How To Open A Trading Account

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How to Open a Forex Trading Account

So after demo trading on at least three broker platforms, you’ve narrowed down your choice to a single forex broker?

After finding the right broker for you, you can open a forex trading account in three simple steps:

  • Selecting an account type
  • Registration
  • Activating your account

Why not? It’s all FREE! Make sure to try out and “kick the tires” of several different brokers to get a feel for the right one for you.

Choosing an Account Type

When you’re ready to open a live account, you have to choose which type of forex trading account you want: a personal account or a business (aka corporate) account.

In the past, when opening a forex trading account, you’d also have to choose whether you wanted to open a “standard” account, a “mini” account, or a “micro” account.

This is great for newbie and inexperienced traders who only have a small account of capital.

This provides you great flexibility, as you won’t have to trade bigger than you’re comfortable with.

Also, always, always, always remember: Always read the fine print.

Some brokers have a “managed account” option in their application forms. If you want the broker to trade your account for you, you can pick this.

But is this what you really want? After all, you didn’t read through the whole School of Pipsology just to have someone else trade for you!

Besides, opening a managed account requires a pretty big minimum deposit, normally $25,000 or higher. Also, the manager will also take a cut out of any profits.

Lastly, make sure you open a forex spot account and not a forwards or futures account.

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Registration

You will have to submit paperwork in order to open an account and the forms will vary from broker to broker.

They are usually provided in PDF format and can be viewed and printed using Adobe Acrobat Reader program.

Also, make sure you know all the associated costs, like how much your banks charges for a bank wire transfer. You’d be surprised how much these actually costs, and they may actually take up a significant portion of your trading capital.

Account Activation

Once the broker has received all the necessary paperwork, you should receive an email with instructions on completing your account activation.

So all that’s left is for you to login and start trading. Pretty easy huh?

Time to log in, pop open those charts, and start trading!

But wait just one minute!

We strongly advise you DEMO trade first. There’s no shame in demo trading – everyone has to start somewhere.

If you have been demo trading for at LEAST six months, then maybe you can dip your feet into live trading. Even then, we suggest you go in the shallow end and consider how much you want to risk.

Trading live is a different beast altogether. It’s like the difference between sparring against your kid brother (or sister) and fighting Manny Pacquiao.

If you start trading live without any demo trading experience, this is what usually happens:

But no matter how successful you were in demo trading, nothing can replace the feeling of having real money on the line.

And once you’ve started trading on a live account, never get too comfortable. Always remain vigilant and use proper risk management.

How to open a share dealing account

How to choose the best trading account for your share dealing needs and start investing in UK and international markets.

Last updated: 2 April 2020

Share

Best for beginners (Capital at risk)

Open an account, get some tips from the experts and trade anytime and anywhere when you download the app.

Best for US shares (Capital at risk)

Create a share dealing account at IG and pay maximum of £8 commission when you buy or sell UK shares. Click the button to get to know more!

Best for social trading (Capital at risk)

Click the button and open an account at eToro to start investing! You won’t pay any fees for setting up your account!

Best for online platform (Capital at risk)

Click the button to discover the great trading platforms that Saxo Markets offers and choose the one best for you

What’s in this guide?

Invest in shares with 0% commission on eToro

  • 0% commission on stocks
  • No markup, ticketing fees, management fees
  • Fractional shares available
  • Easy to use platform
  • Your capital is at risk

Online share dealing allows you to buy and sell shares in publicly listed companies from your phone, laptop or tablet. Where previously you needed a broker in order to access markets, these days investors trade directly by opening a share dealing account with an online share trading platform.

This guide allows you to easily compare online share trading accounts, and takes you through the steps involved when choosing a platform.

Compare the UK’s leading share dealing platforms

Or use a stocks and shares ISA

A stocks and shares ISA can be another good option for investors. Legal & General’s award-winning stocks and shares ISA let’s you choose from three investment options. You can let them do it for you, use index-tracking funds to build your own portfolio, or pick your own funds.

