In order to start trading on forex market you need to open a forex account to hold foreign currencies on. Once you deposit money on your trading account, you are free to buy and sell pairs. However, prior to opening a real trading account it is advisable to gain some experience in working with the software and execution methods by opening the forex demo account.
Whether you are a professional trader or a beginner, Guru Trade offers you a wide variety of brokers’ accounts, so that you could analyze, compare and choose whatever works best for you.
Opening the Trading Account
First of all you need to find a forex broker that you will be working with. It is the broker that gives you the trading platform to work on and that manages your funds.
Then the procedure is very similar to opening a regular bank account. You are required to give some basic information about yourself, which will be verified by your broker.
Types of Forex Accounts
Each type of account is a great trading tool that allows you to work successfully on the market. Usually, trading accounts vary by the size (the sum of money you deposit). There’re Mini (EXNESS) and Micro (FBS) accounts that require only $5 deposit. The Standard or Classic accounts are the most customary ones. There’re also Professional accounts that provide even more tools for you to use.
If you do not want to trade by yourself, you can open the managed account, which is basically run by investment advisor on your behalf for an established fee.
Depending on the trade orders processing, there’re also: NDD (Non Dealing Desk) accounts, ECN (Electronic Connection Network), and STP (Straight through Processing) trading accounts.
Every account type has its own advantages, all you have to do is figure out which one will be the most helpful for you to succeed.