Forex open account
In order to be able to trade on Forex at all, it is necessary to open a trading account with a Forex broker. Test that first Demo account and choose the account/broker that suits you best. Our portal is designed to help you decide opening an account with the right broker. After you have extensively tested the demo account and you have signed up for a broker, you should pay attention to the following points before opening an account:
- What hardware and software requirements are required ?
- With which devices/computers do you want to access the account (laptop, computer, smartphone) ?
- How do deposits and withdrawals work on the Forex account ?
- What are the broker fees (spread) ?
- What collateral does the broker offer for the deposit ?
- Can the platform be tested beforehand with a demo account ?
- Which authority is the broker regulated by ?
Pay attention to security when logging in
When signing up for an account, make sure that your data is transmitted in encrypted form (https). The trading platform should also transmit the data in encrypted form to prevent misuse to be avoided by third parties. Opening an account quickly only makes sense if security is also taken into account. Some brokers request a legitimation by means of Postident or request a copy of the ID. There is a bit of "paperwork" or bureaucracy when opening an account always required.
Choose the right broker
When opening an account, the broker will point out the risks of forex trading to you. A good broker keeps silent nor that there is a risk of high losses. Before opening an account, test the broker's demo account and make sure that the Distinguish conditions from demo account and real money account.
Many forex brokers have their headquarters abroad for tax reasons. When choosing a broker, you should pay attention to this by which authority the broker is regulated. Some brokers also have branches in several countries, where regulation is carried out by the authorities of the respective country. Regulation by British or German authorities speaks for the seriousness of the broker. These authorities are considered relatively strict. Company funds and customer funds must be managed separately. We recommend choosing a broker that is regulated by the English FCA or the German BaFin.
Base currency of the account
An account with a broker is not always held in euros. It can also be in American dollars or Swiss francs, for example be led. In some cases, you can also choose the base currency of the account yourself. Keeping the account in euros is often a good idea, as this is the currency but most familiar.
Only use money that you do not need for bills etc. to trade on the Forex, but only use leftover money that you do not necessarily need are dependent. So you can trade with the necessary calm and you don't lack the money in case of losses.