How Do I Open a Live Account? - Step by Step Procedure

To establish a Live Account, proceed to the website of an online broker and initiate the process. Once you select this option with your chosen broker, you will be required to complete several online forms: a step-by-step walkthrough for filling these forms is provided in this tutorial.

Utilizing this online account allows trading across various assets including Indices, Gold, Silver, Oil, CFDs, Futures, and Stocks.

Step by Step Procedure of How to Open an Online Account

To open a live index trading account, fill out forms from a stock index broker. Get the online signup form from your broker's site.

When you sign up for a real trading account, your broker will also ask you to send in these supporting papers:

What Docs Are Needed To Open An Online Account?

1. Proof of ID - Color copy of Identity card or Passport - A colour copy of valid passport or any other official identification document issued by the authorities (e.g. Driver's license, identity card, etc). The identification document must contain the client's full name, an issue or expiry date, client's place & date of birth or tax identification number & the client's signature.

2. Proof of where you live: A recent bill (like for electricity, gas, water, phone, internet, cable, or a bank statement) from the last 6 months that confirms the address you have registered.

You can use your phone to snap pictures of these documents and upload them straight from your phone, which is the easiest way. If not, use a regular camera, put the pictures on your computer, and then upload the documents to your account.

Uploading required documents can be done by selecting the "Upload Documents" option. Note that your trading account will remain unvalidated until these essential documents are successfully uploaded post-registration.

Why is a Copy of ID Card & Utility Bill with My Name Required?

Online brokers mandate these papers to guard against illicit financial activities like money laundering. AML (Anti Money Laundry) dictates that all brokers obtain verification of your Identity and Residency, featuring your name, to confirm you are indeed a national of the country you state. Furthermore, a Copy of a Utility Bill confirming your precise residential location is mandatory. This measure prevents an individual from fabricating an identity or an address for the purpose of funds laundering.

All official Stock Index brokers need to follow these rules before they let a new customer create an account.

Now once you have scanned or taken images of these account registration forms:

2. Proof of ID - Color copy of Identity card or Passport

3. Proof of Residency - A colored copy of a bill for utilities, like an electricity bill (the bill should be recent, from the last three months).

Upload the forms plus color copies of docs. Snap photos with your phone camera. Transfer them to your PC. Then upload from there.

Once your online currency broker gets the online trading account opening application forms plus the above documents, your application will be processed and you'll be assigned a login number and a login password for the live trading account.

Once you upload these documents your account will then be validated. Your login details will be sent to your e-mail address. An illustration of a validated/verified account is illustrated:

This is KYC - Knowing Your Client, which is more like a legal thing you must do instead of just a simple step: your online broker must follow this rule and try their best to know who their client is in order to prevent any illegal movement of money.

You can use your login credentials to log into your MT4 platform and begin and start trading on this validated account. You also can use the same login details to login to your client cabinet on the broker website. On the client cabin you can deposit money, withdraw money and view reports of your online broker account.

Step by Step Procedure of How Do I Open an Online Account?

To open this account, a trader has to fill some online forms provided by a Index broker. The account sign up online form can be obtained from your online currency broker.

When you sign up for a real account, your broker will typically ask you to provide these documents along with your application:

What Documents Are Needed To Sign Up An Online Account?

1. Proof of ID - Color copy of Identity card or Passport - A colorful copy of a current passport or any official paper from the government that shows who you are (like a driver's license or ID card). The paper must have your full name, when it was given or when it expires, where and when you were born or your tax number, and your signature.

2. Proof of Address Confirmation - A current utility statement (e.g., Electricity, gas, water, telephone, heating oil, Internet or satellite TV subscription, or a bank statement) dated within the last six months, serving to substantiate your registered physical address.

The most efficient method is to capture photographs of these required documents using your mobile device and upload them directly from the phone. Alternatively, you can use a digital camera to take the images, transfer them to your PC, and then upload the saved files to your trading account.

