So after demo trading on at least three broker platforms, you’ve narrowed down your choice to a single forex broker? After finding the right broker for you, you can open a forex trading account in three simple steps:

• Selecting an account type
• Registration
• Activating your account

This is worth repeating so it shall be repeated. Before trading a dime of your hard-earned money, open up two or three demos.Why not? It’s all FREE! Make sure to try out and “kick the tires” of several different brokers to get a feel for the right one for you.

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.

Registration

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.

Account Activation

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.