Registering

Requirements vary with each trading platform, but these steps bear further discussion:

Registering

Registration is done online by the individual trader. There are various forms used in the industry. Some are quite simple, where others are longer and more time-consuming. In part, this can be attributed to governmental or other authorities’ requirements, though some Forex platforms require more information than is actually needed. Some even require a face-to-face meeting, or to obtain hard copies of required documents such as a passport, or driver’s license.

The key requirements for registration are the trader’s full name, telephone, e-mail address, residence, and sometimes also the trader’s yearly income or capital (equity) and an ID number (passport / driver’s license / SSN / etc.). Typically, the Forex platform is not required to run a thorough check, but rely on the registrant to be truthful. Nevertheless, each Forex platform conducts certain routines, in order to check and verify the authenticity of the details provided.

Registrants are required to declare that funds used for trading are not in question, and are not the result of any criminal act or money laundering activity. This is mandatory as part of a global anti-money laundering effort.