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How to Open a Forex Account in 5 Minutes - Step by Step Procedure

To open a Live Forex Account you can go to an online Forex 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. If you fill the forms correctly and follow the account opening procedure explained below you can have your account opened within 5 minutes.

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

How to Open a Live Forex Trading Account

 

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 upload 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 bill - 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.

 

Please note if you do not upload the above documents your account will not be validated - Make sure you upload the above documents to get your account validated. More than 50% of all new traders do not succeed in opening their Forex account because they fail to upload the required accompanying documents. If you correctly upload all the required documents then your account will be validated and you can start trading with your account within 5 minutes. Just take a color picture of these two documents with your smart phone and upload these directly to your Forex broker website using your mobile phone browser.


Where To Upload Documents on The Forex Account

Once you have filled the account opening forms that your broker will have provided you with, you will get access to the following trader cabinet: This will now be your Forex account.


The "Upload Documents" Button is shown below:

Verified Forex Account - Trader Cabinet

Complete Account Opening Procedure by Validating Forex Account - Last Step is Uploading The Required Account Opening Documents as Shown Above.


Once you complete uploading the correct documents on the "Account Verification" Tab shown above, your account will reflect as Validated and you can then start trading on this account.


This process may seem simple but more than 50% of all new traders do not succeed in opening their Forex account because they fail to upload the required accompanying 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.

Regulated Broker

Tight Spreads, EURUSD - 0.1 Pips, GBPUSD - 0.1 Pips, USDJPY - 0.1 Pips: Choose Zero Spreads Account

 

Trader Cabinet

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 - Trader Cabinet

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

Loyalty Bonus Points - Up To $6.67 Dollars Bonus For Every Lot Traded

Forex Trading Account Members Area - Loyalty Points

 

50% Bonus Up To $500 and 20% Bonus Up To $5000 in Addition Up To $6.67 Credit Bonus Per Lot Traded

 

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.

Real Forex Trading Account Withdraw and Deposit Options

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.

XM Mastercards

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.

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How a Real Forex Account Looks Like

How A Real Forex Trading Account Looks Like

XMP Forex Loyalty Bonus Program

Loyalty Bonus Points - Up To $6.67 Dollars Bonus For Every Lot Traded

Forex Trading Accounts Members Area - Withdraw and Deposit Options

Real Forex Trading Account Withdraw and Deposit Options

Up To $6.67 Dollars Bonus for Every Lot Traded

Forex Loyalty Bonus Program

Open Forex Account Early, Takes Only 5 Minutes: Register Now

$5,000 Forex Bonus

Silver and Gold Online Trading

Tight Spreads, EURUSD - 0.1 Pips, GBPUSD - 0.1 Pips, USDJPY - 0.1 Pips: Choose Zero Spreads Account

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