Monday, May 5, 2008

How to Open a Forex Account

What you need to put in place before trading Forex online are:
1. Domiciliary Account
2. Utility Bills
3. Means of Identification (International Passport, National ID Card or Driver’s
License)
4. Download the trading platform
5. Demo Trade
6. Open a Forex Account with a broker.
7. Fund the account base on your capacity.

HOW TO FUND A FOREX ACCOUNT
Funding your Forex account is so simple but some hidden charges need to be clear to you
before funding the account. And there are ways of transferring from your domiciliary
account to your Forex account in abroad.
The most reliable means of funding a Forex account is through Bank wire transfer i.e
through your domiciliary account. This means is safe and since there is no third party in
Forex, your money is secured.
Also, understand the transfer and withdrawing charges of your Bank before your make any transaction.
STEPS:
1. Get transfer form and details from your broker’s website.
2. Make the transfer and inform your broker so that your Forex account can be
funded.

HOW TO WITHDRAW FROM YOUR FOREX ACCOUNT
1. Simply download and fill the withdrawal form (usually available on your broker’s
website)
2. Signed the completed form and send either by Fax or E-mail)
3. The funds will be wire directly to your domiciliary account (within 48hrs).
NB: You can’t transfer or make withdraw into any other person’s account but yours as
there’s no third party in Forex.

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