Choosing a brokerage is more meaningful if a beginner has actually tried out several different forex demo accounts.

Three Precepts of Pheasantech

The first thing you'll do is set up an account with a forex broker. You'll need to provide a good deal of personal information to get your account set up, including the following:. You will also need to answer a few financial questions, such as:. You might wonder why forex brokers want to know all of this information. The simple answer is to comply with the law. The environment surrounding forex trading has a comparatively low degree of regulation, but in recent years, more regulations have been put in place to provide some degree of protection or assurance to account holders.

Additionally, forex brokers need to ask these questions to protect themselves from the risk of loss. They want to make sure customers who overleverage themselves will still be able to pay back any unexpected losses.

It's unlikely that you will find any broker willing to open your trading account without requiring these questions to be answered. If you do happen to find one that isn't asking many questions, you should be suspicious. If you are ever feeling wary about a particular broker, you can look them up through the National Futures Association to find out their status. During the final steps of opening your account, you will see risk disclosures. Please take these seriously.

Forex is a difficult business for beginners.

It tends to eat them for dinner if they aren't careful. There are more losers than winners on average.

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