How to Open a Live Account - Step by Step Procedure of Account Opening

Forex Account Example - To open a Live Account you can go to an online broker site and open Account. Once you go to the broker of your choice and select this option of opening a Live Account, you'll then have to fill some online account opening forms, the step by step procedure of filling these account opening forms is explained in this Open Live Account Lesson Guide - Account Example.

With this online account you can trade the following: Forex, Gold, Silver, Oil, CFDs, Futures and Stock Indices.

How to Open an Online Trading Account

To open this live account, one has to fill some online account signup form provided by a broker. The account opening online form can be obtained from your online forex currency broker.

The process of opening a real account is one where your broker will also need you upload the following supporting documents:

What Are Documents Required To Open An Online Trading Account?

1. Proof of ID - Color copy of ID card or Passport - A color copy of valid passport or other official identification document that's issued by authorities (e.g. Driver's license, identity card, etc). The identification document must contain the client's full name, an issue or expiry date, the client's place & date of birth or tax identification number and the client's signature.

2. Proof of Residence Address - Color copy of utility bill - A recent utility bill (example. Electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within last 6 months & confirming your signed up address location.

You can use your phone to take the pictures of these documents & upload them direct from your phone(this is the best option when opening a account). Alternatively, use digital camera to take snapshots, upload the pictures to your PC then upload saved documents onto your account

To Find where to upload these required accompanying documents search for the option "Upload Documents". Please note that after opening your account it'll not get validated until you've completed uploading these supporting documents.

Why is a Copy of My ID and a Copy of Utility Bill Document that Has My Name Required?

These documents are required by your broker to safeguard against money laundering. AML, or Anti Money Laundering Rules entail that all brokers ask proof of ID and Residence with your name so as to verify that you are a citizen of the country you claim you are from as well as a a Copy of a Copy of Utility Bill that shows your exact location where you reside, that way you can't come up with some fake identity or fake residency location to use for money laundering.

All regulated brokers must adhere & comply with this requirement prior to opening a account for a new client.

Now once you have scanned or taken pictures of these account opening forms:

2. Proof of ID - Color copy of ID card or Passport

3. Proof of Residence Details - A Color copy of a utility bill, electricity bill etc. (bill with a recent date, dated within the last six months).

Upload the above forms plus the above document color copies, you can use your camera phone to take the color pictures of the above documents, then download the pictures from your phone to your computer PC and then upload these pictures from your computer.

Once your online forex currency broker receives the online account opening application forms plus the above documents, your application will be processed & you'll be assigned a log in number & a sign in password for the live account.

Once you upload these accompanying documents your account will then be verified. Your sign in authorization credentials will be sent to your e-mail address.

This is KYC - Know Your Client, it's more of a legal requirement than a mere formality, your broker must follow this policy & try to do everything to know who their client is, in order to guard against money laundering activities.

You can then use your details to log into your MT4 platform & begin trading on this verified account. You can also use the same login details to log in to your trader cabinet on the broker site. On the myaccount area trader cabinet you can deposit money, withdraw money and view reports of your broker account.

How to Open an Online Trading Account

To open this account, one has to fill some online account signup form provided by a broker. The account opening online form can be obtained from your online trading broker.

The process of opening a real account is one where your broker will also need you upload the following supporting documents:

What Are Documents Required To Open An Online Trading Account?

1. Proof of ID - Color copy of ID card or Passport - A color copy of valid passport or other official identification document that's issued by authorities (e.g. Driver's license, identity card, etc). The identification document must contain the client's full name, an issue or expiry date, the client's place & date of birth or tax identification number and the client's signature.

2. Proof of Residence Address - Color copy of utility bill - A recent utility bill (example. Electricity, gas, water, phone, oil, Internet and/or cable TV connection, bank account statement) dated within last 6 months & confirming your signed up address location.

You can use your phone to take the pictures of these documents & upload them direct from your phone(this is the best option when opening a account). Alternatively, use digital camera to take snapshots, upload pictures to your PC then upload saved documents onto your account log in clients area on the web site of your broker

To Find where to upload these required accompanying documents search for the option "Upload Documents". Please note that after opening your account it'll not get validated until you've completed uploading these supporting documents.

Please note if you do not upload the above required documents your account won't be verified - Make sure you upload the above required documents to get your account validated. More than 50 percent of all new traders don't succeed in opening their account because they fail to upload the required accompanying documents. If you correctly upload all the supporting documents then your account will be verified and you can start trading with your account within five minutes. Just take color photo of these 2 documents with your smart-phone & upload these docs direct to your broker website using your mobile phone browser.

Where To Upload Documents on The Trading Account

Once you have filled & Submitted account opening forms that your broker will have provided you with, you will get access to your trade cabinet: This will now then be your account.

"Upload Documents" Button Key can then be accessed from within this myaccount area client cabinet & as a trader you can upload your documents using this button.

Once you complete uploading correct documents on the "Account Verification" on your account will reflect as Validated & you can then start trading on this account.

This process may seem simple but more than 50% of all new traders don't succeed in opening their account due to the reason that they fail to upload the required supporting documents.

Why is a Copy of My ID and Utility Bill Document with My Name Required?

These documents are required by your broker to safeguard against money laundering. AML, or Anti Money Laundering Rules entail that all brokers ask proof of ID and Residence with your name so as to verify that you are a citizen of the country you claim you are from as well as a a Copy of a Copy of Utility Bill that shows your exact location where you reside, that way you can't come up with some fake identity or fake residency location to use for money laundering.

All regulated brokers must adhere & comply with this requirement prior to opening a account for a new client.

Once your online broker receives these online account opening application forms plus the above documents, your application will be processed & you'll be assigned a login number & a password for the live account.

Once your uploaded documents are approved by your broker - your account will then get to be validated. Your sign in authorization credentials will be sent to your email address. Example of a verified account is shown & illustrated below:

This is KYC - Know Your Client, it's more of a legal requirement than a mere formality, your broker must follow this policy & try to do everything to know who their client is, in order to guard against money laundering activities.

You can then use your details to log into your MT4 platform & begin trading on this verified account. You can also use the same login details to log in to your trader cabinet on the broker site. On the myaccount area trader cabinet you can deposit money, withdraw money and view reports of your broker account.

Forex Traders Cabinet Members Area for Making Account Deposit & Withdraw Request

Withdraw and deposit options provided from within the traders cabinet where traders can deposit & make withdraws from the various options provided, for examples: Credit Card & Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer, MoneyGram and Western Union money transfer techniques as displayed below.

Open a live account - As you complete this learn course, open an account early as it only takes a few minutes to open & validate your account early.

How to Open Account - How to Open Account - How to Open Live Account - Account Example