Countless national and international forex brokers are waiting for beginners or forex traders who want to make a change. The broker comparison helps to find your way around the wide range, especially as a beginner. The focus should not only be on the conditions for the Forex account, but also look at the broker in general. Does it provide sufficient deposit protection and maybe even offer attractive bonuses? We took a closer look at the various options for Forex and showed what traders should pay attention to when making a selection.
- Opening a forex account is on par with opening a bank account.
- Opening a Forex account can be successfully completed in just 5 steps.
- Forex recipient and account holder identity must always be the same.
- Comparisons of the exchanges and tips to open forex account online will surely help you select and make a perfect account.
- Before and after opening an account, it is mandatory to observe the currency markets.
What must be considered when opening a Forex account? This is what a broker comparison can look like
In direct comparison with each other, good forex accounts have to offer very good customer service in the USA and training materials, as well as current trading documents, such as chart analyzes. The Forex account should be available in a free demo version so that beginners can familiarize themselves with the basic settings. If the trading platform can be personalized, this is a clear advantage for the respective forex broker. An online forex account should be opened within a few working days. Forex brokers who refer to the risks in forex trading on their website, in customer discussions and in contracts are very good forex brokers. To open the Forex account, you should not ask for too high a deposit amount. The forex broker should offer a wide range of leverage and spreads in small units. Bonus payments for new customers vary depending on the broker, deposit amount and number of trades within a specified period. Other comparison criteria of a good to very good forex broker include the cost per trading, customer reviews and the credit system.
The most important steps to set up an online forex account
Every forex broker offers a separate area on their website in which the online forex account can be registered. The registration procedure can vary from broker to broker, but is essentially based on the following steps:
Step 1: The Forex account is opened by calling up and filling out an application. Depending on the forex broker, the forex order execution, e.g. as dealing desk or no dealing desk, as well as the desired trading platform, if several are offered, are already specified in the application. If the application is confirmed, you will receive a download link or an email containing the registration documents and information to fill out.
Step 2: If questions arise when filling out and deciding on the account settings, the customer service of the forex broker should be available quickly and competently at all times. All documents should be handwritten.
Step 3: Once the personal data has been entered, the application and personal documents, such as a utility bill to confirm the address and a copy of the passport or identity card, are forwarded to the Forex broker by form or email. The processing that follows can take hours or up to 3-5 working days. Some forex brokers offer a quick account or recommend using the demo account in order to familiarize yourself with the forex broker’s trading platform in the meantime.
Step 4: Once the account has been confirmed, identification by means of the Post Ident procedure may be required, the Forex account is activated after a specified minimum amount has been paid. The payment is made depending on the provider, for example by credit card or instant transfer.
Step 5: Once the money has been received into the Forex account, all that remains to be done is to set the base value. Here, as a rule, the choice is made from the “Big Four”. Anyone who will primarily trade in EUR rates in the future will of course opt for EUR. If the majority of trading is in dollar currency, for dollars, etc.