Opening Forex Account - Procedure for Opening Forex Live Account
Procedure of Opening Forex Trading Account Explained - Step by Step Procedure of Opening Forex Account
Opening Forex Real Account - How to Open Forex Real Account
To open a Forex Account you can go to a broker website and open a Forex Real Account. Once you navigate to the Forex broker of your choice & select this Real Account Opening option, you will then have to fill some online forms, the step by step process of filling these forms is described in this tutorial - Opening Forex Account - Opening Forex Account Opening Procedure.
With this Opening Forex Live Account you can trade the following: Forex, Gold, Silver, Stock Indices, Oil, Futures and CFDs.
How to Register Forex Trading Account
To open this real forex account, a trader has to fill some forex account signup form provided by a Forex broker. The forex account opening form can be obtained from your forex trading broker.
Process of opening a Real Forex Account is one where your broker will also need you to upload following accompanying documents:
What Documents Are Needed To Open A 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 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 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 and a Copy of Utility Bill Document that Has 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 a Copy of 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 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 computer & then upload these pictures from your computer.
Once your forex broker receives the forex account opening application forms plus the above documents, your application will be processed and you will be assigned a log in number and a log in password for the Real Forex 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 validated forex account is shown 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 forex platform and start trading on this validated forex trading account. You can also use the same forex login credentials to sign in to your myaccount trader cabinet area on Forex broker website. On the my-account area trader cabinet you can deposit money, withdraw money & view trading reports of your Forex broker account.
How to Open Forex Trading Account
To open this forex account, a trader has to fill some forex account signup form provided by a Forex broker. The forex account opening form can be obtained from your forex trading broker.
Process of opening a Real Forex Account is one where your broker will also require you to upload the following documents:
What Documents Are Needed To Open 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 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 the option 'Upload Documents'. Please note after opening your 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 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 validated & you can start trading with your trading account within 5 minutes. Take color photo of these two documents with your smartphone & 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 and Submitted account registration form that your broker will have provided you with, you will get access to the trade cabinet: This will then be your forex account.
The 'Upload Documents' Button Key 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 the correct documents on 'Account Verification' on your account will reflect as Validated and you can then start trading on this account.
This process might seem simple but more than 50 % of all new beginner traders do not succeed in opening their forex account because they fail to upload the required accompanying documents.
Why are the Copies of My Identity Card & Utility Bill with My Name Being 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 proof of ID and Residence with your name on 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 Utility Bill that shows the 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 activities.
All regulated Forex brokers must adhere and comply with this requirement prior to opening a forex account for a new client.
Once your forex broker receives these forex account opening application forms plus the above documents, your application will be processed and you'll be assigned a login number & a password for the real forex account.
Once your uploaded documents are approved by your broker - your forex account will then be validated. Your login details 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 Forex broker website. On the my-account area trader cabinet you can deposit money, withdraw money & view trading reports of your Forex broker account.
FX Traders Cabinet Members Area for Making Forex Account Deposits & Withdraws Request
Withdraw and deposit options provided from within the traders cabinet where traders can deposit & make withdraws from various options provided, for examples: Bank Wire Transfer, Credit Card, Debit Card, Skrill, WebMoney, MoneyGram, Neteller & Western Union money transfer methods as displayed below.
