If you have done demo trading on at least three or more broker platforms and you feel ready to open a forex trading account Singapore then you are in the right place. Chances are that you have already narrowed down your choice on one single forex broker, if not ,you need to do it before you take these next steps.
After finding the right broker for your forex trading endeavors, you are now ready to open an online forex trading account in three simple steps which are:
- Selecting the type of forex trading account you want
- Registering the account
- Activating the account
Before trading a single dime of your hard-earned money it is essential that you open about two or three demo accounts before opening a live and online forex trading account. Demo accounts are free plus they give you an opportunity to test out different brokers before you get the right one.
If you have already done the necessary then here are the steps you need to follow when opening a forex trading account Singapore.
Choose the Type of Account You Want to Open
If you are ready to open a live account, then you have to choose the type of forex trading account you need. It can either be a business or personal account. Before, when you wanted to open a forex trading account in Singapore, you were only allowed to either open a standard, mini or micro account.
Personal accounts are great for first-time and inexperienced traders whose capital is small. Choosing an online forex trading account you need offers you great flexibility because you have a chance of trading within your limits.
There are companies which have an option for managed accounts in their application forms. You can pick this option only if you are sure that you want a broker to trade your account on your behalf. However, opening a managed account requires you to put down a hefty deposit of about $25,000 or more. Person managing your forex trading account will also take a cut out of any profits you make.
Register the Account
If you want to open a forex trading account in Singapore, the next step is to fill in your registration details and submit the paperwork. However, you should know that registration forms vary from one broker to the other.
Registration forms are usually provided in PDF format and you can easily view or print them using Adobe Acrobat Reader. Before registering your forex trading account, you need to know of all the associated costs involved. For instance, the amount of money your bank in Singapore charges for a bank wire transfer.
Going in blind is actually dangerous because you might realize that some of these costs will account for a significant portion of the trading capital you intend to use.
Activate your Account
After completing the aforementioned steps, you will receive a final email from your broker which will contain a link to activate your forex trading account. The email may also include your password, username and basic instructions on how you will fund your account. By clicking on the link sent to you will be ready to start trading.
Advise For First Time Traders
If you are a new trader enthusiastic to trade in the financial market, you are strongly advised to try out demo trading first. Everyone has to start somewhere so feel no shame in demo trading. If you have already tried demo trading and have been doing it for at least six months, then you might be ready to try your luck in live trading. Even if you are ready to trade on the big league, you are recommended to go in slow and keep in mind just how much you want risk.
Regardless of how good you are there is nothing that beats the feeling of live trading. Therefore, ensure that you have properly prepared yourself before opening an online forex trading account in Singapore.