Learning Forex "Account Opening Information"(Episode-12)
Good Day to everyone and "Welcome" again in my blog.
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Hope you guys are going great. As we are talking about Forex. You guys already know the most basic information for the trading. For the people, who just got here today, this is my successive article on Forex learning. This one is the "Twelfth/12th"one. Here the previous ones-
2.Learning Forex
3.Learning Forex
4.Learning Forex
5.Learning Forex
6.Learning Forex
7.Learning Forex
8.Learning Forex
9.Learning Forex
10.Learning Forex
11.Learning Forex
Well, our new topic will be about account opening information. What you have to know, before starting deposit or trading.
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For most Forex Brokers, you will need to provide the following information during the account opening:
Last Name (the last name of your name)
Address (You resident Address)
Email Address (Your Email ID)
These are the ones you have filled up before registering on different sites, so you are familiar with them. However, you may not be familiar with the following topics which you have to select during the account opening period.
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"Swap" is interest. If you select Swap Options, you will be able to earn interest on the trade that you open on the basis of the central bank's interest rate of different countries, or you will be charged interest. Interest is prohibited for the Muslims, and so if you are muslim, better not to swap.Other religion or people do not have the problem about yhis one. So, select- Yes. If you do not want to take interest, choose Swap No.
Leverage (Loan): The banks in the stock market in different nations, where banks lend money to the ratio of 1: 2 to the highest, in forex, you can obtain a loan from Forex Brokers for 1: 500. Some forex brokers even lend 1: 1000 loans, that means loan upto 1000 times the capital. The higher the leverage, the greater the trade you can open. And so, you can use 1: 1000 leverage in forex, doubling the money in 5 minutes.
But do not become greedy about this, always use a little leverage in trade. Keep in mind that, the amount of market movement will make your balance double, your balance will be zero in the same amount of market movement. 1; 50 Leverage is enough for forex trading.
Account Currency - Selecting USD or US Dollar is the best one.
Account Types Based on your deposit, Forex Brokers offer different accounts. Each Forex Broker offer is unique. If your deposit is less than $ 1000, then Micro, $ 1000 - $ 10,000 that would be called Mini and then Standard can be selected for $ 10,000 or above.
Many Forex Brokers do not allow them to deposit / withdraw money without verified the account, or impose various restrictions. To comply with this, they have to comply with their regulators' money laundering policies. The following two types of scanning documents, you will need to upload to your account -
Your passport / driving license / National ID card scan, for your photo verification.
Electricity / gas / water bill or internet / mobile bill or bank statement scan for your address verification.
This is the international rule However, the regulations of all different countries differ. And so some Forex brokers do not want verification.
It is better to deposit in the broker, who want verification, after verifying the account.
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Well this is all for today! I am not going to put any more in it. Let's talk about the later part in the next one. Feel free to leave a comment, if you have any queries. I will try my best to give you the desired answer.
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