In the previous article we presented the general forex market and the ease of entry and the potential risk that a market existed to be leveraged. This article will discuss how to open an account to start forex trading.
There are several brokers who provide services via the Internet, many of them are resellers of most major suppliers and usually charge a commission rate for either performance and / or administration. It is best to go with the big and open an account with them and Forex Capital Markets are among the best known and used by traders around the world.
Forex Capital Markets (FXCM) has more than 50,000 active accounts and allows you to open an account with only $ 300 USD in your account type mini, which allows negotiation between 10,000 (10K) and 100,000 (100K) units. The margin for each lot is $ 50 USD is a lot of 50K requires a minimum capital of USD $ 250. FXCM provides a platform for transactions that can only be downloaded and installed on a PC.
This platform or station has a built-in graphics function where you can choose the currency pairs, the length and technical indicators that are needed. Additionally it has a form of news provided by IFR Markets, which offers news and analysis by currency during the day. There is also an option of reporting, which allows you to see clearly all the transactions in a given period of time, as well as balances, interest paid and received. The disadvantage is that FXCM lot minimum is 10K, which allows smaller fractions which if true of OANDA.
OANDA has its technology platform based on Java and the Internet, i.e. it is necessary to go to your page to gain access to your platform. This module also provides an analysis and graphics, which unfortunately are not as friendly as those of FXCM. In addition, OANDA has many more coins to negotiate, but many are "alien" as the Mexican Peso and usually have a very high spread between buying and selling. OANDA's main advantage is its ability to split the contracts, such contracts can be negotiated 1K or 0.1K, which is useful for those who are starting up now and do not want to risk much capital or strategies that depend on scalar positions .
FXCM offers mini account is opened with USD $ 300 and $ 500 USD with OANDA. My experience tells me that these minima are not sufficient and that the best start-up capital is USD $ 1,000. FXCM offers the possibility of making a bank transfer, send a check from a U.S. bank or use a credit card. For its part, offered only OANDA interbank money orders and checks Americans.
In this part I will focus on the requirements of FXCM to open a mini account:
Download the registration form, which requests basic information (name, address, etc.) and makes an investor's profile (income, risk level, etc.).
Submit this form to the fax number indicated with a copy of your passport and a receipt to confirm the address of residence. If you live in Colombia and have the RUT, you can send.
Once received, they e-mailed confirmation of your password and user name.
Make the shell: if credit card is in the same place as FXCM. If bank transfer, it should be brought before the bench with the data provided by FXCM.
Once the tank, this should appear on the display of the season.... And ready to start negotiating.
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