How to Open a Forex Real Account?

Many people in Iran want to register in the Forex market and earn profits through it since the Forex market has become more popular in recent years. Forex has a high profit margin and a high liquidity level, which is why people invest in it. A lot can be acquired quickly and easily in this market, in a short amount of time. This is why many people enroll in this financial market after learning the basics. I am going to give you a step-by-step guide on how to open your first Forex real account in this article. Because many people do not have an understanding of the types of accounts and brokers available, along with the difficulty of registering for an account. Our first step is to learn how to enter the Forex world. We will show you how to open a real account and how to learn about Forex.

Forex entry steps

There is a lot of volatility in the Forex market, as you may know. Many people who are knowledgeable and knowledgeable about these fluctuations gain profit from them and many people lose their money to them because they do not have enough information and knowledge about them. To enter this market successfully, we realized that we must acquire sufficient knowledge and skills concerning that market, just as we would for entry into a university or a job position. Many Iranians are interested in knowing whether it is possible to enter the Forex market from within the country but are unsure about whether they can do so. Yes, Iranians are capable of entering the foreign exchange market from Iran, in response to this question. A currency pair is a pair of currencies from a particular country that can be bought and sold in Forex. Iranians inside the country can participate electronically in this market because Forex is decentralized and lacks a specific location. Neither an organization nor a government supervises Forex trading, and no specific country is associated with it. A new account can therefore be opened from anywhere on the globe. We have outlined the following steps for entering the Forex market:

1. Trading Forex and gaining knowledge

As a beginner, you should learn as much as you can about this exciting and profitable financial market before venturing into this exciting and profitable world. Trading is a science, and it is not easy. At this point, you need to understand it fully. To become a successful trader, you need to learn fundamental analysis, technicals, sentimental analysis, risk management, controlling your emotions, and understanding your personality. The following Forex skills are discussed in this section:

• Fundamental analysis: A trader should focus on the news, information, and events of major economic or social changes in the world when conducting fundamental analysis.
• Technical analysis: Involves analyzing the movements of currency pairs. Each currency pair follows a specific pattern, according to traders in the technical analysis. Due to this, they will use tools and charts to analyze the price movement of currency pairs in a specific period of the past, to analyze the price movement of different currencies in a single currency.
• Sentimental analysis: Based on the sentiments of Forex traders, the sentimental analysis looks at the direction of currency markets. Using this analysis, we can determine the market’s taste or feel towards buying or selling a currency according to the amount of buying and selling over time.
• Capital management: Trading in Forex requires capital management to avoid excessive losses and maximize profits. The purpose of this technique is to gain mastery over your emotions such as greed, greed, anger, or excitement, and to use them as a means of managing your capital by monitoring the behavior patterns of other traders and gaining control of your own emotions.

2. Selecting the right broker for your needs

Choosing a Forex broker that fits the trader’s conditions is the first step when starting to work in Forex. Various brokers have been created to facilitate the transfer of money between buyers and sellers since Forex cannot be accessed directly. They create a buying and selling condition between two parties, which is similar to real estate trading companies. The brokerage, just like the real estate agency, receives a commission or fee from these transactions. With a better understanding of how brokers work, you can choose a broker that fits your needs. Choosing a suitable broker involves several crucial factors, which we have discussed in the following section:

• Licensed regulator: The broker you choose must be authorized by an accredited regulatory body. This way, you will know for sure the broker is credible, and your capital will be safe if any issues or challenges arise.
• Low spread: Brokers charge a fee for the spread, which represents the difference in price between buying and selling. As a result, lower spreads result in lower commissions. The broker with the lowest spread is the one you should choose.
• Appropriate leverage: Brokers lend you money according to the amount of leverage they have. You have more purchasing power with this credit than with your capital. You can buy and sell as much as 100 dollars if you are using a leverage of 1 to 100 and if you are using a capital of 1 dollar. As a result of leverage, traders can make more money in the Forex market because price changes are often not large, thereby increasing their profits. In addition to the potential for profit, there are also the potential risks of losing money when it comes to choosing leverage, and this depends on the trader. As a result, when using leverage, in the same ratio as you choose, you should be aware of the amount of loss you might incur. There is no one-size-fits-all for leverage, and people should choose their broker based on the maximum amount of leverage they are comfortable with, and that is based on their trading strategy.

3. Begin the broker registration process

Registration on a Forex broker’s website is necessary after you have selected an appropriate and reliable broker. Generally, any broker’s account opening process consists of three steps, although there may be a few differences. Most brokers, however, require you to complete three steps before registering:

• Identity information registration: You will be presented with two options as soon as you enter the site. One is to log in and the other is to register. Upon entering the registration section of this website, you will be asked to enter your name, surname, email address, country of citizenship, city, and citizenship information, as well as contact information. A verification code or email will be sent to you once you click the desired option. Afterward, you will receive a code via your e-mail address or mobile phone number. Your broker account will be created when you enter the code. To make transactions and register with brokers, you must be over 18 years of age.

