Opening a Live Trading Account

After you must have chosen a suitable Forex Broker, (see Forex Brokers) your next step is to open a LIVE TRADING ACCOUNT with the broker.

Generally, you must register with your real name and address (home or office). The reason is that you have to provide your National ID before you can withdraw earned funds, and your ID details should match with your registration information. It also improves your security.

I’ll advise you to open a separate email address for your forex activities; this is because your broker sends a daily report of your activities (transactions) and so if someone gains access to your account and performs any transaction, you will receive the details of the transaction and all you have to do is to simply reply to the email stating that you did not perform that transaction. Your account will be reset to the last trade you performed, and then you can also request a change of password and login pin.

You must carefully fill in the following fields:

1. Name (real name on ID.)
2. Address (home or office as seen on ID).
3. Email address
4. Phone number(in format 234-xxx-xxxx)
5. Password (most brokers generate a password automatically for you).
6. Country(Nigeria)
7. State
8. City
After filling and submitting the form, you must go to your mail address and confirm your account through the mail they sent to you. If you broker requires a software download, then download and install the software.
IMPORTANT!
1. To start trading, you must fund your forex account with the minimum deposit value or more. Read “Funding your forex account” to learn how to fund your account and start trading.
2. Try opening and trading with a DEMO ACCOUNT with your broker before opening a live account, it will help you to know more about the broker.