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 explained in this article.
With this online trading account you can trade the following: Forex, Gold, Silver, Oil, CFDs, Futures and Stock Indices.
How a Forex Live Account looks like
Step by Step Procedure of 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.
The process of opening a real Forex trading account is one where your broker will also require you to upolad the following accompanying documents:
What Documents Are Needed 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 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 and date of birth or tax identification number and the client's signature.
2. Proof of Residence - Color copy of utility bil - A recent utility bill (e.g. electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within the last 6 months and confirming your registered address.
You can use your mobile phone to take pictures of these documents and upload then directly from your phone(this is the best option). Alternatively use your digital camera, upload the pictures to your computer then upload the saved documents to your account
To Find where to upload these documents look for the option "Upload Documents". Please note after opening your account it will not get validated until you have completed uploading these supporting documents.
Why is a Copy of ID and Utility Bill with My Name Required?
These documents are required by your Forex broker to safeguard against money laundering. AML, or Anti Money Laundering Regulations require 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 you are from as well as a Utility Bill that shows your exact location where you reside, that way you cannot come up with some fake identity or fake residence to use for money laundering.
All regulated forex brokers must comply with this requirement before 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 utility bill, electricity bill etc. (bill with recent date, within the last six months).
Upload the above forms plus the above document color copies, you can use your camera phone to take color pictures of the above documents, then download the pictures from your phone to your computer and then upload these pictures from your computer.
Once your online currency broker receives the online Forex trading account opening application forms plus the above documents, your application will be processed and you will be assigned a login number and a login password for the live Forex trading account.
Once you upload these documents your account will then be validated. Your login details will be sent to your email address. An example of a validated account is shown below:
This is KYC - Know Your Client, its 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 safeguard against any money laundering activity.
You can then use your details to log into your MetaTrader 4 platform and start trading on this validated account. You can also use the same login details to login to your trader cabinet on the Forex broker website. On the trader cabinet you can deposit money, withdraw money and view trading reports of your Forex broker account.
The FX account trader cabinet is a client area where once a trader opens a live account, then they can login to this trader cabinet and do the following operations; deposit money, withdraw money, generate trade reports, upload documents and get to view the balance of their trading transactions as shown below.
Verified Forex Account
Members Area - Loyalty Points
Trader cabinet area for obtaining loyalty trading points for lots traded. Loyalty points can then be used as addition credit balance for placing trades.
Up To $6.67 Dollars Bonus for Every Lot Traded
Forex Trading Account Members Area - Loyalty Points
Traders Cabinet Members Area for Making Deposits and Withdraws Request
Withdraw and deposit options provided from within the traders cabinet where traders can deposit and make withdraws from the various options provided, for example; Credit Card, Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer, MoneyGram and Western Union money transfer methods as shown below.
Forex Trading Accounts Members Area - Withdraw and Deposit Options
With this account you can also order a Debit card for only $10 dollars and with this Debit card you can withdraw the money in your account at any time from any ATM in the world using these cards.
Forex Trading Account With Debit Card
Open a live account - As you complete this learn Forex course, open an account early as it only takes a few minutes to open and validate your account.