Signing up for Forex

Signing up for Forex Trading

Forex trading, making the first step

Finally after all these years of planning, I made my first step in Forex Trading, by making an online international account. The international thing is blocking me from getting out of my comfort zone.

It's time to trade something different aside from stocks so I could see if I'm good at it or not. You'll never know unless you try.

So basically living in the Philippines there are no known local Forex brokers here so you have to sign up internationally for a Forex account that accepts Philippine residence. And signing up internationally is strict. But that should not discourage you, just do it and don't think, sometimes being impulsive has its own advantage.

After researching a little bit, and read a blog, I have selected FXOpen as my Forex online broker of choice. Basically registering is easy, you just fill up your information about yourself like Name, Address and so on. Then second is validating your account. You must validate your account in order to deposit or withdraw money on your account to be able to start trading. You will just need to scan some of your valid documents and upload it to your account.

Proof of Identity

I had no problem with Proof of Identity, it passed with flying colors, scanning and uploading my valid Driver's License and my Passport.

Proof of Address

They will require you to scan and upload Utility bills or Bank Statement to verify your address, It must include your name and address on the bills or statement. I tried to send them a broadband bill but it was rejected, broadband bills are not allowed, you must send water or electric utility billing statements which I don't have because my father are the one paying the bills. So anyway if you trade in stocks, its better you must have a bank account because it will be easier for you to transfer money that way. Good thing I have a BDO saving account and asked for a Bank Statement, if you don't have one, you should already signed up for a bank account because that is going to be your foundation in investing, not literally saving on the bank but that will be your transfer point, transferring your money from investments accounts and so forth or into your pocket, signing up a bank account is easy.

Going back to topic, I went to SM Fairview BDO branch to ask one but was advised that you can only get your Bank Statement on a branch where you signed up for an account, in my case, It was in Fairview road BDO branch. So I went there to get a Bank Statement.

Its a small branch so parking problems occur, I need to park in another place and just walk a few meters. After reaching the bank branch, I get a number and waited for my turn, upon my turn the teller then told me the printer is broken, so I need to return the next day to get my copy of my Bank Statement. That Bank Statement is the final hurdle I need for my forex account to be validated. I am telling you stories on how I did mine so you will have ideas how it went through, its not going to be smooth but these troublesome little things occurs and will try to stop you from your goal, but you have to be determined in order to succeed, your mind must be focused on achieving your goal and nothing can stop you... like boredom and comfort zone, those things will drag you from doing anything, what more if you haven't had a bank account and ID's you will start from the bottom and you need to work it up step by step what requirements you need and you haven't even started yet.

Yeah like if signing up an account is that really hard, not really, all you need is patience and don't think too much, thinking how troublesome it is will just make you lazy.

After all that I got my Bank Statement printed costed P100, scanning and uploading my Bank Statement to FXOpen finally validates my account and is ready. If you are wondering what a Bank Statement is, it's just a printed paper contains your bank transaction for a certain period, it includes your name and address which is crucial required document.

Now the Second Step, putting money on my account to trade, I haven't deposited anything yet, probably waiting for Peso to be stronger against the Dollar when it reaches $1=P41, usually during the Christmas Season, but I need to put a little so at least I get the hang of Forex Trading before putting large amounts of capital on it..

Well As of now, I am still here on this stage, I will update a post on my blog once I do and share some info on what I will learn on this venture in Forex Trading.