  • Award-winning customer care
  • 9 million customers worldwide
  • £983bn assets under management
  • Capital at risk, investments may fall

Why trade shares online?

Trading shares online offers a secure and easy way to manage your investments. You can place trades at a time and place convenient to you, with the obvious benefits of dividend payments and investing for the future.

There are of course risks attached to trading shares, including the possibility of losing money you invest. It’s important to make sure you’re aware of those risks before you start trading.

How do I choose an online share dealing platform?

You’ll need to carefully consider your trading needs before deciding on the right online share trading platform. Some of the issues to consider include:

  • Your trading knowledge and experience. Some online share trading platforms are designed to suit casual investors. Other trading platforms have features geared towards experienced traders, such as advanced charting tools, speedy execution of trades and live market data. These features may come at a cost,
    however, and may not add much value if you are a less experienced trader.
  • The markets you can access. Some share dealing platforms only provide access to companies listed on the London Stock Exchange, while others will also allow you to place trades on international markets. Some trading platforms will also provide access to other trading instruments, for example forex and contracts for difference (CFDs).
  • The fees involved. There are two main costs you need to consider when choosing a share trading platform: the brokerage fee and the ongoing fee. The brokerage fee applies each time you place a trade and is usually around £10-£25, but could be higher based on the size of the transaction. Ongoing subscription fees are charged monthly and vary depending on the provider and the account features you select.
  • Trading resources. From educational tutorials to research and investment advice, check what tools a platform offers to help you make informed trading decisions.
  • Customer service. If you ever have a problem or need help with a trade, check to make sure you will be able to access prompt and helpful customer support.

How to open a share trading account

The exact process for opening a share trading account varies depending on the trading platform you select. However, you’ll generally need to complete the following steps when signing up:

  1. Choose your broker.Research a range of options to find the online stockbroking provider that offers all the features you want at an affordable price. Some providers also offer a choice of share trading platforms, for example a free web-based platform for casual investors and a more complicated software package with a monthly subscription fee for experienced traders.
  2. Choose your membership level. Some providers offer a choice of membership tiers, each with a different level of features and a different ongoing fee. For example, you may need to choose between a Bronze, Silver or Gold trading account.
  3. Provide your details. You’ll need to provide your full name and a valid form of photo ID, as well as your email address, phone number.
  4. Link your bank account. You’ll need to supply details of the bank account which will be used to finance your trades and you may be required to deposit a minimum amount. Some share dealing platforms will also require you to open a cash management account with a specific financial institution before you can start trading.
  5. Submit your application. Your application to open a share trading account will usually be processed within 1-2 business days.
  6. Start trading. Once your application has been approved you can login to your account and start trading.

Did you have these enquiries about opening a share dealing account?

Do I need to be an UK resident to sign up for a share trading account?

This depends on the share trading platform you select. Some are only open to UK residents while others accept customers from all over the world.

Brokerage Account

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Investing doesn’t need to be confusing

Not sure where to begin? We can help you learn the ins and outs of investing with in-depth tutorials, articles, videos, and more.

Up your game with our trading tools

We have tools for every trading level. Placing a trade is easy with E*TRADE’s desktop and mobile platforms. Not new to the game? Power E*TRADE is our innovative platform for traders who are passionate about the markets.

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Opening a brokerage account is easy and takes only about 10 minutes.
Deposit or transfer just $5,000 to get $100. Or add even more for up to $3,000. 3

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Securities products and services offered by E*TRADE Securities LLC. Member FINRA/SIPC. Investment advisory services offered by E*TRADE Capital Management, LLC, a Registered Investment Adviser. Commodity futures and options on futures products and services offered by E*TRADE Futures LLC, Member NFA. Bank products and services offered by E*TRADE Bank and E*TRADE Savings Bank, both federal savings banks and Members FDIC. Stock plan administration solutions and services offered by E*TRADE Financial Corporate Services, Inc. All separate but affiliated subsidiaries of E*TRADE Financial Corporation.

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