After you have practiced on your demo account, you must choose a broker for your forex live trading account. You need not necessarily decide on the broker who hosted your demo account. The broker will assign you a user id and password to operate your account after you deposit your application and identification documents. Most brokers offer a variety of convenient ways of funding your forex live trading account. However, some brokers may set lower limits for the balance in your account. Not all brokers accept all currencies. Also, they have their independent guidelines for charging fees. This makes it important to understand the processing techniques before choosing a broker.
How to Deposit Money in Your Forex Live Trading Account
Here are some common options for funding your forex trading account:
Bank Wire: Fund transfer via bank wire takes 2-3 days to reach your forex live trading account. It is important to note that the bank account from which you are transferring money has the same name as the one with the broker. Brokers do not accept third party deposits. Traders are not required to pay any fee or commission to brokers for depositing funds, although your processing bank may charge you a small transaction fee.
PayPal: If you prefer quick money transfer, you should choose to pay via PayPal. Fund transfers via this platform do not take more than an hour. In case you make the payment on the weekend or before or after business hours, the transfer will take place on the following working day. Typically, on every transaction, PayPal charges around 1.9% + EUR 0.35/USD 0.20.
Credit Card or Debit Card: Forex traders can deposit money in their forex live trading account using their credit card or debit card as well. Most brokers accept American Express, Visa, MasterCard and other major cards. The transaction takes place within a few hours of you transferring the funds or even immediately in some cases. If the funds are transferred on a holiday or after the trading session ends, the transaction takes effect on the following working day. Fee or commission on fund transfer depends upon the broker you choose.
You can also make payments through traditional means, such as money order or check. The fund transfer through these methods takes time and you are allowed trading only after the transaction comes into effect. Once the funding takes place, the broker will notify you regarding the transfer via email.
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