How to start trading at Forex – account registration and other

To become a complete trader you need to know the principles of technical and fundamental analysis, to create or adapt your own trading strategy, to develop the necessary psychological skills. To make your first transaction you only need to open an account and click buy or sell on the terminal. Every participant of financial market has his own way of formation, but everyone starts the same way.

What questions should a trader solve before the beginning of trading on the currency market?

First steps on the Forex market: registration of the account at the broker

Dozens of companies offer access to trade on the financial market. Before choosing one of them you should thoroughly study the broker’s reviews and conditions of services. The first thing a beginning trader has to deal with is account registration on the Forex market.

How to do it correctly?

The account registration on the broker’s website is not time-consuming and in general does not differ much from the registration of the same mailbox. You will be offered a form in which you must enter your first and last name, your home address, e-mail address and a real cell phone number which you will have to confirm with an SMS.

Be sure to provide correct data when opening an account so as not to have problems with withdrawal. The majority of companies practice client verification where every trader has to provide scanned copies of his/her identification documents and confirm the place of residence.

Not all companies practice verification, but even in such cases it is better to specify your real passport data in the registration form. It is highly probable that the company will ask you to provide copies of your documents in the future. If you use a false name, you won’t be able to prove that the account belongs to you. Registering an account under another name on the Forex market is fraught with long proceedings with the broker up to the impossibility to withdraw the earned profit in the future.

After filling in the form with personal information you need to read and accept the offer, thus completing the account registration process. Most traders ignore this moment and put a tick without having read the contents of the document, which regulates the relations between the client and the broker.

You need a reliable LiteFinance or Alpari broker.

Account verification – why does the broker need copies of your documents?

Forex account registrationThere is a fixed idea in people’s minds that the documents with the personal data of the owner may be shown exclusively to the corresponding state authorities. When a beginning trader faces the procedure of account verification, the first thing he is worried about is security: won’t the scanned copies get into the public domain, won’t they be used for fraudulent purposes.

What goal are brokers pursuing when forcing clients to verify their accounts?

The registration of the account on the Forex market does not cause any questions, but the verification procedure, on the contrary, confuses the traders. Its essence is to demand from the brokerage company to present copies of the documents confirming the registration data. It is a common practice, the purpose of which is the identification of each client in accordance with the requirements of international regulators. A reputable brokerage company with a license must comply with the rules of the regulatory authorities, which are based on anti-money laundering laws.
The broker’s official website has a list of documents, copies of which must be sent by e-mail to identify yourself. Passport, certificate of family composition from the management company (HMO), certificate from the bank about the account, a copy of the paid utility bill – this is the traditional list. Until the verification process is completed it is highly recommended not to deposit money.
The procedure is absolutely safe and carries no risks. History has no known cases of using traders’ personal documents for purposes other than customer identification, as well as making the database publicly available on the Internet. In addition, you can protect yourself from the trouble that may arise from the misuse of scanned copies in several ways.

Some companies allow software to blur the passport series and number or cover the signature. Almost all brokers accept watermarked documents with inscriptions such as “Only for verification at Company N”. These methods completely exclude the use of your passport and other documents for illegal actions. After completing the organizational arrangements, you can proceed directly to the process of trading.

After completing the registration procedures to start your trading career, all you need to do is to download the trading terminal from the broker’s website and fund your account. Do not rush to trade for real money right away: try the functionality of the program on a demo account and test the system in virtual conditions.

Remember that the profitability of the trade very much depends on the broker you choose!