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3 Things You Must Know Before Opening a Forex Account in 2021

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Publish date: Wed, 28 Apr 2021, 02:35 PM
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Most traders start their trading journey using the popular MetaTrader 4 trading platform to learn how to trade. Opening an MT4 account gives you access to forex pairs and other tradable instruments. There are two main types of forex trading accounts: the demo account and the real/live account.
 
The demo/virtual account allows you to practice trading without having to risk actual money. The demo account is crucial for most traders as they can learn how to trade the markets, test their trading strategies and improve them without risking actual cash.
 
We advise most beginner traders to start with a demo account as they hone their trading skills and switch to a live account only after they are consistently profitable on the demo.
 
Here are the three steps you must take when opening a Forex trading account to ensure you do it right:
  1. You must choose the right broker who offers the account type that meets all your trading goals. The best way to determine if an account is right for you is to open a demo account and practice trading on it to see if it is the right fit. Do not be afraid to open multiple demo accounts with different brokers.
  2. Once you are ready to open a live account, you must choose the correct type of account. The most common types of accounts are standard accounts that charge only a spread on each trade, which are the best for beginners.
  3. Lastly, make sure you open an account that matches your financial resources. Traders who want to trade with small amounts should open mini accounts that allow them to trade 0.01lots (micro lots). You can upgrade to a higher account once you have more funds.
You should read the terms of your contract with your broker to understand your obligations and theirs. However, not many people read the terms; hence, they rely on the broker reviews posted on multiple websites online. The reviews are a quick way to familiarise yourself with a broker’s products and services before deciding to open a forex account with them. Always read reviews from trusted websites that have an unbiased opinion of each broker.
 
Some of the common steps involved in opening a live trading account include providing your details such as full name, title, residential address, employment and financial status, among others. These details help the broker create your account and assess whether you are a good fit as a client.
 
Once you open a live forex trading account with a broker, you must submit official documents such as your identity card and passport to verify your actual identity. You also have to submit official documents such as a bank statement or utility bill that shows your residential address. The broker will use these documents to verify your live account, after which you can deposit funds into the account and start trading the markets. 
 
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  • AT Global Markets LLC is a Limited Liability Company in Saint Vincent and the Grenadines with company number 333 LLC 2020. The Registered Office: 1st Floor, First St. Vincent Bank Bldg, James Street, Kingstown, St. Vincent and the Grenadines.
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