ForexGetting started
How to open a forex trading account
Opening an account with a regulated broker usually takes a few minutes to apply and a day or two to verify. Having the right documents ready, and knowing which entity you are joining, avoids delays and surprises.
Step by step
- Choose the broker and entity. Check which regulated company will hold your account; see how to check a legal entity.
- Complete the application. Expect questions on income, savings, trading experience and the purpose of the account.
- Take the appropriateness test. UK and EU brokers must assess whether CFDs suit you. Answer honestly.
- Verify your identity. Upload a passport or national ID and a recent proof of address, such as a utility bill or bank statement.
- Choose the account type and platform. Compare standard and raw pricing; see spreads and commissions.
- Fund the account. Pay from an account in your own name. Brokers usually return withdrawals to the same method.
Before you deposit
Practise on a demo account first, read the fee schedule and client agreement, and make a small test withdrawal early so you know how long it takes.
Documents to have ready
✓Passport, national ID card or driving licence.
✓Proof of address dated within the last three to six months.
✓Your tax identification number, if the broker asks for it.
✓Details of the bank account or card you will fund from.
Red flags
✕Pressure to deposit before verification.
✕Requests to pay a third party, a personal account or in crypto.
✕Bonuses that lock your deposit until you trade a set volume.
Before you fund it: see how much money you need to start and how lot sizes affect your risk.
Ready to compare the terms?
Put up to three brokers side by side: costs, platforms, leverage and award history.