A forex account is nothing but a foreign exchange account which is used by investors and traders to trade in foreign currency by keeping their home currency as the base unit. All foreign currencies are registered on this forum, and its services can be availed by creating an account and depositing money in your country’s currency. The minimum investment required to begin trading is a thousand dollars. You can select any forex broker and set up an account with them. It is advisable that you first create a demo forex account
These forex accounts are popular as they carter to a large number of audiences from different parts of the world. Once you are familiar with the demo accounts, you can move ahead with the permanent funded accounts like mini accounts, managed accounts and fully funded accounts. With an increase in the number of brokers available in the market, the maintenance and running cost of these accounts has significantly fallen. Begin with creating a demo account and then moving on to a managed account, if you are sure that you have learnt the art of trading and are familiar with complexities of investing you can create a funded account and be the master of your dreams.
Funding a forex account is relatively easy to learn, the user can transfer the desired sum using a variety of methods like online banking, cash deposit, bank transfer and the most usual way is by using a credit card. You will have to enter the details of your card into the system, and the money will be directly transferred into your trading account. These transfers are either instant or take up around 24 hours to complete the transaction. Many sites offer you practice trading simulators which are available online for you to practice trading before you jump into the real world.
You must go through the terms and conditions provided by the broker and get to know about the charges for transferring money from your bank account to your trading account. This will vary from one bank to another, but in most cases, the fee is set at a minimum so that it becomes appealing to the users and they are encouraged to feed more money into the trading account. Before you fund your account, gather enough information about the authenticity of the broker. You might regret it later if the broker service turns out to be a phoney one. Cross-check all details and gather intel on the broker, ask you licences and read reviews, only then proceed with depositing your money in the trading account.