How to Open a Forex Account

By Nicholas Chen , last updated August 7, 2011

For those interested in currency trading, the foreign exchange market, also commonly referred to as Forex or FX, is perhaps the most expansive network by which one can carry out such trades. Forex acts as a market platform by which different networks of businesses and investors can exchange currency at a spot price.

In general, there are several different ways one can go about trading currencies on the Forex market. Traditionally, many people have traded currencies through brokerage accounts provided by major banks. However, there are now many online sites that are able to provide these same services.

To open a Forex account there are myriad online sites you can use. Spend some time researching to find which site is right for you. The site forexontop.com is useful in helping to find which Forex trading platform is right for you. One of the more reputable sites, forex.com, is a good one to explore. Log onto it and click on the open account tab. Once there, you can either choose to fill out an online application, which takes about 10 minutes, or if you’d prefer to complete and submit a paper application, you can click the “download center” tab to print out the forms and send them via mail. A third option is to contact the website (all contact information can be easily accessed on the forex.com website), and have them send you the account application in the mail with a return envelope.

In order to complete your Forex application you will need a valid social security number, your banking information (account numbers, routing codes, etc.) and current employment information, if applicable. Once you have submitted this information, it will take several days to hear back about your approval, and then another several days to transfer funds from your banking account to your new Forex account.

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