To Get where to upload these docs look for the option/choice "Upload Documents". Please note after signing up your account it will not find validated until you have completed uploading these accompanying docs.

Skip uploading those documents, and your account stays unverified. Upload them now to get approval. Over half of new traders fail because they miss this step. Submit all needed files right, and verification hits in five minutes. Snap color photos of the two items with your phone. Load them straight to your broker's site via mobile browser.

Why is a Copy of ID Card and Utility Bill with My Names Required?

These documents are mandated by your online broker to prevent any money laundering activities. AML, or Anti-Money Laundering Regulations, stipulate that all online brokers must request proof of identity and residence that includes your name, in order to verify that you are a citizen of the country you claim to represent. Additionally, a copy of a utility bill is required to confirm your exact residential address, thereby preventing the use of a fictitious identity or residence for money laundering purposes.

All regulated index brokers must comply with standard guidelines before opening accounts for new clients.

Upon submission of online account application forms along with required supporting documents, your broker will process your application and provide login credentials for your live trading account.

Once your up-loaded documents are validated by your trading broker - your account will then be validated. Your login details will be sent to your email address. An illustration of a validated/verified account is illustrated:

KYC means know your client. Brokers must follow this rule to check identities and prevent money laundering.

Log in to MT4 with your details to trade on the verified account. Use the same info for the broker's client area online. There, you can add funds, take out money, and check account reports.

1. Australia ASX200

   Symbol - AUS200

   Pip(1 Point) - 0.1

   Pips Size - AUD 0.1

   Margin Per 1 Lot - AUD 70

2. EU EURO STOXX

   Symbol - EU50

   Pip(1 Point) - 0.1

   Pips Size - EUR 0.1

   Margin Per Contract - EUR 40

3. France CAC40

   Symbol - FRA40Cash

   Pip(1 Point) - 0.1

   Pips Size - EUR 0.1

   Margin Per 1 Lot - EUR 40

4. Germany DAX30

   Symbol - GER30Cash

   Pip(1 Point) - 0.1

   Pips Size - EUR 0.1

   Margin Per Contract - EUR 85

5. Hong Kong HangSeng50

   Symbol - HK50Cash

   Pip(1 Point) - 1

   Pips Size - HKD 1

   Margin Per 1 Lot - HKD 450

6. Italy FTSEMIB40

   Symbol - IT40Cash

   Pip(1 Point) - 1

   Pips Size - EUR 1

   Margin Per 1 Contract - EUR 250

7. Japan Nikkei225

   Symbol - JP225Cash

   Pip(1 Point) - 1

   Pips Size - JPY 1

   Margin Per 1 Lot - JPY 90

8. Netherlands AEX 25

   Symbol - NETH25

   Pip(1 Point) - 0.1

   Pips Size - EUR 0.1

   Margin Per Contract - EUR 5

9. Spain IBEX35

   Symbol - SPAIN35Cash

   Pip(1 Point) - 1

   Pips Size - EUR 1

   Margin Per 1 Lot - EUR 140

10. Switzerland SMI20

    Symbol - SWI20Cash

    Pip(1 Point) - 0.5

    Pips Size - CHF 0.5

    Margin Per Contract - CHF 100

11. UK FTSE 100

    Symbol - UK100

    Pip(1 Point) - 0.1

    Pips Value - GBP 0.1

    Margin Per 1 Lot - GBP 70

12. US S&5 500

    Symbol - US100Cash

    Pip(1 Point) - 0.1

    Pips Size - $0.1

    Margin Per Lot - $30 dollars

13. US NASDAQ 100

    Symbol - US30

    Pip(1 Point) - 0.5

    Pips Size - $ 0.5 dollars

    Margin Per Lot - $150

14. USA Dow Jones 30

    Symbol - US500Cash

    Pip(1 Point) - 0.1

    Pips Size - $0.1

    Margin Per Lot - $12

Trading Market Hours

Market Hours

MT4 Server time - GMT +2 (All Market Times Below are GMT +2)

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