the pictures to your Desktop computer & then upload these supporting documents to your trading account
To Get to where to upload the required accompanying documents look for the option "Upload Documents". Please note that after opening your gold account it will not get to be validated until the time that you will complete to upload these copies of the supporting required documents.
Please note if you don't upload the above required documents your account will not be verified - Make sure that you upload above documents to get your account verified. More than 50% of all the beginner traders do not succeed in opening their gold trading account because of the reason of failing to upload accompanying documents. If as a trader you correctly upload all the required documents then your trading account will be validated & you can begin trading with your trading account within 5 minutes. Just take color picture of these two documents with your smartphone and upload these docs directly to your xauusd broker site using your phone browser.
Where to Upload Documents on the Gold Trading Account
Once you have filled account registration form that your gold trade broker will have provided you with, you will get access to your myaccount area client cabinet: This will now then be your xauusd trading account.
The "Upload Documents" Button Key can then be accessed from within this client cabinet and as a trader you can upload your documents using this button.
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 xauusd trading account.
This process might seem simple but more than 50% of all new traders do not succeed in opening their gold trading account due to failure to upload required accompanying documents.
Why is a Copy of ID and a Copy of Utility Bill Document that Has My Name Required?
These documents are required by your gold broker to safeguard against money laundering activities. AML, or Anti Money Laundering Regulations require all brokers ask for proof of ID and Residence with your name so that to verify that as a trader as a trader you are a citizen of the country you say you are from as well as a copy of a Copy of Utility Bill that shows your exact residence location, that way you cannot create some fake identity or some fake residence to use for money laundering.
All regulated gold brokers must comply to this requirement before opening a gold account for a new client.
Once your online gold broker receives these online account opening sign up forms plus the above documents, your application will be processed & you will be assigned a login account number & a password for the live xauusd trading account.
Once your uploaded documents are approved by your xauusd broker - your account will then be verified. Your log in credentials will be sent to your email address. Example of a verified account is shown below:
This is KYC - Know Your Client, it is more of a legal requirement than a mere formality, your gold broker must follow this policy and try to do everything to know who their client is, so as to 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 the broker website. On the myaccount area trader cabinet you can deposit money, withdraw money & view trading reports of your xauusd trading broker account.
XAUUSD Traders Members Area for Making Gold Account Deposit and Withdraw Request
How Do You deposit money from gold? - How Do You withdraw money from gold?
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 & Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer, MoneyGram & Western Union money transfer methods as shown below.
