Monday, April 5, 2010

How to Open a Currency Trading Account Online

If you want to start trading currency online, you can open up an online currency trading account in the forex market and begin trading almost instantly.

Choose a Currency Broker

Choose a currency broker for your forex trading account. The foreign currency trading market is called forex. There are many online brokers that are reputable such as GFTForex.com, InteractiveBrokers.com and Forex.com just to name a few.

Research each broker to find out what fees are charged, what the spread is for the currency you like to trade and the rollover rules.

Open An Account

Open your account by filing out an application online at the currency brokers website. Most currency brokers make if fairly easy to apply, although, you will have to wait until your application is approved which may take a day or two.

All currency brokers also offer free practice accounts where you can practice trading forex for free without risking any money. It is a good idea for you to learn how to trade forex before you try it and then practice before risking any of your own money. You should practice for about three to four months before trading your own money.

You will learn about all of the currency that is available for trading including the currency crosses like USD/JPY, EUR/USD, NZD/USD and more. You will also practice buying and selling and using the indicators such as MACD, stochastics and bollinger bands.

Fund Your Account

Fund your account as soon as possible. Some brokers require a minimum of $10,000 dollars, but you can find brokers that will allow you to trade a mini account for as little as $250.00 dollars. The more you have in your account, the easier it will be for you to get started and be successful in the forex market. You will be able to trade a $10,000 lot of currency for every one hundred dollars that you have in your account. Most forex trading brokers will allow you go as low as 25% of your equity before they will sell you out of a trade going in the wrong direction and they guarantee that your account will not go into the negative.

1 comment:

  1. eToro is the best forex broker for new and professional traders.

    ReplyDelete

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