The foreign exchange (forex) market is the largest financial market in the world. With a daily volume of 6.6 Trillion dollars, it surpasses the stock market, Crypto market, and the total amount of money in circulation in the United States. This may sound very exciting for someone that’s looking to earn some extra cash, or even thinking about making a living from trading
But the reality of trading can be difficult. It is estimated that 90% of traders LOSE money in the early stages of their trading experience. That’s different from what people usually hear, especially with all the online hype where people show a lavish lifestyle to sell courses that promise users they can “live it up” by making loads of money only working a few hours a day.
Requirements to Start Trading Forex (Opening a Live account).
First thing first, you have to choose a broker. In order to make this decision, you’ll have to check the broker’s regulation, evaluate how competitive their spreads are, as well as what trading platforms they use.
Once you have decided which broker is best for your needs, you’ll need to fill out a form with your information. If you’re opening up an account with Tradeview you’ll need:
- Primary Account Holder Information
- Country of Residence
- Declaration of U.S. Citizenship or U.S. Residence for Tax purposes
- Tax identification number
- Employment Information
- Net Worth
- Annual Income
- Source of Wealth
- As well as list any trading experience you’ve had in the past
Here’s a video to make it even easier for you.
The Forex Industry
At this point, you might be thinking “Why does a forex broker need all my personal information?”. And the short answer is this: to comply with regulatory requirements.
The regulations on the industry are in place to protect account holders and brokers alike. There are different regulators around the world, each with its own set of rules. Tradeview Markets is licensed by different regulators in multiple jurisdictions such as:
- Tradeview Ltd. – Is licensed to carry on Securities Investment Business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a Full Securities Broker-Dealer
- Tradeview Europe Ltd. – Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA).
- Tradeview Asia Ltd. – Is licensed and regulated by the Labuan Financial Services Authority (FSA) .
Types of Trading Accounts
There are many types of accounts. The benefits that they offer can differ from broker to broker. The standard trading account typically gives the user access to standard lots of currency each worth $100,000.
That does not mean that $100,000 of capital is needed in order to trade.
Margin and leverage are used in forex trading for example at 100:1. That means that only $1,000 needs to be in the margin account for each standard lot that is traded.
Tradeview offers 3 account types; individual, joint, and corporate accounts. Each account can be opened either with access to the Innovative Liquidity Connector or an X Leverage Account.
Getting Started Trading Forex
The last steps in setting up your new forex trading account; once you have filled out all forms and submitted them to your broker, includes sending additional documents to verify your identity. Tradeview asks for proof of identity such as a government-issued ID and a utility bill to verify your address.
Once your account is verified and set up you can fund your account and begin trading. Just remember that trading forex has some risks and unlike what you might think, trading forex should be a little boring.
Make sure you never invest more than you can afford to lose, try to keep your emotions in check, and enjoy the experience of learning something new. If you’re a person who enjoys learning, educating yourself on how to trade can definitely be a great way to challenge yourself and try and make some money.
Forex surely has its challenges, that’s why many beginner traders opt to learn through demo accounts, that give you access to the forex market without having to actually risk hard-earned money. The process of opening a demo account is also simple and can be done in just a few minutes.
Opening a Demo Account
As mentioned beforehand, opening a demo account is a great way to start learning how to trade forex without actually putting your money at risk. Many brokers offer clients the ability to trade on their platforms through a demo account at no cost.
To open a demo account with Tradeview, all you need is to choose your platform, provide your name, and email address so that you can receive the demo software along with login credentials so you can start practicing your forex trading strategy.
You can go about learning to trade forex one of two ways. Self-education by reviewing videos on youtube, internet research or accessing any of the other myriad sources of information about the industry.
There are also forums and groups you may join that cover the industry, or you can use one of the learning services that brokers offer for free. Some people prefer to have an organized course to teach them step-by-step how to trade forex, while others would rather learn on their own, while many choose to combine elements of both.
It all comes down to you, just make sure you’re constantly learning, researching, and enjoying the process because as said before, trading forex is not a get-rich-quick scheme. There are many industry professionals that spend years developing their own strategy and even then occasionally lose.
Opening a Real (or Live) Account
Once you decide to open a Live account the process would be as follows:
So let’s suppose you did some digging around and after comparing brokers and the benefits they offer you decide on opening up an individual Live account with Tradeview Markets.
The first step you will take will be heading over to tradeviewforex.com once there, you will have the options to choose between an Individual, Joint, or Corporate Account.
Step 2: while filling out the application make sure you have all the necessary documents that we listed above to ensure that your account may be approved promptly. While filling out the application you will be asked to choose which platform you want to use. Only Tradeview users get access to the Innovative Liquidity Connector (benefits are listed in the table above).
Step 3: Once you have completed your application our team will review your documents and will contact you if any additional information is required. Once your application has been approved you will be able to fund your account and begin trading.