To open a forex account, you need to know basic 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 trading 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 quite a simple process these days given the growth of online forex trading. It requires some paperwork and a few security steps, such as identity verification, and all can be done online. But first, you’ll have to choose your forex broker.
What is the Meaning of an Online Account?
The concept of an online account is one of our daily life essentials and is a must to manage online activities. We deal with every online service and app using our personal accounts and secured credentials that we would like to protect. In recent years with the rapid development of technology and apps, online accounts improved significantly in terms of privacy and security requirements and added more protection layers for individuals such as the 2-step verification methods of OTP and emails.
What is a Members Area?
As a client of forex trading platforms, your Members Area provides you with the ultimate control over your investments. Here, you will be able to:
- Open real or demo accounts, and set the leverage level
- Direct access to the server information and trading terminals
- Deposit and withdraw funds with different payment methods
- Transfer funds between accounts in a few clicks
- Open a bonus account or join active contest and cashback offers
- Manage your trading activities and review trading records
- Access the Copy Trading platform
As FinTech advances, trading online accounts unlocked highly effective features in the member area such as managing account settings, monitoring trading history, analyzing the market using sophisticated real-time tools, transferring funds to e-wallets and banks directly, and joining copy trade and contests.
How to open a forex account?
Opening a forex (foreign exchange) account is a straightforward and simple process with an easy 9 steps. Before you open an account, it’s important to understand the different types of accounts available, as well as the terms and conditions associated with each one.
1. Decide which type of forex account to open
Under most circumstances, brokers offer two types of accounts: a standard account and a managed account. A standard forex trading account is easy to open and requires much less paperwork than other types of accounts, such as mutual funds or stocks. A managed forex account may require additional paperwork but provides the benefit of having an experienced investor manage your investments for you.
2. Choose a trusted broker
You’ll need to research and select a reputable broker to open an account with. Consider things like the leverage that is offered, commission fees, and customer service when choosing which broker is right for you.
3. Fill out the registration info
Once you have chosen a broker, you will need to register a new account and complete the form with your personal information including mobile number, email, country, and other required information. You should always receive a confirmation email from the broker once you successfully submit it.
4. Review the Terms and Conditions
It is essential to read carefully and understand the terms and conditions of the account so you are aware of all the broker’s rules.
5. Verify the account
Verify your account which includes two steps, the first step is to verify your mobile number by OTP code and the second step is by providing proof of identity, such as a personal ID, driver’s license, or passport. You may also need to provide information about your financial resources and current employment situation.
6. Fund your account
After you open an online trading account, you will need to deposit funds in order to start trading. The amount of money required will vary depending on the broker and the type of account you open. Each broker provides several payment methods including e-wallets, bank cards, wire transfers, and cryptocurrency payments. Once your application is approved, the trading platform activated, and you have deposited funds, you are ready to start trading.
7. Choose the leverage
After your set up your account, you will need to select the leverage level you are going to use for the account. Leverages might vary and would have different conditions during the news.
8. Download the trading platform and activate your trade
The broker provides access to the trading platforms such as MT4 or MT5 with a specific server address, user name, and password which can be found inside the member area.
To summarize, opening a forex account is relatively simple and requires just a few steps: research and select a reputable broker with low fees, open an appropriate account type, provide the necessary paperwork, make your initial deposit, and start trading. Be sure to review the minimum deposit requirements and compare different brokers before making a decision. Finally, take advantage of the educational resources available to maximize your chances of success as a forex trader. With time, patience, and effort, you can open a forex account and become a successful trader.
How does the Forex Account work?
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 a 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 the login details and access information for the MT4 platform.
When you open a 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 a few clicks.
Accounts Feature and FinTech
Forex accounts come with highly efficient technology and the latest FinTech capabilities for traders to control all their activities with a simple dashboard.
- The traders can always open several trading accounts under their main tab and set up their trading preferences according to their strategy.
- User-friendly interface with complete control of trading activities, trading history log, and accounts.
- Users can choose an account type and the leverage level they want. This allows the trader to manage all their needs from one dashboard and claim forex bonus offers. They can also create multiple account types under the same member area.
- Easily attach e-wallets and bank cards to deposit and withdraw from the member area with a few clicks.
- Access market analysis education and tools to be able to conduct a forex analysis efficiently without the need for external resources.
- Unlock different financial assets available for CFD and access additional solutions such as copy trading app and money manager features.
The Different Types of Forex Account
Forex brokers offer 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 accounts. All the trading accounts by default should offer negative balance protection with a low spread from zero to 1 pip on all majors.
Starting with a Standard Account
A standard account is typically the default account type offered by forex trading platforms. As its name implies, a standard account is the most popular and preferred trading account for forex traders since there are no limitations on the features it provides. With a standard account, you are free to trade with a wide range of trading instruments (currency pairs, commodities, high leverage, low spread, high affiliate rebates, seasonal bonus programs, etc.) and can trade in more volumes simultaneously.
At AximTrade, the minimum deposit required to open a standard 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.
Easy start with CENT Account
Forex Cent account is widely recognized as the best choice for novice traders since it is beginner-friendly and offers a low-risk start to trading. A Cent account is similar to other account types except that all transactions are executed in cents, instead of US dollars.
To be clear, 1 US dollar = 100 cents. So, if the minimum lot size required is 0.01 lot, it is equivalent to 1.000 cents (10 US dollars). Hence, you can enter the forex market and start trading with just a small amount of money deposited.
