Online forex trading account

– most “casual” traders invest with a relatively near-term goal.

Huge forex bonuses

Forex Trading Accounts, online forex trading account.

The “make some money” mantra is the main driver behind such efforts. If this mantra describes your investment objectives, you likely need a traditional brokerage account. Such accounts do not offer any tax advantages. On the other hand, they do not tie up your investments long-term either.
You may also be able to trade on margin with such an account. Trading on margin involves borrowing money from the broker. The assets in your account will serve as collateral in this case. Trading on margin carries some obvious risks. Make sure you read and understand the full pricing schedule/policy of your broker.

Forex trading accounts

To trade online, you need to open a forex trading account. When you sign up, you will likely have to choose among several account types. The best forex trading accounts are those that suit your personal needs perfectly. On this page, we look at the forex trading account options you have. We also discuss ways in which these account options will impact your trading performance. You will learn:

Which is the best forex trading account?

Account types. What is a standard account, a funded account, a mini/micro account, a managed account, etc?

Geographic account type considerations.

Below are the best forex trading accounts in your location:

The top 5 forex trading accounts in the united kingdom

Opening a forex trading account

What do you need to consider when opening a new forex trading account?

The brokerage firm. Is it reputable or is it a known scammer?

The services the brokerage firm offers.

Costs and incentives involved.

The account type that best suits your needs.

Once you have gotten these issues sorted, there is 3 step process for opening an account:

Fill out the application forms and provide the information your broker requires.

Fund your account.

Start looking for investment opportunities.

When you select a brokerage firm, you take all these factors into account. You need to know whether your would-be broker is a trustworthy destination for traders. Though fewer these days, rogue operations still exist. Creating a real money account with such a broker is flushing money down the toilet.

You also need to know what incentives your broker offers. Match up these incentives with the costs. The broker has to support the account type you prefer and it has to give you access to a proper suite of services. You may even have a preferred account funding method. The broker may or may not accept/support that method.

Services-wise, you are looking for:

Proper trading platforms, with solid technical analysis tools.

Access to education and research.

Trading foreign markets.

Special features you may want.

Convenience. Some brokerage firms offer face-to-face guidance. Others do not. It always makes sense from the perspective of trust, to prefer an operator with physical offices close by.

As far as incentives go, some brokers offer commission-free trading. Others may even reward you for certain achievements as a trader. You may even want to keep your savings with the broker if it rewards you for it.

Make sure you read and understand the full pricing schedule/policy of your broker.

Determining the right trading account type to meet your needs depends on what kind of trader you are, and what your objectives are.

When you fill out your application forms, be aware that you will have to provide information on your employment status, investable assets, and net worth. Some find such probing on the part of the broker quite intrusive.

You also have to provide a copy of your ID/driver’s license. If you want to trade options or gain access to margin, you may have to provide additional information.

Brokers accept several account-funding methods.

Various e-wallets. (neteller, paypal, skrill etc)

Bank transfer.

Electronic funds transfer.

Checks.

Some may accept asset transfers and even paper stock certificates.

Which is the best forex trading account?

As mentioned, the best account type for you is the one that best suits your needs and personal profile. The factors you should consider in this regard fall into two main categories.

Your investment objectives.
The type of trader you are.

Choosing a forex trading account based on your investment objectives

– most “casual” traders invest with a relatively near-term goal. The “make some money” mantra is the main driver behind such efforts. If this mantra describes your investment objectives, you likely need a traditional brokerage account. Such accounts do not offer any tax advantages. On the other hand, they do not tie up your investments long-term either.
You may also be able to trade on margin with such an account. Trading on margin involves borrowing money from the broker. The assets in your account will serve as collateral in this case. Trading on margin carries some obvious risks.

– if your goal is to secure your nest-egg for your retirement, an IRA (individual retirement account) is your option. All IRA options, such as traditional IRA, roth IRA, and rollover IRA offer you tax benefits. On the downside, you will not be able to touch this money before you are old.

Choosing a forex trading account based on what type of investor you are

– you are an absolute beginner. And as such, not much of an investor. What you need at this stage is education. Possibly some good trading signals as well. In a word, you need an account, through which the broker can hold your hand. It could be that your ambitions are not high. Still, you need to know why you are doing what you are doing. Customer service and user interface are important factors in your account selection.

– you are a “value” investor. Such investors buy and hold assets, to sell them when they appreciate. Such investors are not active traders. If you are a value investor, you value fundamental analysis. You have little use for charting and fancy technical indicators, however.

– passive investing. Those who invest in index funds passively do not require much from their broker. Unlike beginners, such traders don’t need their hands held either. They just need access to index funds, and good tradable asset selection within this category.

