Everything you need for Forex Account Opening:
For most forex brokers, during the account opening, you should provide the following information:
- First Name (the first part of your name)
- Last Name (last of your name)
- Email Address (Your Email ID)
You have already met them when registering on various sites, so you are familiar with them. However, you may not be familiar with the following topics that you need to select during the account opening.
- Swap is interest. If you select the swap option, you will earn interest on the trade open or you will have to pay interest based on the interest rate of the central bank of different countries. For Muslims, interest is forbidden, and so it is best not to take a swap. If you do not want to take interest, select Swap No.
- Leverage (Loan) In the stock market in Bangladesh, where banks give loans in the ratio of 1: 2, you can get up to 5: 7 loans from Forex brokers at Forex. Some forex brokers even give 1: 3 loans, which means up to 5 times the capital loan. The higher the leverage, the more trade you can open. And so, on Forex you can double the money in 5 minutes using 5: 4 leverage.
- But do not forget to do this greed, always use a little leverage in trade. Remember, your balance will double if the market movement favors you, and your balance will be zero if the same amount of market movement goes up. 1; 4 leverage is sufficient for forex trading.
- Account Currency – It is better to select USD or USD.
- Account Type Forex brokers offer different accounts depending on your deposit. Each forex broker’s offer is unique. You can select Standard if your deposit is less than $ 1, Micro is $ 1 – $ 5 and $ 5 or above.
Many Forex brokers do not allow them to deposit/withdraw or impose various restrictions without verifying the account with them. They are obliged to do so by complying with their regulators’ money laundering policies. In that case, you will need to upload a scan of the following two types of documents from your account –
- Scan your passport/driving license / National ID card for your photo verification.
- Scan of electricity/gas/ water bill or internet/mobile bill or bank statement for your address verificationIt is international norms.
However, the regulations of all countries are different. And so some Forex brokers do not ask for verification.
For those who want account verification, the Forex broker will verify the account first and then deposit.