Trade Forex Trading

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

Forex Account Example - To open a Live Forex Account as a trader you as a forex trader can go to a online broker site and open Account. Once you as a trader 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 signing up 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.

This online account enables trading in various assets, including Forex, Gold, Silver, Oil, CFDs, Futures, and Index.

How to Open an Online Forex Account

To open this real trading forex account, a trader has to fill some online forex account opening form provided for by a broker. The account sign up online form can be obtained and gotten from your online forex currency broker.

When opening a real account, your broker will also ask you, as the trader, to send in these documents:

What Are Docs Required To Sign Up An FX Account?

1. Proof of ID - Color copy of Identity card or a Passport - A colour copy of official identification card or valid passport doc or other document that's issued by the authorities (.e.g. Driver's license, identity card, etc). The Identity document contain customer full names, an issue or an expiry date, the customer's place & date of birth or tax identification number & customer's signature.

2. Proof of Where You Live - A color copy of a utility bill - A recent bill (like for electricity, gas, water, phone, oil, Internet, or pay TV, or a bank statement) from the last three months that shows your registered address.

Use your phone to take photos of these documents. Upload them straight from your mobile when opening an FX account. This works best. Or snap pictures with a digital camera. Save them to your PC. Then upload the files to your account.

Search for "Upload Docs" to add support files. Note that your trading account stays unverified until you finish uploading them.

Why is are Copies of ID & Utility Bill with My Name On Required?

Your broker needs these papers to help protect against any actions involving illegally obtained money. Rules against money laundering require that all brokers get proof of who you are and where you live with your full name so they can check and confirm that you are a legal resident of the country that you claim you are from and also a copy of a bill which shows where you actually live, so you can't use a fake ID or address for money laundering.

All licensed brokers are required to meet this compliance standard before opening any new forex accounts for clients.

Now once you have scanned or taken images of these forex account opening forms:

2. Proof of ID - Colour copy of ID card or Passport

3. Proof of Where You Live - A color copy of a bill for utilities like electricity (a recent bill from the last three months).

To upload required documents, use your phone's camera to capture color photos, transfer them to your PC, and then upload them directly from the computer.

Once your online forex currency broker receives your application form and the necessary documents, they will process your application and assign you a sign-in number and password for your real account.

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

This is K.Y.C. - Know Your Customer, more of a legal need than just a formality. Your online broker has to follow this rule and try to learn about their customer to guard against money laundering.

You then can use your authorization sign in details to log into your MT4 platform & start and begin 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 as a FX trader can deposit money, withdraw money and view reports of your broker trading account.

How to Open an Online Forex Account

To initiate the process of opening a forex account, a trader must complete an online form provided by an online broker. This account registration form can be accessed through your online broker.

Creating a real account with your Forex broker typically involves submitting necessary documents for verification purposes.

What Are Documents Required To Sign Up An FX Account?

1. Identification Verification - A color scan of your ID card or Passport is required. This must be a color reproduction of an official identification document or a valid passport, or another government-issued credential (e.g., driver's license, state identity card). The identification document needs to clearly display the client's full name, issuance or expiration date, client's place and date of birth or tax identification number, along with the client's signature.

2. Proof of Residential Address - A color reproduction of an invoice – A recent utility bill (e.g., for Electricity, gas, water, telephone, fuel, Internet services and/or paid television subscription, or a bank statement) dated within the last three months, confirming your registered location.

You can easily use your phone to take snapshots of required documents and upload them directly, which is particularly useful when registering a forex account. Alternatively, you can use a digital camera to capture images, transfer them to your PC, and then upload them to your forex broker's customer area on their website.

To upload supporting documents essential for account verification, locate the 'Upload Documents' option. Note that your account remains unverified until all required documentation has been successfully submitted after registration.

Please be aware that if the above paperwork is not uploaded, your account verification will not proceed. Confirm the submission of these above supporting documents to secure the verification of your account. Over 50% of all newly registered traders do not manage to activate their forex account because they neglect to upload the essential accompanying paperwork. If you submit all the required supporting documents accurately, your account will be validated, and you, as a forex participant, can commence trading within five minutes. Use your smartphone to take a color picture of these two documents and upload them directly to your broker's website utilizing your mobile phone's browser application.

Where to Upload Documents on the Account

Once you have filled & Submitted account opening form that your forex broker will have given you, you will get access to the trade transaction cabinet: This then will be your account.

From this trader cabin, you may then access the 'Upload Documents' button, which you can use as a forex trader to upload the necessary supporting documentation.

Following proper document Submission within 'Account Verification,' traders gain validation status on their forex accounts and can then proceed with active trading confidently.

Despite appearing uncomplicated, over half of all novice traders fail to successfully establish a live trading account, primarily due to their inability to successfully upload the necessary identity and supporting documentation.

Why are Copies of My Identity Card & Utility Bill that Has My Names Needed?

Your broker requires these documents as a measure to prevent participation in illicit money laundering operations. AML, or Anti-Money Laundering regulations, compel all brokers to request verification of your Identity and Residence, including your full legal name. This process confirms you are a legal resident of the claimed nation and demands a copy of a Utility Bill displaying the precise details of your current residential address. This protocol prevents individuals from using fabricated identification or addresses for money laundering purposes.

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Your online Forex broker receives your account signup forms and the listed documents. They process your application. Then you get a login number and password for the live account.

Once your up-loaded documents are validated/verified by your broker - your account then will get to be verified. Your sign in credentials will be sent to your EMail address. An example of a verified account is displayed & shown:

This is K.Y.C. - Know Your Customer, it's more of a legal prerequisite requirement than just a formality, your broker must comply with this rule & try and do everything so as to know details & particulars of who their client really is, in order and so as to ensure they safeguard against money laundering activity.

Log into your MetaTrader 4 platform with your sign-in details. Start trading on this verified account. Use the same details to access your trader cabin on the broker's website. In the myCabinet area, deposit funds, withdraw money, and check your trading account reports.

Traders Cabinet Members Area for Making Account Deposits and Withdraws Request

Withdraw and deposit options provided from within the traders cabinet where traders can deposit & make withdraws from the different options provided, e.g.: Credit Card and Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer, MoneyGram and Western Union money transfer methods just as shown below.

Open a live account - As you complete this learn FX course, open a account early as it only takes a few minutes to open and validate your account early.

How Can I Sign Up Trading Account - How Can I Sign Up Trading Account - How to Open Live Forex Account - Account Example

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