• Document uploads: Authentication can be done by sending photos of documents such as identification cards (passports, birth certificates, or national ID cards) and proof of residence to verify your identity. People’s identities are not always verified by brokers.

• Authentication: Your documents will be verified by the broker within a few days of uploading them, and they may range from broker to broker, depending on the broker you are using. Money can be deposited and transactions can be performed after you confirm your identity and residency documents.
• Choose the account type: Individuals choose accounts based on their capital, personalities, strategies, and knowledge of Forex. The following content will explain the different accounts you can open with each broker. A demo or virtual account can also be used in addition to a real Forex trading account, which allows you to trade without depositing any money and without making any real profit from trading.

4. Using a virtual or demo account

To ensure you are well-prepared before making a real Forex trade, you should use a virtual account after completing the registration process. By doing so, you can check your knowledge, strategy, risk management, and financial management. Beginners who are new to the trading world can benefit greatly from the use of a Forex demo account as a way to test and refine their skills and knowledge. When working with a virtual account, the best time to do so is between the period of two to six months after you sign up. The time is right to open a real Forex account if, after this period, you had high profitability from your profit and loss.

5. Creating a real Forex account with the broker of your choice

It is now time to open your real account after completing all of the steps listed above. A real account in Forex can be classified in some ways. Some brokers call their accounts by different names, yet the purpose is the same. Most brokers offer both virtual account and real account options, and you will be able to choose between the two so you can establish the type of account that suits your needs the most. Apart from the demo account, brokers offer the following types of accounts:

• Cents or nano accounts: Suitable for beginners or people with small capital, this account works on cent currency. In the traditional account, profit and loss are also based on the traditional currency, which is also used in the traditional account. Trading with this account allows traders to earn lower losses because they need less capital to make transactions.
• Standard account: A Forex account with high leverage requires a large amount of capital to trade, so it is often the most expensive account to open. Thus, standard accounts usually have a high profit and loss. A standard account requires different amounts of initial capital depending on the broker. Floating accounts feature different spreads depending on the transaction.

• Micro and mini accounts: As a standard account type, it is similar to other account types and the main difference between them is only the amount of money and the initial capital. A first capital deposit of one to ten dollars is required in this account.
• ECN account: Compared to the mini and micro accounts, this account offers a lower spread, but the broker will still receive a transaction fee for each transaction. This type of account allows traders to see the price of buying and selling.
• Pam account: Some brokers offer this account, through which investors provide their capital to a professional trader. A portion of the profit is automatically deposited into the trader’s account when the trader trades with the investor’s account. A loss suffered by an investor is the only loss suffered by the trader during the period of damage and loss.

6. Making a charge or deposit to the user’s account

A trader is now ready to deposit his or her own money after completing the previous steps. The three deposit methods available to Iranians in the country are different, but they can only use them to deposit money into their broker’s account:

• Rials deposits and withdrawals:

Rial currency is covered by some brokers. These brokers accept debit cards as payment. Depositing your desired amount into their account is the only requirement to work with them.

• Cryptocurrency:

Several brokers accept deposits and withdrawals using digital currency, which is widely used.

• Virtual wallets:

You can transfer funds with a virtual wallet, which is an electronic wallet. Most brokers support this wallet because it is as safe as international accounts and it is as secure as international accounts. These days, Web Money and Top Change are the most widely used wallet types.

7. Trading Forex and starting activity

The last and most important step has now been reached and we are at the end of the process. The Forex market can be used after rejecting all the above steps. The maximum amount of profit can be obtained in this market if you correctly implement all the steps mentioned above. This market is open to all types of activity. It is, however, important to obtain complete knowledge of any financial market before participating in it, especially the Forex market.

Summary

We have attempted to explain in this article how to open a real Forex account. It is important to know and understand the basics of trading, but then it is also important to have a good understanding of what a broker offers so you can choose the one who is right for you later on. Finding a reputable broker that has a low commission, and the features you are looking for is the first step in the process. It is better to spend some time in your virtual account once you have picked a broker and registered with it, as well as authenticate your identity, to acquire and strengthen your skills and measure the efficacy of your strategies after you have chosen it and registered with it. You are now ready to trade on the real account after mastering this account and achieving significant profits in two to six months. When you sign up for a brokerage account, it usually only takes a few clicks. The Real account requires real money, real profit or loss, and deals with real money. Every trader chooses his strategy according to the type of real account he uses. There are three deposit methods from Iran that you can use to open a real account.

FAQs

How can a small amount of capital be used to trade Forex?

The good news is that people with low capital can open a nano account or a traditional account.

Can the trader be authenticated with an image?

An identity card, national identification card, or passport is usually the only form of identification used by brokers.