Forex market trading is steadily gaining popularity around the world. Experts explain this trend by the versatility of the platform. Beginners and experienced traders can make money on Forex. Using the right approach, profits may be received on the first day of trading.
The Forex account is created on the brokerage companies’ websites. So, in order to make a count for transactions, a merchant, first, needs to find a suitable broker. Experts recommend creating a Forex trading account only on licensed brokerage platforms (for example, fbs.com). This will help a trader avoid cooperation with scammers.
Forex Registration Process
After choosing a broker, newcomers need to find out the list of required documents to register them as traders. The documentation amount depends on the type of brokerage company license and the trading region. The required documents and copies should be prepared in advance.
Filling Out the Registration Form
In the online questionnaire, the brokerage companies most often require merchants to:
- Specify an email address — the mailbox must be securely protected from hacking.
- Enter a phone number — this may be needed for two-step verification when logging into the account.
- Create a password — the passcode should include numbers, symbols, as well as uppercase and lowercase letters. It’s important to keep the password in a safe place.
Additionally, the traders have to provide personal information. The latter must be valid. This is due to the fact that brokers are required to conduct activities strictly following financial legislation. If the brokerage company doesn’t verify the client’s personal information, it must seem strange.
Setting Up and Opening a Trading Account
Conscientious brokers provide clients with using the platform instructions as well as materials for trade studying. Additionally, high-quality support must be produced on the platform. After setting up a personal space on the site, the merchant should open a trading count.
Licensed brokers usually offer to their customers Standard and ECN accounts. The latter is most often opened by experienced traders. The ECN accounts are more profitable. But making mistakes when using such a count is fraught with significant losses. The Standard accounts are suitable for beginners. It is more convenient to learn trading here.
Creating accounts with the bona fide brokerage companies (such as FBS) is free. In some cases, activation by making a minimum deposit may be required. Conscientious brokers provide the possibility to open an account in various currencies.
Can a Trader Create Multiple Counts?
Most brokerage platforms allow their clients to open more than one account. But for creating numerous unused counts, an honest broker may fine or block the user. Therefore, platforms with the ability to open multiple out-of-use accounts with impunity should alert the traders.
Registration Process Peculiarities on Mobile Brokerage Platform
Most brokers offer portable versions of their sites to their clients. It may be a browser-based mobile website or a smartphone/tablet application. When using portable platform versions, the registration algorithm is the same as in the PC variations.
If the traders are using mobile apps, it’s important to connect to reliable networks. Applying public wireless connections is dangerous. Through such a network, a brokerage platform account can be hacked. And it’s fraught with loss of money.