– high frequency trader. Active traders do not hold their positions long-term. They buy and sell with high frequency. Thus, they need all the bells and whistles their broker can offer them. They want good trading platforms with superb charting. Outstanding reporting and a highly functional interface are also musts. Technical analysis is the bread and butter of this trader category. Trading costs are also very important for active traders.

Forex trading account types

There are four basic account type categories: standard, funded, mini and managed. We will look at each in turn.

Within these categories, there are a few additional variants, such as the micro accounts. There are a handful of special account types as well, such as islamic accounts, demo accounts, and VIP accounts. Every one of these account options carries some advantages and some disadvantages.

Standard trading accounts

The name of this account option stems from the standard lots to which it gives traders access. A standard currency lot is worth $100,000. Such a lot size seemingly places this account type out of the reach of average traders.

You do not have to have $100,000 in your account to trade, however. The existence of margin and leverage means that you only have to have $1,000 to trade a standard lot.

Leverage varies based on many things. In the EU, forex leverage is capped at 1:30. In other places, brokers may offer leverage up to 1:500 even on standard accounts.

Brokers offer full services for the holders of standard accounts. Such accounts require upfront capital, so these are all depositing traders. The profit potential of this account type is significant as well.

On the downside, the same goes for loss potential. For this reason, you should only trade through a standard account if you are an experienced trader.

Funded trading accounts

Some brokers/other financial organizations fund certain traders. They provide them with starting capital, in exchange for a share of their future profits.

How does such a setup work?

Would-be funded account owners need to pass an evaluation program. If the broker’s analysts consider them to be good candidates, they grant them a funded account.

Funding can run into millions of dollars. Profit splits are in the 50% range. Funded accounts carry monthly profit targets. Traders who fulfill these targets can gain additional funding.

The broker pays out the profits periodically.

What do you need to do to secure such a funded account?

Your first step is to sign up for the evaluation program.

Trade through the evaluation account and reach the targets.

Earn a proper funded account and start making money for you and the account provider.

Mini and micro trading accounts

A standard account features $100,000 lots. For traders who cannot afford to trade in that league, despite margin and leverage, mini accounts offer an alternative. A mini account supports mini lots. These lots are worth $10,000 each. Mini accounts usually accompany standard accounts and they target new traders.

Micro accounts take this approach a step further. They support micro-lots of $1,000. Such accounts are even more affordable than the mini ones. Like the minis, micro accounts target beginners as well.

The main advantage of mini and micro accounts resides in risk-reduction. For a mere $250-$500, you can open such a trading account. Trading in lower increments stretches your funds longer as well. This is one of the reasons why professional traders like to use such accounts. They can test their strategies in a low-risk, real-money environment.

In addition to the inherent risk-minimization benefits, mini and micro accounts let you spread your funds thinner. Thus, you can better micro-risk-manage them.

The obvious downside is that risk/loss minimization reduces profit potential as well. Such accounts are, therefore, hardly suited to cover the profit needs of professional/advanced traders.

Managed trading accounts

Forex trading account management works like this, A managed account is one that holds your funds but excludes you from decision-making. You make your deposit, and someone else – usually a broker-side expert – does the trading for you. You may be able to set objectives, however.

Why would you want to give up control through such a trading account?

– you are not an expert and you feel that the manager will do a better job than you ever could. Thus you let the manager handle your individual trading account.
– you feel that pooling your money with the funds of other investors offers you a degree of protection. Such managed accounts work like mutual funds. Managers handle the trading and they distribute the profits.

Managers rank these pooled accounts according to risk tolerance. Those looking for higher profits opt for more risky accounts. Those with a lower risk tolerance play it safer, earning less.

The main advantage of a managed account is that it allows you to cash in on the skills of a forex professional. Furthermore, you get to do it hands-off.

The disadvantage is that this forex expert will cut a commission from your profits. Managed accounts require larger deposits than regular ones. Individual accounts may require as much as $10,000. Pooled accounts are slightly cheaper at around $2,000.

Islamic trading accounts

Islam holds trading to be haram (not permitted). There are ways to turn it into halal (permitted), however.

All trading activity has to adhere to the principles of islamic finance.

There must not be any interest (riba) involved.

Exchanges involved in trading have to be immediate.

No gambling is allowed.

Risks, as well as benefits, have to be distributed.

Islamic accounts are swap-free accounts, through which transactions and the payments of costs associated with them, happen instantly. In the context of islamic trading accounts, the margin, commissions and administrative fees are not riba.

