Opening Forex Trading Account - Procedure for Opening Forex Trading Account

Procedure of Opening Trading Forex Account Explained - Step by Step Procedure of Opening Trading Forex Account

Opening Forex Trading Account - How to Open Forex Trading Account

To open a Forex Trading Account you can go to a broker website and open a Forex Trading Account. Once you go to the Forex broker of your choice & select this 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 Trading Forex Account - Opening Forex Account Opening Procedure.

With this Opening Forex Trading 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 trading forex account, a trader has to fill some forex account signup form provided by a Forex trading broker. The forex account opening form can be obtained from your forex broker.

Process of opening a 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 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 is a Copy of ID & Utility Bill Document that Have My Name Being Required?

These accompanying documents are required by your Forex trading 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 trading 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 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 Desktop computer & then upload these pictures from your computer.

Once your forex broker receives the Forex trading account opening registration forms plus above documents, your application will be processed & you will be given login account number & a login password for Forex 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 validated forex trading account is shown 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 forex software & begin 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 trading broker website. On my-account area trader cabinet you can deposit money, withdraw money & view trading reports of your Forex trading broker account.

How to Open Forex Trading Account

To open this forex trading account, a forex has to fill some account opening form provided by a Forex trading broker. The forex account opening form can be obtained from your forex broker.

Process of opening a Forex Account is one where your broker will also require you to upload the following required documents:

What Documents Are Needed To Open Forex Account?

Please note if you do not 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 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 trading broker site using your 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 are the Copies of My Identity Card & Utility Bill with My Name Being Required?

These accompanying documents are required by your Forex trading broker to safeguard against money laundering. AML, or Anti Money Laundering Rules and Regulations require that all forex brokers ask proof of ID & 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're 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 trading brokers must adhere and comply with this requirement prior to opening a account for a new client.

Once your forex broker receives these trading forex account opening application forms plus the above documents, your application will be processed & you will be assigned a login number & a password for the real Forex trading 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 shown and illustrated below:

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 trading broker website. On my-account area trader cabinet you can deposit money, withdraw money & view trading reports of your Forex trading broker account.

FX Traders Cabinet Members Area for Making Forex Account Deposit and Withdraw 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.

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