To open forex account, you need to know basics information about how the forex market works. The forex market is available for everyone to enter the market however, you can not open a forex account directly without having a broker. The forex broker will act as an intermediary between you as a trader and the foreign exchange interbank market.
A forex account is used to trade foreign currencies. Typically, you open an account, deposit money and then buy and sell currency pairs. Opening a forex trading account is a quite simple process these days given the growth of online forex trading. It requires some paperwork and few security steps, such as identity verification, and all can be done online. But first, you’ll have to choose your forex broker, select an account type, register then activates your account.
How the Forex Account Works?
Basically, the forex trading account is considered a designated profile that includes personal information about you including the name, email, phone number, and address. This information is standard when you open forex account. The brokerage services will also provide your profile with technical trading information such as the MT4 address, the trading account number, partnership code, leverage, trading conditions as well as the complete history of your trading activities.
Usually, the forex broker would require personal documents to verify your personal information and address. It is a highly important step to be able to unlock your financial transactions within the account.
So basically, you’ll have to choose your forex broker, select an account type, register then activates your account. Once you register your forex account, you will be automatically emailed with the login details and access information for the MT4 platform.
When you open forex account you will notice that inside your personal area you can manage financial transactions such as withdrawals and deposits. You will be able to control your investment funds within your personal area. Therefore, the forex account also works like an e-wallet where you can fund it or withdraw with few clicks.
Forex accounts with AximTrade provide highly efficient technology for traders to control all their activities with a simple dashboard. The traders can always open several trading accounts under their main account and set up their trading preferences according to their strategy. Under the forex account, they can choose an account type and the leverage they want. This allows the trader to manage all their needs from one dashboard and also able to claim forex bonus offers.
Account Types offered by AximTrade
AximTrade offers a variety of options when it comes to forex accounts. Traders can choose the best account type based on their trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, or ECN trading account. All AximTrade accounts offer negative balance protection with a low spread from zero to 1 pip on all majors. Traders can also enjoy a variety of forex bonus on all account types with a minimum deposit starting from $1. Any trader can hold up to 14 active trading accounts. You are allowed up to 7 Standard Accounts, 2 Cent accounts, and 5 ECN accounts per Active Member Area.
Features of Trading Accounts from AximTrade:
- Variety of account types including Standard, Cent, ECN, and Islamic
- Excellent customer service reachable through email, live chat, and more
- Tight spreads and low minimum balances reduce financial commitment
- Fast order execution with execution speed at 0.004s
- Minimum deposit of $1 and no commission
- Instant deposit and withdrawal, wide variety of payment methods
The minimum deposit required to open this account is $1. The maximum leverage is 1:3000. The minimum lot that can be traded is 0.01 lots while the maximum is 50 lots. There is an average spread of 1.0 – 1.6 pips on major forex pairs. There are no trading commissions on this account and clients can open up to 200 orders at a time.
The minimum deposit for this account is $1 while the maximum leverage of 1:2000. The minimum amount of lots that can be traded is 0.01 lots while 150 lots are the maximum. There is an average spread of 1.0 -1.6 pips on major forex pairs. There are no trading commissions and clients can open up to 200 orders at a time. As a cent account, the lot size is 1,000.
The minimum deposit here is $50 while the maximum leverage is 1:1000. The minimum trade volume is 0.01 lots while the maximum tradable lot is 50 lots. The average spread is 0.2 – 0.7 pips on major forex pairs and a commission of $3 per lot is charged. Clients can open up to 200 orders at a time.
AximTrade Demo accounts are also available with virtual funds for trading practice and learning. The forex demo account can always be a good way to trial the AximTrade platform and services before committing to a real live trading account. The company also offers several promotions and contests for demo accounts which can allow traders to earn prizes and gifts.
Swap-free accounts of the AximTrade accounts are available for all customers. When users from Islamic countries open forex account they will benefit from swap-free benefits.
What is Forex Demo Account?
The forex demo account is a free account that offers virtual money for traders to test the trading platform. It is highly beneficial for forex beginners to test their skills and get to experiment the forex trading without the need to have real money. Demo accounts are risk-free accounts without the fears to lose money since it doesn’t involve any actual money.
The top benefits of the forex demo account can be summarized in few points:
- Demo account allows you to get familiar with the trading platform and to understand the forex market
- It allows you to explore the MT4 features and indicators and get to understand how to calculate the requirements to open a position.
- Ability to test several currency pairs and different financial instruments without the need to risk money
- Ability to test your technical analysis skills and your trading level before you start real trading.
Therefore, it is important for forex beginners to decrease their risks when they open forex account and choose a demo account to apply their technical analysis and trading strategies.
Most forex brokers offer free demo accounts for traders to explore the trading platform and get familiarized with the market. With zero risks, forex newbies can practice trading until they develop a forex trading plan.
What is the difference between true ECN and standard account?
Fundamentally, the real ECN account matches and executes orders without placing premiums on the raw spread. Initially, the ECN orders are commonly charged based on trading volume and these are a certain amount of commission per lot. While the standard account is usually a type of account where the spread includes the premium of the market-marker without adding extra commission to the trading volume.
