How to Open a Live Forex Account - Step by Step Procedure of Account Opening

Forex Account Example - To open a Live Forex Account you can go to an online broker site and open Account. Once you go to the 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 and Stock Indices.

How to Open an Online Forex Account

To open this live 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 real account is one where your broker will also require that you upload the 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 authorities (example. Driver's license, identity card, etc). Identification document must have the client's full name, an issue or expiry date, the 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 directly from your phone(this is best option when signing up a forex 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 the option 'Upload Documents'. Please note after opening your account it will not get verified until you have completed uploading these supporting documents.

Why is a Copy of ID & Utility Bill Document with My Name On Required?

The supporting documents are needed by your broker to safe-guard against money laundering. AML, or Anti Money Laundering Rules necessitate that all brokers ask proof of your Identity and Residence with your full name so that to validate and certify that you are a residential citizen of the specific country you claim your'e from as well as a Copy of Utility Bill that portrays your precise residential location details of where you reside, that way you cannot come up with some fake identity or residence location 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 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 a utility bill, electricity bill etc. (bill with 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 Desktop computer & then upload these pictures from your computer.

Once your online forex currency broker receives 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 live account.

Once you upload these supporting documents your account will then be verified. Your forex login credentials will be sent to your e-mail address.

This is KYC - Know Your Client, it's 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 ensure that they safeguard against any money laundering activity.

You can then use your details to log into your MT4 platform and start trading on this verified account. You can also use same login details to log in to your trader cabinet on broker website. On the my-account area trader cabinet you can deposit money, withdraw money and view reports of your broker account.

How to Open an Online Forex Account

To open this 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 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 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 authorities (example. Driver's license, identity card, etc). Identification document must have the client's full name, an issue or expiry date, the 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 directly from your phone(this is best option when signing up a forex 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 supporting documents search for the option 'Upload Documents'. Please note after opening your forex account it will not get verified until 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 accompanying 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 color photo of these two documents with your smartphone & upload these docs directly to your broker website using your mobile phone browser.

Where to Upload Documents on the Account

Once you have filled and Submitted account registration form that your forex broker will have provided you with, you will get access to the trade cabinet: This will then be your account.

The 'Upload Documents' Button Key can then be accessed from within this client cabinet and as a trader you can upload your-documentsthe-required-documents using this button.

Once you complete uploading the correct documents on 'Account Verification' on your account will reflect as Validated and you can then start trading on this forex account.

This process might seem simple but more than 50 % of all new beginner traders do not succeed in opening their account due to the reason that they fail to upload the required supporting documents.

Why is a Copy of My Identity Card & Utility Bill that Has My Name Required?

The documents are needed by your broker to safe-guard against money laundering. AML, or Anti Money Laundering Rules necessitate that all brokers ask proof of your Identity and Residence with your full name so that to validate and certify that you are a residential citizen of the specific country you claim your'e from as well as a Copy of Utility Bill that portrays your precise residential location details of where you reside, that way you cannot come up with some fake identity or residence location 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 receives these 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 uploaded documents are approved by your broker - your 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 illustrated below:

This is KYC - Know Your Client, it's 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 ensure that they safeguard against any money laundering activity.

You can then use your details to log into your MT4 platform and start trading on this verified account. You can also use same login details to log in to your trader cabinet on broker website. On the my-account area trader cabinet you can deposit money, withdraw money and view reports of your broker account.

Traders Cabinet Members Area for Making Account Deposits & 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 and Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer, MoneyGram and Western Union money transfer methods as shown below.

Open a real account - As you complete this learn Forex course, open an account early as it only takes a few minutes to open & validate your account early.

How to Open Account - How to Open Account - How to Open Live Forex Account - Account Example