Foreign exchange transactions exchange one country’s currency with another country’s currency. Unlike other financial markets, the foreign exchange market has no specific location or central exchange. Instead, transactions are conducted through the electronic network provided by banks. “Foreign exchange trading” is the simultaneous purchase of one currency in a pair of currency combinations and the sale of another currency. Forex is the currency in the form of a transaction, such as a euro/dollar (EUR / USD) or US dollar / Japanese yen (USD / JPY). Another book.
open forex trading account
Step 1: Apply for open forex trading account onset and submit opening account information.
1. Apply to open an open forex trading account, download the identity certificate and fill in the information you need to open an account
2. You need to provide a scanned copy of the front and back of your ID card to send an email to the mailbox of the trading platform or submit it through customer service and related staff.
Step 2: Review account to open forex trading account
Quick review: if the address on your ID card is consistent with the address provided during the opening account application
You only need to submit your ID card, and you can open an account as quickly as possible.
The ID card submitted (front and back must be provided) must be valid and contain your name, date of birth, photo, and ID number.
Ordinary review: if the address on your ID card is different from the address provided in the opening account application
In this case, in addition to your ID card, you also need to submit a valid proof of address. The following types of documents are generally accepted:
– open forex trading account of this – a temporary residence permit – bank statement within six months
-Driver’s License- Real Estate Certificate -Water, electricity, gas, and telephone charges within six months, excluding mobile phone bills
Your name must be included in the address certification document; the address in the document must be the same as the one filled in when you apply for account opening. Printed electronic statements are not accepted.
The third step: check the email address, obtain the transaction account, complete the account opening form and submit the certificate in the first step, and then the background will review the relevant information. After the review is passed, you will be notified by email that your account opening application has been approved and your account number will be notified And the operation method of injecting funds into the account (for the operation method of injecting funds, please refer to the “How to deposit and withdraw funds” column).
Step 4: Fund a newly opened account. Funds from the activated account are usually remitted after receiving the trading account. General dealers stipulate the minimum deposit limit, and wire transfers inject funds. Funds for wire transfer can be within two working days. Once the deposit is completed, once the funds arrive, the dealer will send a second notification letter by email to inform the login name and password required to log in to the virtual trading platform. After completing the above three steps, you can freely invest in foreign exchange, gold, foreign exchange account opening, crude oil/natural gas, agricultural products, and stock indexes of various countries on the trading platform provided by the dealer, so that real financial investment can be in line with international standards.
How to choose a reliable trader?
We are talking about foreign exchange dealers, usually referred to as foreign exchange brokers or “foreign exchange trading intermediaries” in standard terms to open a forex trading account. They are intermediaries between the central bank, foreign exchange banks, and ordinary customers. They are not buying or selling foreign exchange on their own but acting as a “monthly old” role to match foreign exchange buyers and sellers. But to be precise, the foreign exchange dealer model is divided into the broker and market makers models. Broker trading platforms are divided into straight-through (STP) and automatic electronic matching (ECN).
The simple understanding of the meaning of market makers (also known as MM) is that they create a “market.” The buying and selling prices do not go through the bank. They decide independently, but the price is relatively close to the bank. There is a trader backstage or a processing backstage, and the spread is fixed, which is the mainstream retail foreign exchange market method. They make money through spaces. When your funds enter the trading platform, the first match transactions with other customers. If the match is unsuccessful, then the market maker itself is the one who trades with you.
How to choose a reliable dealer
After understanding the classification of traders and profit models, what factors should be considered to reduce the probability of encountering a black platform? Whether it is under formal supervision or not is like you would go to a regulatory platform such as Tianyancha to check a company’s reputation. The most significant trust endorsement of foreign exchange dealers is the regulatory agency. Supervision is the most direct judgment to measure the reliability of foreign exchange dealers. It is necessary to identify whether it is a formal regulatory agency. Many traders use false regulations to fool newbies. (You can check the reputation of the regulatory agency at FX110)