A live forex trading account is required to be opened if the investor is wanting to trade with real money. Normally a forex account is able to be opened within a few minutes following the simple steps below.
1. Select the forex broker you would like to trade with.
2. Choose the account type you would like to trade on.
3. Complete the online registration and submit the KYC (passport and utility bill).
4. Check your email, login and activate the account. Now you are ready to deposit funds and trade.
Selecting the Forex Broker
Choosing the best forex broker is a very important initial step towards trading success. The focal point of ForexGator.com is helping traders find the right brokerage for achieving their goals. Please read our guide: A Step by Step Guide to Choosing the Best Forex Broker. We recommend reading this guide when choosing a forex broker. Please also note that every broker on ForexGator.com has been tested and is recommended. New traders from ForexGator.com will receive bonuses from the respective brokerage upon registering an account.
Choosing the Account Type
When opening a forex account, traders have the choice of opening a personal account or a corporate account. Independent traders will choose a personal account and businesses with choose a corporate account.
Some time ago, forex brokerages would require the trader to choose the type of account they wanted to trade through by lot size at the time of opening the account. Traders would need to choose; standard, mini or micro. Today this is not required since the majority of brokerages allow you to trade custom lots. The flexibility of trading custom lots is a huge advantage to new and inexperienced traders, especially ones with minimal capital.
The adaptability of custom lots provides traders with the feel and atmosphere of real trading but with smaller sums until the trader is confident of their actions and what is required to trade larger deposits. Other advantages include; testing expert advisors in a real trading environment and trading; standard, mini and micro lots without having to open separate trading accounts.
After completing the online registration, the brokerage will require you to submit supporting documentation. KYC (know your customer) documents (mainly a passport and utility bill) are required at all financial institutions including forex brokerages. In order to speed up the process, it is recommended that you already have color scans of these items for easy submission to the brokerage.
Activation is normally done very quickly since brokerages work 24×5. After the necessary documentation has been received and confirmed, the trader will receive an email containing instructions for activation and for depositing funds. If you have already received your login credentials you may use these to login, if not, they will be emailed to you shortly after account activation.
Depositing funds is the final step before beginning to trade for real money. All of the forex brokerages recommended on ForexGator.com offer multiple account funding methods. The majority of the payment options are done instantly, such as credit card. Once your card has been charged the funds are automatically deposited into your account and you are ready to start trading forex!