What is a Forex account
Obviously, you need to open an account on a trading platform to trade on Forex. There are a large number of Forex trading platforms. Consider FBS and forex account opening. This article will show you a step-by-step instruction on how to open a Forex trading account on FBS.
Registration Is actually not as difficult as it seems, here are the instructions:
- Go to https://fbs.com.
- In the upper right corner, you will see “Open Demo Account” and “Open Account”. You need the “Open Account” button, we will talk about the “Demo account” in this article later. Click on it.
- In the window that opens, you need to enter your email address and full name. Enter your current data. Also, if you wish, you can quickly register via Facebook, Google or AppleID.
- After entering the data, click “Proceed”.
- Next, you need to select the Trading Platform (MetaTrader 5 or MetaTrader 4). Choose at your discretion. You also need to select the currency of your account.
- Once selected, click on “Open Account”. Next, you will be prompted to check your entered data again. Here, in case you made a mistake, you can change them. You will also be shown your MetaTrader login, password, server and IP. Also MT Investor password and Investor password. Write down or remember the data. It will, of course, be useful to you.
- After that, you need to enter your data. Among them, for example, your name, place of residence and postal code, phone number, and so on. In case you want to skip this step, a demo account will open instead of a full account.
- You also need to bind the payment system that you prefer from the selection of available ones. It can be like a regular credit card or other electronic payment systems.
Now, when the registration is completed, good luck using the site!
What is a demo account on a trading platform
Now it is worth talking in more detail about what a Demo account is, which has already been mentioned twice. At its core, a Demo account and a regular account are almost the same thing.
The only difference is when using a demo account, you trade with virtual money but using real and up-to-date data from exchanges. Since the money is “fictitious”, you can add an unlimited amount of it to your demo account. This will allow you to absolutely safely and practically master Forex trading without taking any risks. If you have obtained the necessary knowledge, you can apply it in a safe practice. You can use such an account as you like and as much as you like. You can experiment with different tactics and ways of trading.
When trading on a regular account, you use real money. This means that all income and risks are also real. If you have never done this before, all experienced traders will recommend that you start with a demo account.
Some tips for choosing a broker
Choosing the right broker is also not too easy, here are some tips:
- Check the legitimacy of the broker. The license will suffice.
- Check the available markets for the broker.
- Check available rates.
- Training – If the broker holds webinars or training sessions for everyone, this is an advantage. This is especially important for beginners. In this case, a database with video lessons or text tutorials is also suitable.
- The older and larger the broker, the better.
The choice, of course, is yours. Be careful and study all the “pitfalls” of your decision.