Written by Robert McKinley

How to Open a Forex Account

First things first

If you are new to Forex trading, this is not the time to open a Forex trading account. Here are two good rules to follow:

Rule 1 - Learn about Forex trading until you feel ready to try out some of your knowledge and then open a free Forex demo account. With this type of account, you will trade in real-time but not with real money. Practice in this account until you feel confident enough to open a micro or mini account and then practice with small amounts of real money until you feel ready to advance further.
Rule 2 - Do not ignore Rule 1.

If you have not learned Forex basics yet, we recommend that you start here and then continue through the other Forex Basics articles. It’s simple: Successful Forex traders learn first and earn later. In fact, they are always learning.

OK, I’m ready to open a Forex trading account. How do I do it?

First, choose the type of account you want to open.

A free demo account
A micro account
A mini account
A standard account

Second, select a Forex broker then register and activate your new account. Follow the directions provided by the broker and be sure to read the fine print.

For more information on the types of accounts see How Forex Works and Forex Brokers.

TIP: One way to try out different brokers is to open free demo accounts with more than one broker.

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