After practicing on demo accounts users are required to choose brokers for live trading account opening, so that they can trade real money. You can choose a different broker than the one that you opened a demo account with. Brokers are going to give you a special user ID and a password so that you can operate the account. This happens as soon as your application has been deposited together with necessary identification documents. Brokers are always offering different ways to fund forex live trading accounts but there are limits that sometimes need to be respected. Also, some currencies will not be accepted by some of the brokers and fees vary based on independent guidelines. Due to these facts it is highly important to understand the exact processing technique that brokers use.
Depositing Money in Forex Live Trading Accounts
There are different options that are available for funding forex trading accounts. Below you will find the most common ones so that you know exactly what to expect.
Bank Wire – This is the most used method, especially when dealing with larger amounts. The funds are going to reach the forex account in 2 to 3 days. You should know that brokers are not going to accept any third party deposits. You are responsible for any other commissions or fees that will apply on depositing funds.
Paypal – Not all brokers accept paypal but it is a really common funding option. The main benefit is the fact that the transfer is really fast. You will get to start trading in around one hour after making the deposit. The only exception is the situation in which the payment is made in weekend days. In this case you will see the funds in your forex live account in the next working day. You need to also know that Paypal will charge a fee of around 2% for every transaction made.
Debit Cards or Credit Cards – A forex trader can also fund their live trading account by using a debit or credit card. Most of the brokers are going to accept Visa, American Express and MasterCard. The transaction is going to be completed in just hours after the funds are transferred and it might even happy instantly with some brokers. When funds are transferred on holidays or when the trading session is over you will be able to access the funds on the next working day. The commission and fees will depend on the broker chosen.
Traders can also fund accounts through regular means like check or money order. Funds that are transferred through this order will take longer to be added to the account. As soon as the funding process is over you will receive an email from the broker to let you know that you can start using the money to trade.