Choosing an Account Type
When you’re ready to open a live account, you have to choose which type of forex trading account you want: a personal account or a business (aka corporate) account. In the past, when opening a forex trading account, you’d also have to choose whether you wanted to open a “standard” account, a “mini” account, or a “micro” account. Now, that isn’t much of a problem since most brokers allow you to trade custom lots.This is great for newbie and inexperienced traders who only have a small account of capital.
This provides you great flexibility, as you won’t have to trade bigger than you’re comfortable with. Some brokers have a “managed account” option in their application forms. If you want the broker to trade your account for you, you can pick this.
You will have to submit paperwork in order to open an account and the forms will vary from broker to broker. Also, make sure you know all the associated costs, like how much your bank charges for a bank wire transfer. You’d be surprised how much these actually cost, and they may actually take up a significant portion of your trading capital.
Once the broker has received all the necessary paperwork, you should receive an email with instructions on completing your account activation. After these steps have been completed, you will receive a final email with your username, password, and instructions on how to fund your account.