With a forex trading account, you can trade forex currency pairs through a forex trading platform. You will need a forex broker to open a trading account with and a trading platform to trade on.
There are many forex brokers to choose from so you may wish to take a look at my best forex brokers page. Each forex account and platform will have different features so it is important that you choose those which meet your trading needs the most.
Opening a Forex Account:
- Choose a forex broker
- Choose an account type
- Complete online application form
- Submit verification documents
- Download trading platform
- Fund account to start trading online
As mentioned above, there are so many forex brokers located all over the globe and offering a range of different services to cater to the needs of individual traders. You can see my forex broker reviews for an in-depth look at hundreds of forex brokers. Some of the most important things to consider when choosing a forex broker include:
- Trading instruments offered
- Trading platforms
- Trading tools
- Educational resources
- Account funding options
- Customer service
Each forex broker will usually have a variety of different account types that vary depending on minimum deposit size, spreads, commission charges, execution model, trading instruments offered, leverage and other features. You can choose the best trading account according to your own trading strategy and individual requirements.
There should be the option to open a demo forex account which will allow you to practice trading forex online with virtual funds. This can be a good way to familiarise yourself with the platform and your trading strategies. Once you feel confident enough and are producing consistent results, you may wish to then consider opening a real forex account.
After you have established the account type that you require, you will usually need to complete a short online form where you provide some personal information in order for your account to be created. You can then submit your documents for verification. This will usually include a proof of identity such as a passport or driver’s license along with a proof of address such as a bank statement or utility bill. This verification if a normal part of the KYC procedures.
Once your account has been verified, you will be able to fund it using any of the provided funding methods. Some deposit methods can be instant whereas others can take days to clear. Make sure you check all accounting fees before making any transfers.
When you open a forex trading account you will have a choice of trading platforms to choose from. Most forex brokers provide the popular MetaTrader platforms free of charge. MetaTrader is used by millions of forex traders all over the globe and is well known for its intuitive interface and large selection of trading tools.
The MetaTrader platform will usually be sufficient enough to meet the needs of most retail traders. You can download MetaTrader for desktop or run it directly in your web browser using the web trader version that does not require any software to be installed. MetaTrader is also available as mobile trading apps for Android and iOS devices.
Start trading forex
You should now have a clear understanding on the process of opening a forex account for trading online. If you feel ready to proceed, you can take a look at my best forex brokers who you can open an account with if you wish.