AximTrade provides the best forex cent account in the market. 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.
Understanding the ECN Account
If you’re an experienced trader and want to take advantage of the interbank market and its low spreads, then ECN accounts are for you. The ECN charges a commission percentage along with low spread fees which is something you need to consider when calculating your trading costs. Trading with ECN is not an easy process and it requires intense investigation to find brokerage services with access to higher liquidity and direct access to the market in real time. The order execution speed and slippage are two important factors in ECN accounts and in some cases, they can play a critical role in profiting from the market.
However, you need to remember that the ECN account is riskier than other account types and requires advanced skills in trading and solid experience. Therefore, before you open a forex account, make sure you are able to select the type that matches your skills and experience.
What is the Infinite Leverage Account?
The Infinite leverage trading account from AximTrade takes traders to the next level by allowing them to borrow a limitless amount of trading capital to unleash their trading possibilities. This one-of-a-kind forex account type offers traders the opportunity to trade more and maximize the potential for profitability.
The infinite leverage account enables traders to open trade more lots, compared to other account types. For example, with a $500 deposit amount traders using the infinite leverage account can open 25 lots, compared to 12.90 lots using the Standard account, 8.60 lots using the CENT account, and 4.30 lots using the ECN account type.
How to Open an Islamic Account – Swap Free?
An Islamic account – Swap Free is a type of forex trading account that adheres to Islamic banking laws. This type of account does not allow for open trades to be held overnight, as this would result in the accrual of interest, which is forbidden according to Sharia rules.
Additionally, brokers offering this type of account typically charge an administration fee to open and close the trade. This type of account is most beneficial to traders who do not wish to incur interest on open trades, as the administration fees are usually significantly lower than traditional accounts. To open an Islamic Account – Swap Free, traders should research and select a reputable broker that offers this type of account with low fees.
How to Start with a Demo Account?
Demo accounts are an ideal way for beginner traders to unlock their forex trading beginning without risking any of their real money. According to professional investors and traders, opening a demo account is the first step before trading with a real account. Most brokers offer a demo account for everyone to access the MetaTrader 4 platform and to trade with virtual funds. This process is ideal as it allows traders to test their experience and trading strategies in a simulated environment.
The demo account is a risk-free method that beginners can test drive the broker platform and MT4 server speed. There are other options that are similar to the demo account such as a no-deposit bonus or broker rewards which traders can use to test the platform. Once you feel confident trading on the demo account, you can open a real forex trading account and begin trading for real.
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 fear to lose money since it doesn’t involve any actual money.
The top benefits of the forex demo account can be summarized in a few points:
- The Demo Forex 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 a 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 ECN and the 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 longer-term traders 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 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, commission fees, or any other trading conditions that might affect your trading strategy in the forex market.
Enjoy Fast Deposits and Withdrawals
AximTrade offers fast 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, the company 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.
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. The client 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 registering 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 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.
Why Choose Starting with 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.
How to Register a Forex Account with AximTrade?
You can choose between various account types, based on your trading strategy, experience, and capital designed for investment. Choices include Standard, Cent, ECN, or Infinite Leverage trading accounts. 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 margins which together make up your equity.
AximTrade provides a leverage range that helps you choose your preferred risk level. The leverage ratio depends on your account type and equity, up to infinite leverage, and can be reduced by applying custom leverage.
Follow these steps to open a forex account with AximTrade:
- To open a 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, ECN, or infinite leverage 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, and 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.
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, a wide variety of payment methods
- The trader can hold up to 15 active trading accounts with up to 7 Standard Accounts, 2 Cent accounts, 5 ECN accounts, and only 1 Infinite account per active Member Area profile.
Open a Forex Account in easy steps and practice the top forex strategies. AximTrade is a leading platform with one of the top competitive leverage conditions. 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 Copy Trade platform.
How do I start forex trading for beginners?
Start by researching and selecting a reputable broker and choose an account type that you think will work best for you. The second step is open the forex account, choose the leverage and make your first deposit. After that, use the educational resources your broker offers to start trading.
What is the minimum deposit for a forex account?
The minimum deposit amount will vary depending on the broker and the type of account you open. Typically, standard forex accounts with leverage options require a minimum deposit of $100 to open an account.
Managed accounts may require a higher initial investment, typically ranging from $1,000 to $10,000. Be sure to research the minimum deposit requirements of each broker before opening an account. AximTrade standard account provides a minimum deposit starting from only $1.
What should I look for when choosing a forex account?
When selecting a forex account, it’s important to consider the minimum deposit, spread size, margin, and leverage associated with each forex account type. Search for an account that offers low commission charges, tight spread, fast execution, less slippage, and flexible leverage. Finally, make sure the account comes with analysis tools and sufficient educational tutorials.
What is the easiest way to learn forex?
The easiest way to learn forex is by taking advantage of the educational resources available online. Most brokers offer a range of educational tools, such as trading tutorials, webinars, and live seminars. Additionally, there are numerous online education resources dedicated to teaching forex trading basics including AximDaily and Babypips.
How to open a real Forex account on MetaTrader 4?
Open the MetaTrader 4 platform by using the server credentials provided by the broker. Once you log in to the MT4 server, select the currency pair you want to trade and place your orders.
What should I look for when opening an Islamic Forex Account?
In order to open an Islamic forex account, it is essential to look for a broker that has zero swap fees and no interest fees. Make sure the broker applies the Islamic banks’ terms and the broker funds and investment is not associated with any financial activities that are against Islamic Shariaa.