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Tuesday, March 5, 2013

How to open a forex trading account in India?


Forex trading is an exciting venture but one should not take it lightly. May be it’s the easiest legal way to become rich quickly if you can manage your risks. To start forex trading you need to have a forex account through which you can hold and trade foreign currencies.
Opening a forex trading account may seem like a hassle, but it has the least complicated steps and is almost like opening a bank account. If an individual has all the required documents and minimum deposit, one can easily open the account.
The first step towards opening a forex account is to find a forex broker. A forex broker is an intermediate between the individual and the open market that handles funds and trades and provides the forex trading platform. After finding a broker, one can open a demo account before opening typical forex trading account to get to know how to use the account.
You need to establish your identity with your forex broker so they can prove that they know who they have trading with them.
In normal circumstances you just have to fill a set of questionnaire disclosing some of your personal and financial details for regulatory matters. Some of the questions asked in the questionnaire include:
Name
·     Address
·     Email
·     Phone Number
·     Account Currency Type
·     Employment Status
·     Annual Income
·     Net Worth
·     Trading Experience
·     Trading Objectives
·     A password for your trading account
·     Date of Birth
·     Country of Citizenship
·     Social Security Number or Tax ID
As forex trading becomes more regulated, these forms are likely to get longer and require more information.
After providing all the required information you would come across a disclosure that reminds you about your risks involved in trading. The last step includes the verification of address and identity.
Once the information is verified, one can fund the account and begin trading.

2 comments:

  1. The forex trader will need a forex trading software almost daily in accessing market information in real time. This information stream should be received without unnecessary delays, so that he is provided with non-stop and instantaneous information to help him conduct his trades. What are the 3 major criteria the forex trader must consider in order for him to select the best forex trading software? metatrader 4 indicators

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