FOREX trading can be extremely profitable, especially when you stay focused on what you are going to achieve. However, a convenient, reliable, and secure foreign exchange account opening can be a challenge.
Your application for opening an account can be filed remotely. But you will need to make the right choice according to your profile and expectations, study the requirements, and thoroughly prepare the application portfolio.
This article is a result of our desk research and comparison of the top-rated brokers this year. For updates, individual recommendations of our experts, and their fee-based assistance in setting up an FX account for your individual use or business, please contact us at the e-address given above.
How to prepare for opening a foreign trading account? Experts’ advice
The key to your success is the right set of documents.
When preparing your application, you should be aware of the following general world-wide trends impacting banks’ cautious attitudes towards potential customers:
- Financial institutions are obliged to carry out due diligence on clients to verify their identity to avoid fraud, money laundering, and terrorist financing.
- Control over misconduct in banking is getting tighter.
- The consequences of regulatory noncompliance are far-reaching: banks failing to meet the requirements are subject to tremendous fines, license withdrawal, and loss of reputation.
- Deoffshorization (the policy of combating the movement of capital or business to tax havens and offshore providers) is building up.
- The growing number of countries sharing the goal of making tax evasion impossible participate in the Foreign Account Tax Compliance Act (FATCA) and have signed on to the global Common Reporting Standard (CRS) for the Automatic Exchange Of Information (AEOI) between tax authorities.
As the general KYC requirements set for clients have expanded (this also applies to FX), many applicants use professional consultants’ services in the preparation and submission of documents. The expert review makes sure the application portfolio is correct and presents the applying person or company in a decent way to the financial institution.
Where to open an account for currency traders? The top 10 options
With consideration of all the intricacies, we have shortlisted the top 10 options (and are ready to suggest more), to recommend you the most trusted top institutions for opening an account with. All the institutions mentioned in this article are licensed, offer services to international clients, are based in different parts of the world, and accept applications remotely.
Some brokers are so big and serious that they provide clients with continuous training, specialized courses, and certificates. Even if you are a beginner, you can choose a platform that offers the appropriate level of training. You even do not have to travel to take a full-time program, because the training is available online.
You are welcome to discuss your choice with our experts before you make the final decision.
FX accounts with a British broker
We recommend a British institution with offices all over the world and access to more than a hundred markets and different platforms, with Forex being just one of them.
Both individuals and legal entities can open an account for currency trades.
The account is opened remotely.
The minimum fee for a brokerage account of a legal entity is $10,000 or an equivalent.
The company offers additional services. In particular, it provides data on the relevant markets.
A FX broker in Mauritius
If you are entering the market with serious long-term intentions, you should consider opening an account in Mauritius.
Perks and special offers are available to owners of portfolios worth more than 500 000 EUR.
You can open an account remotely and get access to a multi-platform service.
You will be able to deal with all popular asset classes, including those in the foreign exchange market.
The broker has established strong partnerships all over the world with the most reliable and largest financial institutions, which is a guarantee of your assets’ security.
Australian FX accounts
One of the major Australian brokers has been very popular this year.
Its strengths include a high-speed platform, training materials, live customer support, and a high level of liquidity. The broker acts as a link between institutional and retail clients.
Other benefits feature the tight spread, leverage up to 1:500, high liquidity for detraders, and many more.
It is possible to trade from a computer or a mobile application.
The account, as with other brokers, is opened remotely.
The best Denmark broker
Over 40,000 instruments, advanced software, a well-known brand, and a reliable financial system make the bank in Denmark the best place for advanced currency trade.
This financial institution offers traders three levels of commission depending on the activity in the account. The higher the activity, the lower the price for each transaction!
You can open an account remotely. High liquidity is guaranteed, as well as detailed statistics, and very tight control over the deals and prices.
The number one Swiss choice
The recommended Swiss broker has branches not only in Switzerland, but also all over Europe, the Middle East, and Asia. This financial institution features the best possible mix of the creativity of a financial startup and the classic Swiss reliability.
The account for currency trades can be opened remotely.
There are 4 access levels with different spreads. In all cases, no transaction fees are charged.
The minimum deposit starts from 1000 dollars.
You will be able to choose a convenient and familiar platform for trade transactions.
Its clients manage assets worth CHF 30.5 billion.
A Forex account with a Swiss banking group
Are you interested in foreign currency trade with secure deposits of up to 100,000 francs and an account opened remotely? We invite you to consider the Swiss banking group.
With the leverage up to 1:200, you can enjoy the opportunity to trade foreign currency and other assets.
The 100% Welcome bonus (up to some specific amount) is a nice courtesy to new clients.
It is a regulated Swiss institution with the most high-profile reputation and extensive experience.
The commission depends on the deposit.
This financial institution is particularly advantageous for bigger clients.
An account with an investment dealer and Forex broker in Mauritius
The distinctive advantages of this institution in Mauritius include the extended hours for transactions, convenient multi-currency solutions, and the outstanding quality of service.
The recommended value of the portfolio begins from 500 000 dollars.
Nice feature: the support is available in several languages.
The platform offers access to different types of assets, including forex.
The maintenance fee is collected quarterly.
Open a Forex account in a Vanuatu bank
This bank in Vanuatu also offers to open a bank account remotely to trade foreign currencies and other asset classes.
By opening an account with this bank, you will have access to thousands of instruments.
The bank ensures steady operation and cooperates with major clients.
Opening an FX account with a bank in Puerto Rico
The minimum deposit required is 2500 dollars.
It is important to remember, though, that the banks of Puerto Rico are part of the U.S. banking system/ For some clients it may be a limitation, while for others – a benefit.
The bank offers modern banking solutions for faster and more secure trades.
For large traders with a turnover of more than 1,000,000 U.S. dollars per month, individual terms (commissions) are offered.
Private bank accounts for FOREX trades in the Cook Islands
Thanks to the bank in the Cook Islands you have access to 30 exchanges around the world. Through one account you can access trading platforms for different assets.
Opening an FX account is no more difficult than opening a standard bank account.
However, you will need to pay only for operations – the bank does not provide consulting or training.
Which FX trading platform should be given preference?
Each platform or broker has its advantages and weaknesses. How can you make the best choice to meet your needs and expectations?
You are welcome to refer your questions to our experts for sound professional advice and assistance in opening the right accounts with the most favorable broker.
We help to open both personal and corporate brokerage accounts.
Our contact address is given at the top of this page.
