Going Live

Going Live

So you have played for some weeks with demo accounts, you are very familiar with how everything works, you have your documents ready, you have some money reserved for your first investment and you feel comfortable with the broker of you picked. What comes next?

During the registration process you’ll be asked to pick between micro, standard or professional (or any names they use), I believe there is a nano account somewhere. And the difference they have rely on the size of the lots you can trade, if you’re a beginner it’s better to start with the most basic type of account.

The second thing you’ll be choosing is the leverage, (if you don’t know what it is check my first post) it can go from 1:1 to 1:1000 I believe, of course again if you’re just starting don’t get too crazy picking a high leverage try to choose a low leverage. Of course those things can be changed later once you gain more experience.

Also depending on your broker, you may be required to make a minimum deposit or not, so you can even start with few dollars but of course don’t expect to gain a lot of money with 5 bucks, but as practice anything would be fine.  

Finally you may encounter something called Islamic Account which refers to what is known as the Shariah law; this basically means that there won’t be any interest paid. In Forex trading this usually happens when there is a rollover, i.e. if you have an opened position from one day to another you’ll see that the amount of swap will change. It’s something that usually happens around 00:00 GMT when the markets close and reopen again so all opened positions are moved from one day to another and there is an interest rate for that operation. When you have an Islamic account, there is no swap; however brokers deal with this by widening the spreads so if you chose that option you’ll also have to analyze which broker offers you the best solution.

Once everything is set, you’ll have to upload the scans of your documents and wait some days until your account is verified, once that is done or if there is a problem or doubt you’ll be contacted by phone or email with some instructions to download the trading platform, your user id, etc. and you’ll just have to make your first deposit and start dealing with real money.