- History of Retail Forex Trading
- Forex Broker Types: Dealing Desk and No Dealing Desk
- Dealing Desk vs. No Dealing Desk Forex Brokers
- What is a Spread in Forex Trading?
- 6 Crucial Things to Consider When Choosing a Forex Broker
- Beware of Forex Bucket Shops
- How to Protect Yourself against Forex Broker Scams
- How to Open a Forex Trading Account
Three Types of Analysis
Types of Charts
How to Open a Forex Trading Account
Opening a Forex trading account is a simple task, but before actually opening it,
you are advised to spend considerable time at demo trading accounts. It is
beneficial if a newbie trader has a test drive on at least 3-4 different types of
Forex trading platforms. Once the trader gains confidence and is successful in
earning profits consecutively on the demo platforms, the trader can open a live
Forex trading account in 3 easy steps.
Type of Account –
This is a trader’s call. A trader can choose to have an individual or a corporate
account based on his requirements. The Forex trading accounts are classified as
standard, mini and micro accounts on the basis of the lot size of the trade. Brokers
also offer managed accounts which allow the brokers to take trading decisions on
After choosing an account type, the would-be trader has to do paperwork for
registering on FX. These papers vary from one broker to another and one should
read each clause including details about the commission, charges, and bank wire
transfer costs. Though these charges may seem tiny percentages, when applied
practically, they turn into high amounts eating into your capital. These documents
are generally provided to you in PDF format.
Account Activation –
As soon as your broker receives all the forms required to activate a trading
account, he will initiate the process and will update you through email. The email
will have instructions for you to execute some final steps to activate your account.
With the execution of those steps, you will receive a final email with your FX
account credentials and password. Yes, it’s done.