What Should Beginners Pay Attention to When Opening a Forex Trading Account?

First, forex traders should choose a regulated trading platform, paying attention to its licensing, fund management policies, and corporate reputation.

Additionally, legitimate forex brokers require traders to submit certain documents during account opening, such as ID proof, email address, and residential address. This is because regulatory authorities mandate brokers to verify traders' identities to maintain financial market integrity. Traders should prepare the necessary materials in advance and complete the account registration process properly.

Forex traders must select a suitable account type based on their capital size and trading style.

Forex platforms are mainly categorized into three types: ECN (Electronic Communication Network), STP (Straight-Through Processing), and MM (Market Maker). Each platform processes orders differently, so traders should choose according to their preferences. Moreover, they should compare spreads across different platforms and account types to select a cost-effective option.