A live account provides one with the access to trade the
Forex market on the various trading instruments such as currencies, energy,
metal, CFDs and global indices.
Before opening a live account, choose the best online Forex
trading broker who offers lower spreads, higher leverage, advanced
technological tools and most of all better support. The online Forex trading
broker should have a global presence and should be able to provide 24/5
support. One should also look for a competitive commission and fee charged by
the Forex broker.
Now, let us describe what the live account in Forex means. A
live account is the starting point for trading forex and it includes filling up
of the live account form and sharing of information required by the service
provider. The information is needed for the regulatory purposes and will be
kept safe. You should read the risk disclosure provided by your Forex trading
broker before opening the live account.
Once an account is created, you will receive a password to
open the account. You can transfer the funds through e-transfer, wire transfer
or through credit/debit cards. The funds in your account should be safe and for
this reason you should check whether your Forex trading broker is authorized
and regulated by the Financial Service Provider.
Another important issue you have to be aware of is the
availability of a good trading platform like the MetaTrader4 with your account.
Most of the leading online trading brokers provide with free access to MT4
along with integrated softwares and technical analysis. You can learn about
using the platform from the resources and training section provided on the
website.
While opening a live trading account is a
child’s play, trading is completely another story. It needs patience,
dedication and discipline to stick to the self-made standards.
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