Posted by forex at 4:52 AM
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1. Select a broker to use for your currency trading activities. A wide range of online brokers are available to independent currency traders. According to forexondemand.com, new investors should investigate potential brokers' hours of operation, margin requirements, fee structures, and the ease of use of their web-based trading platforms before registering an account. Find out what technical analysis tools a specific broker offers, and which currencies they offer for trade.
2. Select an account type and submit any required registration documents. Two main account types exist, and they are nearly identical. Choose an 'individual account' if you will be investing on your own behalf, and a 'corporate account' if you will be investing on behalf of your company or other organization. Common registration documents include account applications and bank account information forms.
3. Read all terms and conditions thoroughly before accepting the agreement. It is vital that you read and understand all of the agreement terms related to personal financial liability, fees, and specified methods of litigation.
4. Scan or fax a copy of a valid personal identity document to your chosen broker. Ask a representative from your chosen broker which forms of identification are preferred. A valid driver's license or passport signature are common forms of acceptable identification.
5. Fund your account. Brokers often have a minimum funding requirement for new accounts, but keep in mind that fluctuations in foreign exchange rates can be very small, making Forex trading more successful with larger sums of money.