VIP accounts

Brokers reserve their VIP accounts to their most privileged clients. A VIP account holder enjoys special benefits, such as superior trading conditions. Forex brokerages often invite VIP traders to special events, treating them to special rewards.

What do you have to do to gain access to such an account?

You normally need to deposit an unusually large amount of money (often upward of $100,000). You will also need to trade frequently and perhaps meet certain trade volume requirements.

Demo accounts

A demo account is the “play money” simulation of a real account. It allows traders to test the platform and trading conditions. Some may also use such accounts to test-run certain strategies.

When you sign up for a demo account , the broker credits your account with a set amount of virtual funds. Some demo accounts offer the same functionality as a standard/mini/micro account. Others limit their users’ access to certain features.

Geographic considerations

Sometimes, your geographic location should play a role in your account type selection. Some jurisdictions may limit certain trade types. In the US, there is no CFD trading. The practice is against US securities laws.

Leverage varies greatly between EU regulated countries, the UK for example, and other parts of the world. In the EU forex margin is limited to 1:30 by ESMA, the european regulator.

In other parts of world, india and south africa for example, leverage can be offered up to 1:1000 (though 1:400 or 1:500 is more typical)

The taxes you have to pay on your profits also vary from one jurisdiction to another. Read our taxes page for more on that.

Why you need a forex account to trade

Photographer is my life / getty images

A foreign exchange account, or forex account, is used to hold and trade foreign currencies. Typically, you open an account, deposit money denominated in your home country currency, and then buy and sell currency pairs.

Your purpose, of course, is to make money on your trades. Unfortunately, the majority of beginning forex traders lose money; they generally spend less than four months reaching the point where they have lost so much that they will close their trading account.

It doesn't mean that the forex market is a scam, as some critics have maintained, but forex scams do abound. Making money on highly leveraged currency trades is harder than it looks and, at a minimum, requires developing expertise that many novice traders fail to acquire.

How you open a forex trading account

The requirements for opening a forex account have become simpler since the growth of online forex trading. Today, opening a forex account is almost as simple as opening a bank account.

First, of course, you'll need to find a forex broker. All retail forex trading goes through and is managed by a brokerage. Some may be specialized forex brokers, or they might be the same brokerage you use for stock market investing and trading.

You'll need to fill out a brief questionnaire about your financial knowledge and trading intentions. You'll also need to provide an ID, and the minimum deposit your forex account institution requires. That's it. You're now free to trade.

Incidentally, many forex brokers will take your credit or debit card in lieu of cash. So, you really don't need to deposit any money at all—not that this is a good idea. If you don't have the cash now, how will you pay for losses later? Credit card debt carries high-interest rates.

Forex brokers

One of the aspects of currency trading that makes it riskier than trading in the stock market is that the entire currency trading industry is either lightly regulated or—as with some trades—not regulated at all. A consequence of that is that unless you look carefully into the reputation of the forex broker you select, you may be defrauded. There are two ways of avoiding this.

The first is to avoid specialized forex traders entirely and to trade with a general stock brokerage active in the U.S. And therefore regulated by the U.S. Securities and exchange commission (SEC).

The other way to avoid inadvertently connecting with a fraudulent broker is to proceed very carefully when considering a specialized forex brokerage. Only open an account with a U.S. Broker with a membership in the national futures association (NFA). Use the NFA's background affiliation information center to verify the brokerage and its compliance record.

Even then, it's a good idea to choose a large, well-known forex broker like forex capital markets (FXCM). FXCM—like almost all of the largest U.S. Forex brokers—offers a free practice account where you can try out potential trades without risking your capital. Some other well-known U.S. Forex brokers are citifx PRO, an affiliate of citibank, and thinkorswim. Don't be put off by the cute name, thinkorswim is a division of tdameritrade.

Before finalizing your search, compare commission rates between brokers. Transaction costs are an important factor in the profitability of trading activity.

Fxpro demo trading account

To access the fxpro demo accounts, you need to complete the registration form and provide us with some information, however, you do not need to upload verification document(s) or fund until you are ready to trade live.

A real account will be automatically created upon completion but to activate it, we will need to verify your identity and may need to confirm some additional details with you. In the meantime however, you can immediately open a demo from the ‘accounts’ page in fxpro direct, allowing you to utilise risk-free trading and bringing you one step closer to the start of your trading journey.

Real-time pricing

Up to 100k in virtual funds

Available for all platforms

8 base currencies

Top up via fxpro direct

180-day life span

Open a demo account

Opening a demo account through our fxpro mobile app is the perfect option, as after completing the registration, you can immediately start using the demo account, within the very same app!

Alternatively, you can open a demo account from your fxpro direct portal, for any of our platforms and account types. Please click here for a full comparison.

