How Much Does it Cost to Begin a Forex Trading Account?
As a trader you can decide to begin with $1,000 for Mini Accounts Or you can decide to start with $100 for Micro Lots
You can also decide to start with $10,000 if you want to open a Standard Forex trading account to be trading Forex Standard lots.
Minimum Capital Required to Begin Online Forex Trading
What is needed to open a forex trading account?
Once you have selected an online forex broker to open an account with - the requirements for opening an account with an online forex broker are listed below.
Requirements to Get Started with Forex - How to Open a Forex Trading Account
How to Open a MetaTrader 4 account - Step by Step Procedure
To open a MT4 account you can go to MetaTrader 4 brokers website and open one. Once you go to the Forex broker of your choice and choose this option, you'll then have to fill some online forms, the step by step process of filling these forms is described in this guide.
With this online MT4 trading account you can trade the following: Forex, Gold, Silver, Oil, CFDs, Futures and Stock Indices.
How to Open an Online MetaTrader 4 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 the MT4 platform broker. On the Accounts menu provided on the File menu in the MetaTrader 4 platform - choose the Open a new account option and then you can open an account - a demo account or live account option is provided & you can open the type of account you want. You'll then have to fill an account opening forms.
The process of opening a real Forex account is one where your broker will also need you to upload following accompanying documents:
What Are Documents Required To Open An Online Forex 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 is issued by the authorities (example. Driver's license, identity card, etc). The 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 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 last 6 months & confirming your registered address.
You can use your phone to take the photos of these documents & upload them direct from your phone(this is best option when signing up a forex trading account). Alternatively, use digital camera to take snapshots, upload pictures to your PC then upload saved documents on to your account
To Get where to upload these supporting documents search for option "Upload Documents". Please note that after opening your account it will not get verified until you've completed uploading these supporting documents.
Why are the Copies of My ID & Utility Bill Document with My Name On Required?
These accompanying documents are required by your Forex broker to safeguard against money laundering. AML, or Anti Money Laundering Rules and Regulations require that all forex brokers ask for proof of ID and Residence with your name so as to certify that you as a trader are a resident citizen of the country which you claim you are from as well as a Copy of a Utility Bill that shows your exact location details where you reside, that way you can not come up with some fake identity or residence location to use for doing money laundering.
All regulated Forex brokers must adhere and comply with this requirement prior to opening a 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 a recent date, dated within the last 6 months).
Upload the above forms plus the above document color copies, you can use your camera phone to take color pictures of above documents, then download the pictures from your phone to your PC computer & then upload these pictures from your computer.
Once your online currency broker receives the online Forex trading account opening registration forms plus above documents, your application will be processed & you will be given login account number & a log in password for live trading account.
Once you upload these required supporting documents your account will then get to be verified. Your login details will be sent to your email address. An example of a verified account is shown and illustrated below:
This is KYC - Know Your Client, it is more of a legal requirement than a mere formality, your broker must follow this policy & try to do everything to know who their client is, in order to ensure that they safe-guard against any money laundering activity.
You can then use your details to log into your MetaTrader 4 platform and start trading on this verified account. You can also use same login details to log in to your trader cabinet on Forex broker website. On my-account area trader cabinet you can deposit money, withdraw money & view trading reports of your Forex broker account.
How to Open an Online Forex Trading Account
To open this 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 account is one where your broker will also require you to upload the following required documents:
What Are Documents Required To Open An Online Forex 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 is issued by the authorities (example. Driver's license, identity card, etc). The 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 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 last 6 months & confirming your registered address.
You can use your phone to take the photos of these documents & upload them direct from your phone(this is best option when signing up a forex trading account). Alternatively, use digital camera to take snapshots, upload pictures to your PC then upload saved documents on to your account
To Get where to upload these supporting documents search for option "Upload Documents". Please note that after opening your account it will not get verified until you've completed uploading these supporting documents.
Please note if you do not upload above documents your account won't be validated - Make sure you upload above documents to get your account verified. More than 50% of all new traders don't succeed in opening their forex account because they fail to upload the required accompanying documents. If you correctly upload all the required supporting documents then your account will be verified & you can start trading with your trading account within 5 minutes. Just take color photo of these two documents with your smart-phone & upload these docs directly to your Forex broker website using your mobile phone browser.
Where to Upload Documents on the Forex Trading Account
Once you have filled & Submitted account registration form that your broker will have provided you with, you'll get access to the trade cabinet: This will then be your forex account.
"Upload Documents" Button can then be accessed from within this client cabinet & as a trader you can upload your documents using this button key.
Once you complete uploading correct documents on "Account Verification" on your account will reflect as Validated and you can then begin trading on this account.
This process may seem simple but more than 50 % of all new beginner traders don't succeed in opening their Forex trading account due to the reason that they fail to upload required supporting documents.
Why is a Copy of My Identity Card 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 Rules and Regulations require that all forex brokers ask proof of ID and Residence with your name so as to certify that you as a trader are a citizen of the country which you claim you are from as well as a Utility Bill that shows your exact location details where you reside, that way you cannot come up with some fake identity or residence location to use for doing money laundering.
All regulated Forex brokers must adhere and comply with this requirement prior to opening a account for a new client.
Once your online currency broker receives these online account opening application forms plus above documents, your application will be processed and you'll be given login account number & password for live Forex trading account.
Once your uploaded documents are approved by your broker - your account will then get to be validated. Your login details will be sent to your email address. An example of a verified account is shown and illustrated below:
This is KYC - Know Your Client, it is more of a legal requirement than a mere formality, your broker must follow this policy & try to do everything to know who their client is, in order to ensure that they safe-guard against any money laundering activity.
You can then use your details to log into your MetaTrader 4 platform and start trading on this verified account. You can also use same login details to log in to your trader cabinet on Forex broker website. On my-account area trader cabinet you can deposit money, withdraw money & view trading reports of your Forex broker account.
FX Traders Cabinet Area for Making Forex Account Deposits and Withdraws Request
How Do You deposit money from forex? - How Do You withdraw money from forex?
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 and Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer, MoneyGram & Western Union money transfer methods as shown below.
