How to Open a Live Forex Account - Step by Step Procedure of Account Opening
Forex Account Example - To open a Live Forex Account as a trader you can go to a online broker site and open Account. Once you go to Forex broker of your choice & select this option of opening a Live Account, you will then have to fill some online forex account opening forms, the step by step process of filling these forex account opening forms is explained in this Open Live Forex Account Course Lesson - Account Example.
With this online account you can trade the following: Forex, Gold, Silver, Oil, CFDs, Futures & Stock Indices.
How to Open an Online FX Account
To open this real trading forex account, a trader has to fill some online forex account registration form provided by a broker. The account sign up online form can be obtained from your online forex currency broker.
Process of opening a live account is one where your online broker will also require that you upload following supporting documents:
What Are Docs Required To Sign Up An FX Account?
1. Proof of ID - Color copy of ID card or Passport - A color copy of official identification card or valid passport document or other document that's issued by authorities (example. Driver's license, identity card, etc). The Identity document contain customer full name, an issue or an expiry date, the customer's place & date of birth or tax identification number & customer's signature.
2. Proof of Residency Location - Colored copy of utility bill - Recent bill (e.g. Electricity, gas, water, phone, oil, Internet &/or pay TV connection, bank account statement) dated within last Three months and confirming your registered address.
You can utilize your phone to snap photos of these documents & upload directly from your mobile phone(this is best option when signing up a fx account). Alternatively, use digital camera to take snapshots, upload snapshots to your desktop PC then upload saved docs on to your trading account
To Get where to upload these supporting documents search for the option 'Upload Docs'. Please note after registering your trading account it won't get verified til you have completed uploading these supporting documents.
Why is are Copies of ID & Utility Bill with My Name On Required?
The accompanying documents are needed by your broker to safe-guard against money laundering activities. AML, or Anti-Money Laundering Rules necessitate that all brokers ask proof of your Identity and Residence with your full names so that to verify and certify that you are a resident citizen of the particular country which you say you are from & also a Copy of Utility Bill that illustrates your precise residential address particulars of where you reside, that way you can't come up with some fake ID or residence address to use for doing money laundering.
All regulated brokers must adhere and comply with this requirement prior to opening a forex account for a new client.
Now once you have scanned or taken images of these forex account opening forms:
2. Proof of ID - Color copy of ID card or Passport
3. Proof of Residency Location - Colored copy of utility bill, electricity bill etc. (bill with recent date, dated in last Three months).
Up-load above forms plus the above document colour copies, you can use your camera phone to take colour pictures of above docs, then download the pictures from your mobile phone to your PC Desktop computer and then upload these pictures from your computer.
Once your online forex currency broker gets the online Forex account sign up application forms plus the above documents, your application will be processed and you will be assigned a forex sign in number & a forex sign in password for the real account.
Once you upload these accompanying docs your trading account will then be validated. Your forex login credentials will be sent to your e-mail address.
This is KYC - Knowing Your Client, it is more of a legal requirement than a formality, your online broker must adhere to this guide-line & try & do everything to know details of who their client is, in order to ensure they safeguard against money laundering activity.
You can then use your details to log into your MetaTrader 4 platform & start trading on this verified account. You also can use same sign in details to log in to your client cabin area on broker website. On the my-account area client cabin you can deposit money, withdraw money and view reports of your online broker account.
How to Open an Online FX Account
To open this forex account, a trader has to fill some online fx account registration form provided by a online broker. The account sign up online form can be obtained from your online broker.
Process of opening a real account is one where your forex broker will also require you to upload the following documents:
What Are Documents Required To Sign Up An FX Account?
1. Proof of ID - Color copy of ID card or Passport - A color copy of official identification card or valid passport document or other document that's issued by authorities (example. Driver's license, identity card, etc). The Identity document contain customer full name, an issue or an expiry date, the customer's place & date of birth or tax identification number & customer's signature.
2. Proof of Residency Location - Colored copy of utility bill - Recent bill (e.g. Electricity, gas, water, phone, oil, Internet &/or pay TV connection, bank account statement) dated within last Three months and confirming your registered address.
You can utilize your phone to snap photos of these documents and upload directly from your phone(this is best option when registering a fx account). Alternatively, use digital camera to take the snapshots, upload the pictures to your PC then upload the saved documents on to your forex account sign in clients area on the website of your forex broker
To Get where to upload these accompanying docs search for the option 'Upload Documents'. Please note after registering your forex account it won't get verified til you have completed uploading these supporting documents.
Please note if you don't upload above documents your forex account will not be validated - Make sure you upload the above accompanying documents to get your forex account verified. More than 50 % of all new traders do not succeed in opening their forex account because they fail to upload the required supporting documents. If you correctly upload all the required supporting documents then your forex account will be validated & you can begin trading with your account within 5 minutes. Take colour photo of these two docs with your smartphone & upload these docs directly to your online broker website using your phone browser.
Where to Upload Documents on the Account
Once you have filled and Submitted account registration form that your forex broker will have given you, you'll get access to the trade cabinet: This will then be your account.
The 'Upload Documents' Button can then be accessed from this trader cabin and as a trader you can upload the required accompanying docs using this button.
Once you finish uploading required documents on 'Account Validation' on your account shall display as Validated and you can then start trading on this forex account.
This process might seem simple but more than 50 % of all new beginners do not succeed in opening their trading account due to the reason that they fail to upload the required supporting documents.
Why are Copies of My Identity Card & Utility Bill that Has My Names Needed?
The docs are needed by your online broker to safe-guard against money laundry activities. AML, or Anti-Money Laundry Rules necessitate that all brokers ask proof of your Identity and Residence with your full names so that to verify and certify that you are a residential citizen of the specified country which you say you're from and also a Copy of Utility Bill which portrays your current residential location particulars of where you reside, that way you can't come up with some fake ID or residence address to use for doing money laundering.
All regulated brokers must adhere and comply with this requirement prior to opening a forex account for a new client.
Once your online forex broker gets the online forex account sign up application forms plus the above documents, your application will be processed and you will be assigned a sign in number & a password for the live account.
Once your up-loaded docs are validated by your online broker - your trading account will then get to be validated. Your sign in credentials will be sent to your email address. An example of a verified account is displayed and shown below:
This is KYC - Knowing Your Client, it is more of a legal requirement than a formality, your broker must adhere to this guide-line & try & do everything to know details of who their client is, in order to ensure they safeguard against money laundering activity.
You can then use your details to log into your MT4 platform and begin trading on this verified account. You also can use same sign in details to log in to your trader cabin on broker website. On the my-account area trader cabin you can deposit money, withdraw money and view reports of your online broker account.
Traders Cabinet Members Area for Making Account Deposits & Withdraws Request
Withdraw & 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 illustrated below.
Open a live account - As you complete this learn FX course, open a trading account early as it only takes a few minutes to open & validate your account early.
How Do I Register Account - How Do I Register Account - How to Open Live Forex Account - Account Example
