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Traders also need to specify their preferred account currency type – usually, their national currency.

While this sounds pretty standard for any kind of online registration, Forex brokers would also need your employment status, TAX ID, Taxpayer Identification Number (TIN), or social security number. This typically includes name, date of birth, address, country of citizenship or residence, email, and phone number. To register an account with the broker of their choosing, traders will need to provide a lot of personal information. However, reputable, licensed brokers would not accept just anyone as a client – they need to verify their clients’ identities and make sure that the trader can afford to trade on the Forex market since this type of activity involves risk. There are different types of brokers but it is always best to select a firm that is licensed and regulated. Trading currency pairs in a profitable way requires knowledge and skill but the first step is setting up an account with an online Forex broker. Once traders have chosen a suitable online broker that offers Forex trading, they need to sign up in a process that is similar to opening a standard bank account. With good research, however, the task is relatively easy. Finding a reputable broker that will suit your needs may be challenging for beginners since there are thousands of different brokers out there. First of all, the foreign exchange market can be accessed by individuals but only through a professional brokerage firm.