Compliment your demo account trading with our exclusive content & trader tools including:

Educational material

Fxpro.News

Calculators

Economic calendar

What is demo trading?

A trading demo or simulation essentially allows you to experience the market and platform features, using virtual funds and therefore without risk.

Why open a demo with fxpro?

New to trading? Our free demo forex accounts will allow you to practise and hone in your trading skills risk-free until you feel confident enough to trade live.

You can also make use of it as an experienced trader if you want to test different trading strategies.

Demo faqs

Although demo accounts present real market conditions and prices, please keep in mind that they are simulations and cannot always reasonably reflect all of the market conditions as during highly volatile or illiquid periods (e.G. Market openings, news announcements) they may not behave in the same manner as live accounts.

Margin and leverage settings may vary between your demo and live account and you should not expect any success with the demo account to be replicated in your live trading.

For this reason, it is strongly recommended that demo accounts are viewed solely as a learning tool for inexperienced traders or a place for testing new trading strategies.

Online forex trading account

Счета raw spread – это все, что вам нужно! Спреды от 0 пунктов, отсутствие реквотинга, манипуляций и ограничений. IC markets – отличный выбор для крупных трейдеров, скальперов, и тех, кто пользуется роботами.

Основная цель IC markets – создание лучших и наиболее прозрачных условий для розничных и корпоративных трейдеров. Оператор IC markets создан трейдерами и для трейдеров, поэтому мы делаем все для предоставления лучшего спреда, исполнения и обслуживания.

Торговля на форекс

Характеристики

О компании IC markets

Торговля на форекс

Характеристики

О компании IC markets

The website www.Icmarkets.Com/global is operated by IC markets global an entity that is not established in the EU or regulated by an EU national competent authority. The entity falls outside the EU regulatory framework i.E. Mifid II and there is no provision for an investor compensation scheme. Please read our terms & conditions

Please confirm, that the decision was made independently at your own exclusive initiative and that no solicitation or recommendation has been made by IC markets or any other entity within the group.

**данные, полученные из независимых источников, подтверждают, что сводный недельный спред по EURUSD был лучше, чем среди 32 прямых конкурентов в секторе форекс в 96% времени в период с января по декабрь 2019 года.

***среднее время исполнения ордера, включающее его получение, обработку и подтверждение исполнения, составляет 36,5 мс.

IC markets не принимает запросы на открытие счета от жителей США, канады, израиля и исламской республики иран. Информация на этом сайте не предназначена для жителей любой страны, территории или юрисдикции, где распространение или использование такой информации противоречит местному законодательству или нормативным актам.

Risk warning: trading derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.

The advice on this website is general in nature and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Please read our legal documents and ensure you fully understand the risks before you make any trading decisions. We encourage you to seek independent advice.

The information on this site in not intended for residents of the U.S. Canada, israel, new zealand, japan and islamic of iran and use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IC markets is an over the counter derivatives issuer, transactions are entered into on a principal to principal basis. The products issued by us are not traded on an exchange.

International capital markets pty ltd (ACN 123 289 109), trading as IC markets, holds an australian financial services licence (AFSL no. 335692) to carry on a financial services business in australia, limited to the financial services covered by its AFSL. The trading name, IC markets, used by international capital markets pty ltd is also used by other entities.

IC markets EU ltd is authorised and regulated by the cyprus securities and exchange commission with license number 362/18, registration number 356877 and with registered office at 141 omonoias avenue, the maritime centre, block B, 1st floor, 3045 limassol, cyprus.

Raw trading ltd registered in seychelles with company number: 8419879-2, trading as IC markets global, regulated by the financial services authority of seychelles with a securities dealer licence number: SD018. The website is operated by IKBK holdings ltd, registered in cyprus with registration number 362049 and registered address at 38 karaiskaki street, kanika alexander center, block 1, 1 st floor office 113B, 3032, limassol cyprus.

Forex trading

Harness volatility in the world's most-traded financial market with a top in class forex broker 1 on an award-winning trading platform. 2

Forex trading involves risk. Losses can exceed deposits.

Call 1 844 IG USA FX or email newaccounts.Us@ig.Com to talk about opening a trading account.

We’re here 24 hours a day, from 3am saturday to 5 pm friday (EST).

Why trade forex with IG?

Get an edge with our award-winning platform 2 designed to be with you wherever you are. Our platform is web-based platform and available in app stores for mobile devices.

Stay aware of market movements with customizable alerts on IG's platform.

Get friendly, expert support 24 hours a day, except between 5 pm friday - 3 am saturday (EST).

Identify FX opportunities on clear, fast charts and deepen your analysis with prorealtime.

