| Updated: October 30, 2024You will learn about the following concepts
- Account Requirements
- Account Type
- Verifying Your Account
- Money fraud
- Identity theft
I’ve Chosen a Forex Broker, Whats Next?
We hope the previous two articles were helpful enough and you have managed to choose a binary options broker that offers a good rate of return, a wide list of technical tools and a flexible trading platform that is accessible from any device. Now that you have accomplished this task, it is time to register your account. Opening an account is usually quite a simple process, but it might take you some time to complete the process depending on the requirements and security measures of the broker.
Account Requirements
The details you will have to type in during the registration are usually quite common, as they are required by most websites. These include your first and last name, country of residence, preferred currency, password, email and preferred payment method. In some cases you will also be asked to leave your phone number, which will be used either to confirm your identity, or to get support over the phone when needed. Support over the phone has become a rather popular thing among binary options brokers and nowadays many operators take advantage of it in order to provide traders that use their services with a quick, convenient and easy way to contact the support staff. Some brokers will ask you to input payment information when you sign up, but this is not so common due to the fact that many traders prefer to use a demo account first.
Account Type
Most brokers allow you to register two types of accounts – one with real money and one with virtual (demo) money. The one using virtual money is the so-called demo account. We strongly suggest opening such an account, because it is the most convenient and safe way to learn binary options trading, to get familiar with the trading platform and test your first trading strategies. If you opt for a demo account, then you will not be asked to input any payment information and you will most likely be redirected to a page where you will be able to access the trading platform either by a download or via your browser.
Verifying Your Account
Most brokers have very strict security measures when it comes to account registration, because they need to prevent several things:
Money fraud
People under 18 years of age are prohibited to trade.
Identity theft
This is why some brokers will require you to verify your account via one of the following methods: sending a photo or a scanned image of a personal document (driver’s license, passport, etc.).
Many traders hate the long verification process, but it is currently the best way to improve the safety of both the customer and the broker. There are, of course, brokers who offer a much easier sign-up process where you will only need to verify your account via email.
Conclusion
Depending on the broker you have chosen, the registration process may range from several minutes to a couple of hours or even a couple of days. Keep in mind that if a broker does not require specific verification method, this does not necessarily mean that the operator is not trustworthy enough. In fact, most binary options brokers are very reliable, so it is not likely that you will open an account with an inimical binary options broker.