FOREX accounts specifications
Our image of the Learn Forex market is almost complete. You have just learned how to choose a suitable broker, and now it’s time to make the next step – opening an account with them. You can’t trade Forex without an account. Your broker has to calculate your profit, fill the account up or take out money from it, keep your trading history and so on. In order to discriminate from thousands of other traders your broker has to give you a unique number – your account number!
• Demo and real account type. Many brokers allow you to open a demo account with virtual, unreal money, there for you have no risk on your real money. As soon as you feel safe with trading the international Forex market, however, you should open a real account for be able to make real profit.
• Verified accounts. There are many crooks and criminals in the world. A hacker from Japan can illegally use the credit card of a Germany or an Pakistan. With the operation of information technology everywhere a lot of personal data has become more risky to online theft. Many companies working in the sphere of online services pay a great deal of attention to the security of data transferred and the legality of the financial tools they use. Most Forex market brokers offer a new customer the option to verify his identity with respect to his account. To do so, the trader sends a set of standard documents to the broker; the broker’s customer security department validates the documents and, once approved, changes the account status to “verified”. Frequently this type of account provides a trader with access to further services, such as bank transfer options, relations between him and the broker are more transparent.
Balance: This part contains add funds withdrawals, trading results, and bonuses. You are not able to trade with an empty balance. Higher a balance is, the more trading possibilities there are depend on the account’s trader.
• Margin leverage: Is the multiplier of a balance. Frequently every account has its own leverage value. The bigger the leverage, the bigger the potential profit – but also the bigger the risks. Each account can have only one fixed leverage value, so if you want higher or lower margin leverage, just open a new account at your broker.
• Options. Every broker can offer you different options for your account, but usually the standard set contains regular account statements, different media for trading and submitting orders (terminal, phone, etc.), SMS-notifications and so on.
Account number. Your account number is a unique number that show all your information and activities.
Written by FxErvin