Enjoy peace of mind trading forex with an award-winning forex broker. 1

Open an account quickly and easily – you could be set up and trading forex in minutes.

What is forex trading?

Forex trading is the buying and selling of currencies on the foreign exchange market with the aim of making a profit.

Forex is the world's most-traded financial market, with transactions worth trillions of dollars taking place every day.

What are the benefits?

Go long or short

24-hour trading

High liquidity

Constant opportunities

Trade on leverage

Wide range of FX pairs

How do I trade forex?

Decide how you’d like to trade forex

Learn how the forex market works

Open a forex trading account

Build a trading plan

Choose your forex trading platform

Open, monitor and close your first position

Open an account now

Fast execution *

React to opportunity across 80+ FX pairs

Trade wherever you are

Trade on the move with our award-winning apps optimized for your device

A broker with a legacy

Our parent company, IG group has 45 years' experience, we're proud to offer a truly market-leading service

How much does forex trading cost?

Margins:

When you trade FX you do so with leverage - meaning you can win, or lose, a significant amount more than your inital deposit - called your margin. Though not actually a cost to you, the margin you pay makes a big difference to the affordability of your forex trade.

Spreads:

Your key payment for forex is the the spread - the difference between the buy and the sell price - our charge for executing your trade. We work to keep our spreads among the lowest in the business.

Spot FX	IG min. Spread	IG av. Spread
EUR/USD	0.8	0.9
AUD/USD	1	1.2
USD/JPY	0.8	0.9
EUR/GBP	1	1.3
GBP/USD	1	1.3
EUR/JPY	1.2	1.3
USD/CHF	1.5	1.7

If you hold a position overnight you there will be a funding adjustment applied to your account. Currency conversion fees may also apply.

With our transparent pricing, you can be confident you understand the value of each trade.

Up to 20% lower spreads on EUR/USD vs top two U.S. Brokers 3

See our full product details

Discover your next opportunity

Search our huge range of forex pairs.

Live prices on our most popular markets

Prices above are subject to our website terms and conditions. Prices are indicative only.

Choose your trading platform

Seize opportunity at your desk or on the go with IG's award-winning platform for desktop and mobile 2 or trade on one third party platforms we offer.

Our intuitive web platform

Metatrader 4

Discover the IG web trading platform, a clear, smart way to trade forex that’s customizable and requires no downloads.

Build forex trading algorithms that will execute your trades automatically with metatrader 4.

Our mobile apps

Prorealtime

Never miss an opportunity, trade forex on the move with our natively designed IG forex for your device.

Deepen your trading anaylsis with prorealtime's clear, advanced, feast charts.

Find your next opportunity in our huge range of over 80 major, minor and exotic forex pairs - starting from just 0.8 pips

Get the latest forex news

EUR/USD and USD/JPY reach resistance, while GBP/USD trends upward

The outlook for EUR/USD is unclear, data suggest

EUR/USD, GBP/USD, and AUD/USD start to roll over from resistance

EUR/USD falters, while GBP/USD rises and USD/JPY downtrend revives

You might be interested in…

Powerful forex charting

Managing your FX risks

Try an IG demo account

Zero in on price action with our clean, fast charts, deepen your analysis with autochartist packages.

Mitigate against forex trading risk with our range of stop and limit orders, and keep an eye on forex prices with customizable alerts.

Test your trading strategies with $10,000 in virtual funds by opening an IG demo account.

1 based on IG US's numerous awards including: investopedia's 2019 best brokers awards (determined by award winners, investopedia's team evaluated more than 70 online brokers, considering thousands of variables across trading technology, mobile capabilities, user interfaces, research tools, costs and fees.), awarded best customer service broker, best value for money, and best educational material by investment trends (determinded by overall relationships in investment trends 2019 foreign exchange report) and winner of FX week's e-FX 2019 award for best retail FX platform of the year (A submissions-bassed process awarded by FX week judges, based on demonstrating innovative ideas and implemented in a practical way for solving issues for clients.)

2 winner of FX weeks e-FX 2019 award for best retail FX platform of the year. The FX week e-FX awards is a submissions-based process where companies are invited to enter the judging process. Awards are given by FX week judges, based on demonstrating innovative ideas implemented in a practical way for solving issues for clients.

3 based on minimum spreads advertised on january 28, 2020 . Excludes competitors' commission-based products.

*based on IG group's OTC data from october 2019. 86 million trades places in FY19 with an avaerage execution speed of 0.014 seconds.

