Open a forex account – the most detailed step-by-step guide

BlogOctober 8, 2021

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You cannot open a live account on the Forex market. You need to open an account through a broker who acts as an intermediary between you and the interbank forex market to trade forex. This article will provide detailed instructions on how to open a forex account most easily.

What is a forex account?

A forex account (also known as a forex account) is an account for you to deposit money to trade on the money market (forex). These trades take advantage of the volatility of the global forex market in the hope of making a profit.

Before learning about how to open a forex account, let’s know about forex trading.

FOREX is a compound word, a mixture of currency (currency) and exchange (exchange). Forex trading means the business of currencies around the world against each other. The forex trading market is the most significant worldwide, with about 6 trillion USD per day.

FOREX trading is not the same as trading on the stock market or the commodity market. In FOREX, traders buy and sell currency pairs in the direction of the market. Unlike buying stocks, when you trade a currency pair, you simultaneously buy one currency and sell the other. For online FOREX trading, you need a forex account to trade currencies.

Forex is always traded in pairs consisting of 2 different currencies. For example, EUR/USD, GBP/USD, USD/JPY…

There are two types of Forex trading accounts: demo accounts and real accounts.

A demo account is an account that allows you to practice trading with some free virtual money available upon account opening. A beginner trader practices entering buy/sell orders under actual market conditions with a demo account to find a trading strategy. When using a demo account, you do not have to bear the risk of loss because you trade with virtual money given away for free.

What is a forex account? Steps to open a forex account. How to open a forex account on Capital.com: Registration link and instructions

Step-by-step guide to open a forex account

To start opening a currency – forex trading account, here are the detailed steps as follows:

  • Open a trading account with a reputable broker.
  • Complete identity and address verification (KYC) process
  • Fund your account to start trading

Online forex trading makes today’s forex market more flexible. FOREX traders are allowed to trade immediately after depositing the trading account.

Where should you choose to open a forex account?

Many different brokers allow you to open a forex account easily. However, there are some criteria for choosing a broker as follows:

  • The reputation of the broker. The broker must be regulated by many major regulatory bodies globally, such as FCA, CySec, etc…
  • Commissions, low spreads: A good broker will offer moderately lower commissions. This helps investors not to spend a lot of money when trading in the foreign exchange market.
  • High liquidity: This helps traders to be matched at any time, ensuring safety for traders.
  • Low Margin: This makes it possible to trade with only a tiny amount of capital.
  • Convenient deposit/withdrawal.

With some of the above characteristics, you can refer to a reputable broker that allows opening a forex account: Capital.com.

How to open a forex account on Capital.com?

Step 1: Click on the link below to open an account:

* See more: The complete guide Capital.com from a to z

Step 2: Fill in the account registration information, including Email and password, then click [Continue]

Step 3: Complete the profile.

Click [Complete] to complete your forex account registration.

Next, fill in the information in unsigned Vietnamese, matching your documents:

  • Name: Your name
  • Middle name: Middle name (optional)
  • Surname: Your last name
  • Your date of birth

What is a forex account? Steps to open a forex account. How to open a forex account on Capital.com: Registration link and instructions

In the next window, fill in your address information in unsigned Vietnamese and the exact address verification documents you will use.

Continue to enter your phone number, omitting the leading zero.

Then, choose the currency you use to fund your account:

What is a forex account? Steps to open a forex account. How to open a forex account on Capital.com: Registration link and instructions

Finally, you refer to the terms of Capital.com and click [Accept].

What is a forex account? Steps to open a forex account. How to open a forex account on Capital.com: Registration link and instructions

So you have successfully opened a forex account on Capital.com.

After this step, you need to log in to your account to perform account verification and deposit money to trade forex on your account. You can also open an additional MT4 account on Capital.com if you wish.

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Read more: capital.com

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