How To Start Your First Trading Account

How To Start Your First Trading Account

One of the most common concerns that our readers have is figuring out how to open their first trading account. This is not a strange concern to have since starting a trading account is a big decision that should be very well-researched.

That being said, after you’ve found a broker that you want to start trading with, the actual registration process is fairly straightforward.

However, to make things as easy as possible we have created this in-depth guide on how to create your first trading account.

Starting an Account

Due to the trading regulation laid down by the European Union and the regulatory bodies such as the FCA and the CySEC, the registration process for European traders is almost the same for every broker.

Therefore we were able to create one guide that can be applied to any broker out there. And in an attempt to be as clear as possible, we broke down the process into 5 steps.

Step 1: Finding a Broker

The first step of starting a trading account is to find a broker that you feel comfortable with. For your convenience, we have listed all of the best brokers based on a range of criteria on this site, and we suggest you start your research there. Or you can take a look at the two brokers that are recommended further down on this page since they are two of the most beginner-friendly brokers out there.

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Find the best trading platform. You capital is at risk when trading. Be careful.

Step 2: Start the registration process

The second step involves starting the registration process. To do that you need to visit the broker you want to use and follow their directions. Usually, all you have to do is click a button saying “Start an account” or something similar.

Step 3: Provide your information

After you’ve pushed the button you will be redirected to a page where you have to submit information about yourself. You’ll be asked for your full name, email, address, and more.

Step 4: Take a Simple Test

After you’ve submitted all the necessary information, the broker will ask you to take a small test regarding your knowledge about trading. This is done so that the broker can offer you leverage and opportunities that suit your background and to help you avoid experiencing unnecessary losses.

Step 5: Verify Your Identity and Deposit

At this point, your account will be activated, and you will be able to use the demo account and even deposit money if you want to. However, before you can withdraw any money, you will have to verify your identity.

This seems strange to some people however it is do keep your account safe.

To verify your identity, you will have to submit a copy of your passport, national ID, or driver’s license as well as a copy of a recent utility bill with your name and address on it. In most cases, the brokers provide very clear step-by-step instructions to make this part as simple as possible.

After your identity has been verified and the broker has confirmed your account the registration process is over. Now, you will be able to deposit and start trading and withdrawing your profits as you wish.

Beginner-Friendly Brokers

As you can see, starting your first trading account is not very hard, and as long as you have all the documents needed and live up to the requirements, you can be done with the registration in a few minutes to an hour.

However, as mentioned, the first and most important step of the process is finding a broker that you can use, and in order to help you with that, we have listed the two most user-friendly brokers below.

Markets.com

Markets.com is one of the most established and popular forex and CFD brokers in the world. They offer the MetaTrader 5 platform which is easy to use even for beginners as well as an excellent educational program and an unlimited demo account.

In other words, Markets.com has all the basic tools that new traders usually want as well as all the advanced features that you will want further down the road. And it’s because of this that we recommend you open your first trading account with Markets.com

  • Platform: The MetaTrader 5
  • Educational Material: Detailed and suitable for beginners as well as professionals.
  • Demo Account: Yes
  • Read Our Complete Markets.com Review
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Find the best trading platform. You capital is at risk when trading. Be careful.

eToro

eToro is another very popular broker, but they are not very similar to Markets.com. You see, instead of offering a third-party platform like Markets.com, eToro has developed their own trading platform, and the software is completely unique in the industry.

The eToro trading platform focuses on copy trading where you as a trader get to copy other successful traders which is great for beginners. In addition, eToro has the best social trading network in the world where you can learn how to trade from other traders and industry professionals.

As you can probably understand, copy trading and having access to a social trading network are two very useful tools for somebody that has never traded before. That being said, eToro is also highly popular among professional day traders.

  • Platform: eToro Copy Trading
  • Educational Material: Extensive plus a social trading network where you can learn trading from others.
  • Demo Account: Yes!
  • Read Out Complete eToro Review
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Find the best trading platform. You capital is at risk when trading. Be careful.

COMMENTS

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Between 73-89% of retail investor accounts lose money when trading CFDs.