Forex trading

Forex trading costs

Learn to trade

Disclosures

Contact us

New clients: 312 981 0499

Existing clients: 312 981 0498

Marketing partnership: email us now

Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. You may lose more than you invest. We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. The information on this website is not directed at residents of countries where its distribution, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

IG is a trading name of IG US LLC (a company registered in delaware under number 6570306). Business address, 200 west jackson blvd., suite 1450, chicago, IL 60606. IG is a registered RFED and IB with the commodities futures trading commission and member of the national futures association (NFA ID 0509630).

IG US accounts are not available to residents of ohio.

OPEN REAL FOREX ACCOUNT

ZERO account opening and maintenance fee. NO minimum deposit or minimum account balance requirement!

The standard processing time for completing the account application form is approximately 10 mins.

Clients verified via bank transfer

Fill in your information in the online account application form

Make a transfer of no-less-than HK$10,000 for the first deposit (must be transferred from a bank account in the client’s name maintained with a licensed bank in hong kong )

Send us the supporting documents via your registered email

Clients verified via cheque

Fill in your information in the online account application form

Print and sign the form

Make a cheque deposit of no-less-than HK$10,000 (must be from a bank account in the client’s name maintained with a licensed bank in hong kong )

Sign and submit the completed form, cheque along with the supporting documents by post or in person .

_{Note: according to SFC guidelines, if you need to designate more than one bank account for deposits and withdrawals, all designated bank accounts must complete the same verification procedure (i.E. You are required to make a fund transfer of no-less-than HK$10,000 from the bank account and the account must be in the client’s name maintained with a licensed bank in hong kong). Clients who are verified via cheque do not have this restriction.}

Apply online: click below to start your application.

Our client services officer will handle your account opening face to face in our TST office.

Standard processing time for account opening is approximately 30 mins.

Bring along your supporting documents to complete the application and your account will be activated within 2 business days. Only_tcsc

Apply in person: click below to arrange for an appointment.

To open a corporate account, please contact us for details on application requirements and procedure.

Before you begin, please read the following:

To open an individual account with us, you must be able to meet our eligibility requirements detailed below.

You are not a resident of japan;

You are not a citizen or resident of the united states of america;

You must be aged 18 or above;

You have fulfilled our system requirements;

You have a personal email address and phone number; and

You are the beneficiary account holder,

If you are a person licensed by or registered with the securities and futures commission or an employee of a licensed person, an official consent letter from your employer is required. For more information, please contact our client services officer.

How to choose the right online forex trading account

A woman and a man are talking about an Online Forex Trading Account.

Choosing the right online forex trading account isn’t always easy. There are dozens of different options available and so it can be challenging to know which is right for you.

Here we’ll look at some of the key criteria you should use to assess an online forex trading account.

Does it offer A demo account?

If you are new to online forex trading then you will want to look for a platform that offers demo trading. A demo account allows you to test a trading platform before you choose to commit actual funds. A demo account uses “play” money, which enables the trader to make trades without risking any capital.

This can help you to familiarize yourself with the functionality and tools that are available on the platform. It can also allow you to assess the profitability of your trading strategy before you start using real money. Testing out an online forex trading account is the best way to decide if it is a right fit for your trading needs.

Pros and cons of a demo account

Even though, working with a demo account has many advantages for novice traders, some caveats are well worth mentioning. We have to understand, the mechanics of executing a demo trade and, most importantly, an emotional reaction from that trade can differ significantly from a real trading especially when your hard earned money is at risk.

Pros of demo trading:

# gives an option to deal in forex marketplace at no risk

# allows you to see if you even like trading business, in a first place

# try out a new broker’s trading platform for helpful services and features

Cons of demo trading:

# trading itself doesn’t bear any emotional consequences

# order execution of real trading conditions may differ drastically
(lesser re-quotes and lesser order slippages)

# demo accounts commonly have limited life span

Listed below is a brief overview of the available account types in the current FX marketplace, along with their benefits and drawbacks.

Micro account

The micro accounts deal with smaller units, hence they are usually the easiest to get into if you have a smaller deposit. You can start trading with as low as $50, sometimes even less, depending on a broker. This is the advantage of these types of accounts, easy accessibility with minimal investment, perfect for “getting-your-feet-wet” situation.

Mini account

This kind of forex account is meant for newer, more of a beginner trader who is not planning on trading large amounts of money.

Mini accounts enable you to trade forex with a marginal investment of anywhere between $250-500, or an equivalent in another currency.

Most of the non US brokers offer 200:1 leverage on mini accounts. This enables the trader to significantly increase its own buying/selling power, while only risking a fraction of the personal money. However, the very same leverage (an ability to trade on margin) can also be quite harmful to ones financial situation; as in cases of high impact risk events like with swiss franc and british pound you may become responsible for the losses that exceed the initial investment.

