Forex trading opens up opportunities for anyone to get huge profits ranging from tens to thousands of US Dollars, just by using a laptop or cellphone online, without the hassle of selling products to potential buyers. Buy and sell transactions are set up via online trading platforms such as MT4 or MT5. We simply do a market analysis, then send instructions so that the transaction is executed automatically. All these conveniences can be enjoyed with very low capital and costs. However, before starting to profit from this business, we first need to think about how to create a trading forex account.
Steps to Create a Forex Trading Account
In summary, how to create a forex trading account from zero to ready to use can be described in the following 7 easy steps:
1. Choosing a forex broker
Ask for the recommendation of the best forex broker from your trusted website or partner, then visit the forex broker’s website. Make sure your chosen forex broker has obtained official permission from a bona fide regulatory agency and has a website so that you get optimal service.
2. Register and confirm account opening
Click the “register” or “open account” button available on the broker’s website, then fill out the short form presented on the broker’s website. Carry out the confirmation email, mobile phone number, or social media account requested by the broker in the registration procedure. After confirmation, the broker will send a username (ID) and password (password) for Client Area login via email or mobile phone number.
3. Verify your forex trading account
Login to the Client Area on the broker’s website using the username and password that you have received. In the Client Area, look for the option to perform account verification. For verification, prepare a copy of your identity document and a copy of the proof of residence (front page of bank passbook/water bill/electricity bill). There are forex brokers who ask for scanned copies of documents, but there are also brokers who ask for copies in the form of photos. Pay attention to copies of documents like what the broker asks for, prepare the documents, then upload them in the space provided.
4. Receive Notifications
After the copy of the document is uploaded, the broker will take between an instant to a maximum of 2×24 hours to process the verification. After verification is complete, the broker will send a notification via email. If verification has not been completed within 2×24 hours, please contact the Live Chat or Customer Service broker to speed up processing. After this step is complete, then you can continue to open an account and deposit capital.
5. Create a new forex trading account
Login to the Client Area on the broker’s website using the username and password that you have received. Look for the option to open a new account (open a new account). Click the option, then fill out the form provided. You will be asked to select the type of forex trading account you want to open, fill in the amount of leverage, type of account currency, and some other details. Next, you will receive notification of the successful opening of a new forex trading account in the Client Area and via email. The notification includes a link to download the trading platform, the name or address of the broker’s server, the username and password that will be used to log in to the platform. Take note of all the information carefully.
6. Deposit forex trading capital
In the Client Area, look for the deposit option. Arrange capital transfers according to the payment method and terms provided by the broker. After the capital enters the forex trading account, you can proceed to the next step.
7. Start forex trading online
Download the trading platform on the link provided by the broker, then install it on your laptop or mobile. Log in to the platform using the provided username and password, then you can start trading right away.
Well, that’s easy, isn’t it!? It looks complicated, but it’s actually very simple and fast. If you have prepared copies of the required documents and the broker completes the verification quickly, then the process from start to finish will only take a few hours. In less than a day, you are ready to make a profit through your new forex trading account.
Opening an Account on eToro
One of the reasons eToro has become so popular is its user-friendliness. The UX design of the eToro platform and its website is very intuitive. eToro Broker, a platform that is becoming increasingly popular among traders around the world. With the increasing interest in this broker, there are also a number of questions regarding the registration process, as well as other matters related to the broker.
This broker offers a very user-friendly platform, social trading (copying trades), and several other benefits that make it worthwhile to use in trading on financial markets. If you’re interested in the basics like fees, demo accounts, social trading, and anything else about this broker, be sure to read the etoro review.