The cost of an ECN account tends to be cheaper when the trade is above of certain trading volume. Eventually, some might assume that long-term traders can benefit from ECN to avoid premiums on the quotes, but the reality is that it isn’t highly beneficial for a longer-term trader they tend to not worry about the cost of the spread so much.
Basically, the standard account is can come with a fixed spread or floating spread. Each type of spread can have its advantages and disadvantages. The EURUSD pair is usually the lowest spread, but it can get more expensive than an ECN during the news releases. Yet, the standard account can provide more stable execution and better cost for day traders. Although getting the best quotes is a considered major factor in choosing a forex broker and account type, they do not represent execution quality, slippage, commissions fees, or any other trading conditions that might affect your trading strategy in the forex market.
AximTrade MetaTrader 4 Platform
MT4 is a very easy platform for both traders and investors to execute and manage market positions. MetaTrader 4 supports different trade execution modes and order types. There are also quick trading functions that allow you to execute trades directly from the chart with only one click. Clients of AximTrade can trade using the MT4 trading platform for desktop Windows and MAC or mobile versions of iOS or Android. By initiating the first step and register to open a forex account you will be able to download MT4 from the downloads section and activate it on your desktop or mobile.
MT4 is considered the world’s most popular forex and CFD trading platform as it supports fast and quick trade executions including a one-click trading function. The MT4 platform provided by AximTrade allows various tools that can be used to conduct in-depth market analysis on the MT4 platform. The MT4 platform is extendable and can use different features via plugin apps, software expert advisors (EAs), and other trading tools.
How to open Forex Account with AximTrade in a few easy Steps?
You can choose between various account types, based on your trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, or ECN trading account. Enjoy favorable trading conditions with Aximtrade; especially when it comes to margin and leverage levels. You can control your real-time risk exposure by monitoring your used and free margin as together make up your equity.
The leverage ratio depends on your account type and equity, up to 1:3000. Existing leverage can be reduced by applying custom leverage. AximTrade provides a leverage range that helps you choose your preferred risk level.
Follow these steps to open a forex Account with AximTrade:
- To open forex account log in to your member account from AximTrade login, and click on the “ + Open Extra Account” button on the top right.
- Choose your preferred account type. You can choose between Standard, Cent, and ECN accounts. You can also choose a demo account if you’re a beginner.
- Select your account and press “Open”.
- Name the Account and create both trading and investor passwords for your account. The investor password should not be the same as the account password. Remember to use both uppercase and lowercase letters, use a combination of numbers and letters. Then click “Done”.
- Now your account is ready for trading. You can find all your accounts in the “My Accounts” tab.
Enjoy Instant Deposits and Withdrawals
AximTrade offers instant deposits and withdrawals for e-wallets which allow clients to have full control of their funds. With a wide range of local and international payment methods, AximTrade provides convenient ways to withdraw or deposit money and enables reliable conditions for traders. All transactions are trackable via the personal account and segregated accounts are set up in order to ensure that there is a clear and complete separation of Client funds from those of the company. Deposits to the trading account are sent to specifically designated accounts holding the funds of the clients securely. Internal transfers between accounts are instant as well which enables customers to control their funds 24/7.
Why Choose AximTrade?
AximTrade is the ideal choice for forex traders and investors who are seeking the best conditions to access the market and start trading with ECN accounts. Traders who prefer flexibility and fast process registration consider AximTrade one of the best choices, as it is allowing traders to start with lower capital. Additionally, the platform is continually expanding its capabilities to serve all types of traders by providing flexible leverage, low opening balance requirements, tight spreads, and effective payment methods. See why traders choose to trade with the leading best forex broker, AximTrade. Check the full Aximtrade Review for more insights about the broker’s accountability and reliable services.
AximTrade has been identified as a leading broker for its top-rated services and the diversity of trading options that suit individual trading needs. AximTrade successfully acquired regional and global recognition for its exceptional services, remarkable progress, and favorable trading conditions, including tight spreads and low minimum balances, reduced financial commitment, variety of account types, fast order execution, and highly responsive customer service, and a wide variety of payment solutions.
AximTrade Regulation guarantees high levels of accountability and transparency that protect the interests of all traders. Aximtrade is regulated by the Financial Conduct Authority Scheme (BVIFSC) which ensures compliance with the highest international standards and best conduct of business practices. This means you won’t have to worry about your funds or the privacy and confidentiality of your transactions.
To be regulated by the FSC Financial Conduct Authority means:
- Protecting the interests of the general public and market participants.
- Ensuring industry compliance with the highest international regulatory standards and best business practices.
- Ensuring that the BVI plays its part in the fight against cross-border, white-collar crime while safeguarding the privacy and confidentiality of legitimate business transactions.
Open a Forex Account now with AximTrade and practice the top forex strategies. AximTrade is a leading platform with one of the top competitive leverage conditions up to 1:3000. The flexibility of the leverage allows the clients to trade with a low amount of capital and the ability to access the market. AximTrade is a fast-growing award-winning brokerage service provider in the global markets with a highly advanced MT4 execution and CopyTrade platform.