Standard account

This is actually the most popular amongst foreign exchange trading accounts. It enables you to deal with the standard lot, which equals to $100,000 in nominal value.

These accounts typically come with the leverage of 100:1. Which means, you only need to commit a capital of $1,000 to control, and trade $100 000 worth of a currency.

Managed account

The account, where trader/investor allocates the capital, but the trading and the management itself is performed by a forex professional.
Usually, in managed accounts, the investor specifies the goals for the account, or choose the pre-determent ones from a variety of trading profiles.

Basically, there are two types of managed accounts:

Individual accounts
these are the accounts that are managed on an individual basis. An investor remains the right to choose the account that fits his custom criteria depending on his/her risk tolerance and profit appetite.

Pooled funds
as the name implies, the money is pooled together with the capital of other investors, much like mutual funds, and the gains as well as losses are then shared.
There are numerous managed pool fund accounts with different risk reward ratios
and profitability.

What is the commission structure?

The level of commissions can make a huge difference to the profitability of your trading.

A trading strategy that might otherwise be profitable, may not be, once commissions are taken into account. Make sure that you understand the commission structure and pricing of the online forex trading account supplied by the broker. All else being equal, you want to reduce the commissions that are charged on trades.

The commissions are based on various factors, and since these expenses are paid by the trader, it is kind of important for the newcomers understand this part.

The major commission that is found in the fx marketplace is a spread.

This is the difference between the bid and the ask price; the purchase and the sale price of a currency. On top of that brokers charge the rolling commissions on the trades that are carried over to the next trading day.

One of the many factors that affects the spread commission is pair’s liquidity. The more liquid is the pair the lesser is the spread commission on a trade. Major currency pairs like: EUR-USD; GBP-USD; AUD-USD; NZD-USD; USD-CAD; USD-CHF; have lesser spreads than the exotics: GBP-JPY; EUR-JPY; GBP-CAD and etc.

Well known and reputable brokers have this information in plain sight, explaining how exactly their commission structure works.

What trading & training tools are available?

Having the right trading tools available is essential for profitable trading. The historical analysis software enables you to back-test a trading strategy.

This is a very good way of analyzing whether if you had implemented a particular strategy it would have been profitable.

A number of forex platforms also have free educational tools available to help you improve your trading. Having access to training can be particularly useful if you are relatively new to trading.

Does the platform have an API?

In case you have a third party software that you would like to integrate with the platform, or maybe you simply want to do additional programming, then you will want to choose an online forex trading account that has a platform with an open API. Even if you don’t currently need access to the API it is useful to know that this is available for the future as your trading advances.

What are your customer service options?

Receiving fast and accurate help when you have a problem is very important when engaged in online trading. Look at what customer support options are available.

Do they have 24 hour call support? Is there a live chat help option? Can you send queries by email?

Test out some of these features before you open an account by asking some preliminary questions about the platform. Make sure that you receive prompt and useful advice.

Conclusion

When assessing an online trading platform look at these five key elements:

* does it offer a demo account?
* what is the commission structure?
* what trading & training tools are available?
* does it have an API?
* what are your customer support options?

The online forex trading account that you choose can have a significant impact on your trading. Make sure that you choose the right account for your trading today and in the future.

What are your thoughts on forex trading accounts?

Please share your opinion by commenting below…

We are moving into a world which is increasingly automated. Currency trading is no exception.…

Choosing the right forex platform is a big decision, and could be challenging at times!…

Forex trading accounts

Which is the best forex trading account?

Account types. What is a standard account, a funded account, a mini/micro account, a managed account, etc?

Geographic account type considerations.

Below are the best forex trading accounts in your location:

The top 5 forex trading accounts in the united kingdom

Opening a forex trading account

What do you need to consider when opening a new forex trading account?

The brokerage firm. Is it reputable or is it a known scammer?

The services the brokerage firm offers.

Costs and incentives involved.

The account type that best suits your needs.

Once you have gotten these issues sorted, there is 3 step process for opening an account:

Fill out the application forms and provide the information your broker requires.

Fund your account.

Start looking for investment opportunities.

Services-wise, you are looking for:

Proper trading platforms, with solid technical analysis tools.

Access to education and research.

Trading foreign markets.

Special features you may want.

Convenience. Some brokerage firms offer face-to-face guidance. Others do not. It always makes sense from the perspective of trust, to prefer an operator with physical offices close by.

Make sure you read and understand the full pricing schedule/policy of your broker.

Determining the right trading account type to meet your needs depends on what kind of trader you are, and what your objectives are.

