Forex on the internet: basic steps
In general, the individual Forex trader is required to
fulfill two steps prior to
trading:
•
Register at the trading platform
•
Deposit funds to facilitate trading
Requirements vary with each trading platform, but these
steps bear further
discussion:
Registering
Registration is done online by the individual trader. There
are various forms
used in the industry. Some are quite simple, where others
are longer and
more time-consuming. In part, this can be attributed to
governmental or
other authorities’ requirements, though some Forex platforms
require more
information than is actually needed. Some even require a
face-to-face
meeting, or to obtain hard copies of required documents such
as a passport,
or driver’s license.
The key requirements for registration are the trader’s full
name, telephone,
e-mail address, residence, and sometimes also the trader’s
yearly income or
capital (equity) and an ID number (passport / driver’s
license / SSN / etc.).
Typically, the Forex platform is not required to run a
thorough check, but rely
on the registrant to be truthful. Nevertheless, each Forex
platform conducts
certain routines, in order to check and verify the
authenticity of the details
provided.
Registrants are required to declare that funds used for
trading are not in
question, and are not the result of any criminal act or
money laundering
activity. This is
mandatory as part of a global anti-money laundering effort.
It is advised that the reader becomes familiar with
Anti-Money Laundering
regulations, and the procedures associated with the
prevention of this
criminal activity.
Depositing funds
New registrants must deposit funds to facilitate trading.
However, the
majority of the Forex platforms today require that, in
addition to funds used
for actual trading, an additional amount be deposited. Often called
“maintenance margin” or “activity collateral”, its purpose
is for the platform
to have an additional guarantee. Some of the platforms that
require an
additional deposit do pay interest on the collateral, which
is “frozen” under
the trader’s name.
The
Easy-Forex™
Trading Platform does NOT require any additional guarantee,
and allows trading with 100% of the amount deposited.
Easy-Forex™ is able to
provide these advantages because it assures “guaranteed
rates and Stop-
Loss”. That means that there will never be any additional
requirement for
funds as a result of a “gap” that causes you to surpass the
Stop-Loss. See “20
issues you must consider” (Chapter 9) for more.
Trading online
The trading platform operates 24 hours a day just as the
global Forex market
runs around the clock.
However, many online Forex market makers require the
download and
installation of software specific to their own trading
platform. Consequently,
accessibility is limited to those terminals that have the
software. Since Forex
trading is borderless, and may be performed at any given
time, it is obviously
advantageous to have access to trading from as many
locations as possible.
The
Easy-Forex™
Trading Platform is a fully web-based system, which means
trading can be conducted from any computer connected to the
internet.
Traders are only required to log-in, ensure they have
available funds to trade,
or make new deposits, and commence trading.
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