Forex

Opening a Forex account has never been easier than it is now, considering the opportunities available online. There are hundreds of different websites where you can open a FX account and start playing on this global market. This was not the case ten years ago, when only official brokers and finance companies could enter this business. Now everyone who has computer with Internet connection and can send/receive payments online is able to start. The process of opening a Forex account is quite simple. First, you have to select the type of account, then you must register and the third step is activating it.

The forex market could be very tricky. If you are just getting into those things, then you should be more careful, and even if you do have some experience, it is highly advisable that you open a demo account first, check out how the software (client or web-based) works, before deciding if you want the real thing or not. Open up several demo Forex accounts (at different websites), test them all out and then make your choice.

As mentioned, you have to select the type of account you will get. It could be under your name or under a company name. The account can also be ‘standard’ or ‘mini’. The mini fx account is for start-up investors who will play with a small amount of capital. The standard account is for experienced traders with lots of money.

Of course you can have a financial broker to manage the forex account for you, but that does not make much sense if you want to learn the market, plus you will have to pay him commissions and sometimes they require an initial money deposit of at least $10,000. These are the so called 'professionally managed currency accounts' for which you apply by filling out a form with info about yourself. The managed account will only be used with the five mayor foreign currencies.

FOREX.COM

At forex.com you can offer standard or a mini account. The standard accounts come at $25000, while the minis require $250. You can fund your account with a VISA credit card, wire transfer or by check. There is also the option for a free practice account, http://www.forex.com/forex_demo_account.html. You should definitely try this one.

www.forex-day-trading.com

This website also offers Automated FX account, giving you the chance to trade 24 hours a day, by using special short-term algorithms designed by professional forex money managers and traders. But the minimum depost for such account is $10,000. If you are looking for something different, you can apply for standard account (US$5,000 or more) or a mini ($250).