You also have to provide a copy of your ID/driver’s license. If you want to trade options or gain access to margin, you may have to provide additional information.

Brokers accept several account-funding methods.

Various e-wallets. (neteller, paypal, skrill etc)

Bank transfer.

Electronic funds transfer.

Checks.

Some may accept asset transfers and even paper stock certificates.

Which is the best forex trading account?

As mentioned, the best account type for you is the one that best suits your needs and personal profile. The factors you should consider in this regard fall into two main categories.

Your investment objectives.
The type of trader you are.

Choosing a forex trading account based on your investment objectives

Choosing a forex trading account based on what type of investor you are

– you are an absolute beginner. And as such, not much of an investor. What you need at this stage is education. Possibly some good trading signals as well. In a word, you need an account, through which the broker can hold your hand. It could be that your ambitions are not high. Still, you need to know why you are doing what you are doing. Customer service and user interface are important factors in your account selection.

– you are a “value” investor. Such investors buy and hold assets, to sell them when they appreciate. Such investors are not active traders. If you are a value investor, you value fundamental analysis. You have little use for charting and fancy technical indicators, however.

– passive investing. Those who invest in index funds passively do not require much from their broker. Unlike beginners, such traders don’t need their hands held either. They just need access to index funds, and good tradable asset selection within this category.

– high frequency trader. Active traders do not hold their positions long-term. They buy and sell with high frequency. Thus, they need all the bells and whistles their broker can offer them. They want good trading platforms with superb charting. Outstanding reporting and a highly functional interface are also musts. Technical analysis is the bread and butter of this trader category. Trading costs are also very important for active traders.

Forex trading account types

There are four basic account type categories: standard, funded, mini and managed. We will look at each in turn.

Standard trading accounts

You do not have to have $100,000 in your account to trade, however. The existence of margin and leverage means that you only have to have $1,000 to trade a standard lot.

Leverage varies based on many things. In the EU, forex leverage is capped at 1:30. In other places, brokers may offer leverage up to 1:500 even on standard accounts.

On the downside, the same goes for loss potential. For this reason, you should only trade through a standard account if you are an experienced trader.

Funded trading accounts

Some brokers/other financial organizations fund certain traders. They provide them with starting capital, in exchange for a share of their future profits.

How does such a setup work?

Would-be funded account owners need to pass an evaluation program. If the broker’s analysts consider them to be good candidates, they grant them a funded account.

Funding can run into millions of dollars. Profit splits are in the 50% range. Funded accounts carry monthly profit targets. Traders who fulfill these targets can gain additional funding.

The broker pays out the profits periodically.

What do you need to do to secure such a funded account?

Your first step is to sign up for the evaluation program.

Trade through the evaluation account and reach the targets.

Earn a proper funded account and start making money for you and the account provider.

Mini and micro trading accounts

In addition to the inherent risk-minimization benefits, mini and micro accounts let you spread your funds thinner. Thus, you can better micro-risk-manage them.

The obvious downside is that risk/loss minimization reduces profit potential as well. Such accounts are, therefore, hardly suited to cover the profit needs of professional/advanced traders.

Managed trading accounts

Why would you want to give up control through such a trading account?

Managers rank these pooled accounts according to risk tolerance. Those looking for higher profits opt for more risky accounts. Those with a lower risk tolerance play it safer, earning less.

The main advantage of a managed account is that it allows you to cash in on the skills of a forex professional. Furthermore, you get to do it hands-off.

Islamic trading accounts

Islam holds trading to be haram (not permitted). There are ways to turn it into halal (permitted), however.

All trading activity has to adhere to the principles of islamic finance.

There must not be any interest (riba) involved.

Exchanges involved in trading have to be immediate.

No gambling is allowed.

Risks, as well as benefits, have to be distributed.

VIP accounts

What do you have to do to gain access to such an account?

You normally need to deposit an unusually large amount of money (often upward of $100,000). You will also need to trade frequently and perhaps meet certain trade volume requirements.

Demo accounts

A demo account is the “play money” simulation of a real account. It allows traders to test the platform and trading conditions. Some may also use such accounts to test-run certain strategies.

Geographic considerations

Leverage varies greatly between EU regulated countries, the UK for example, and other parts of the world. In the EU forex margin is limited to 1:30 by ESMA, the european regulator.

In other parts of world, india and south africa for example, leverage can be offered up to 1:1000 (though 1:400 or 1:500 is more typical)

The taxes you have to pay on your profits also vary from one jurisdiction to another. Read our taxes page for more on that.

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So, let's see, what we have: guide to forex trading accounts with top list and comparison of different types. A must read if you want to open an online forex trading account. At online forex trading account