Forex is really hot right now and there is so much excitement in the space. Forex is a great way to make money, but it can also be confusing to get into. So how do actually get started? Today I’m going to take you through opening your own forex trading account.
Picking a Broker
The first step is picking a broker. Here at VergeFX, we’ve traded on over 2 dozen different trading platforms. But we only recommend a handful of brokers. It’s important to choose a broker that is fully regulated, has a good reputation and offers a good platform to trade on. Make sure you check out our picks of the top brokers currently available.
Details you’ll need
When signing up to trade, you will need to provide a number of details. This is because regulated brokers need to conform with anti money laundering rules. These details will include your name, address, phone etc. You may also be asked about your trading experience in the past. This is a step to prevent complete newbies signing up and losing all their money. Most brokers will require you to submit some form of identification. This is usually just a scanned copy of your passport or drivers license.
Start with a Practice Forex Account
Before signing up with any broker, I would recommend trying it out with a practice account first. You can usually sign up for a practice account without needing to submit all your personal details. And then you’ll be able to test out the platform using virtual currency. If a broker offers their own proprietary web trader or downloadable app, it’s important you test it before depositing any real money. In our experience some of them can be really badly designed.
Take advantage of no deposit forex bonuses
New customers are often given various bonuses. And these bonuses are often only available to new customers when they sign up. So it’s a good idea to look out for them. Some brokers will offer a no deposit bonus. This means they’ll give you a small amount of money to trade with completely free. Others will offer a deposit bonus. You’ll get some bonus funds after making a deposit. Make sure you read through the terms of each bonus.
Hot Tip: If you’re new to trading then we recommend eToro. eToro has in our opinion the best designed interface of any broker, a huge range of markets to trade in and copy trading tools.