Forex trading is an exciting activity which has generated quite some hype on the internet. If you want to get started, we have all the information that you need to know about forex trading accounts and how to set up an account. The first step is to identify a trusted broker from a pool of brokers available on the internet. Before deciding on the broker, make sure that you have gone through some reviews, and also ensure that the broker meets your needs and expectations, such as customer support in your language and deposit/withdrawal options that are convenient for you. To identify a good broker, it’s advised that you play with some of the demo accounts, to know which among several brokers is best.
What You Need to Get Started
Opening a forex account is similar to opening a bank account, and there are some personal documents (depending on the broker) which you should provide, for you to start operating an online forex account. Some of these documents and details include your name, email and physical address, phone number, account currency type and a password, which should be kept secret for the safety of the account.
Some other questions that you may be asked to answer may include, your trading experience, source of income and the trading objective.
Why These Details?
You may ask yourself why all this information is required. The simple answer is that forex brokers are required to comply with the laws and regulations governing forex trading, to protect the account owners and the funds in the accounts. Most of the brokers will need this information, and if you find a broker who does not ask for some of the information listed above, then you should be suspicious about them, and you must look up the status and profile of the broker, before investing your money with them.