Basic Steps to Online Trading in the Forex Market

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Are you new to online trading? Here are the basic steps that one needs to do when doing trading online.

First in line in these basic steps in online trading is to register at a trading platform of your choice. There are different requirements for registration - depending on the platform you chose to register on. Usually individual traders do registration online and there are various forms of registration. Some systems are very simple and others may be quite complicated and still others may be time consuming. Governmental requirements or policies may dictate these differences in registration. Other online trading forex platforms may require more information (some trading platforms even require a personal visit to the host company's office).

There will be registration requirements/information you will have to provide. You may be required to provide all or some of the following information: Social Security Number, your full name, passport id number, driver's license, address, e-mail, and telephone number. The online trading platform may conduct a check or go through a verification process to check the authenticity of the information you entered. Some would even require a registrant to submit hard copies of required documents (e.g. passport, driver's license).

Due to anti-money laundering policies/global anti-money laundering effort all registrants in online trading would be required to declare that the funds they use for trading are amounts that are not questionable. They further declare that such funds are obtained by lawful means and are not the result of any criminal or money laundering activity. It is advisable that one be familiar with anti-money laundering regulations.

Next trading step would be to deposit trading funds. These funds will be used for the actual trading activities. Majority of forex platforms nowadays would require a maintenance margin. Meaning that aside from the actual funds you will deposit an additional amount is required for deposit. This additional amount will serve as a guarantee or collateral. Some companies even pay an interest on this collateral.

The next trading step would be the actual online trading. You may do trade on a 24-hour basis. Remember that the global forex market runs around the clock.

There are web-based platforms and non-web-based platforms. Non-web based platforms would require you to download an installation software or a client-software. This software will allow you to access information on the trading platform's server, trade, and other online trading activities. A fully web-based platform however would not require you to download any software. Access to data is not specific to any software installed in a given computer. This gives a trader greater mobility because you can log-in and do business any time, anywhere, and on any computer. All that you will ever need is a connection to the internet, log-in, funds to trade/deposit, and then to do actual online trading.

The greatest advantage brought about by online trading is access to information in real time. One may monitor his account, make orders, deal, deposit, withdraw, check position status etc. real time.

Last step would be to process online trading transactions. When you execute an online trading transaction, your data will be processed and stored on a server. A backup will be created to ensure data integrity. All transactions are processed real time.

Online trading brings ease into the forex market. We hope that these basic steps give you a general idea how easy, fast and simple it is to do online trading.