Most of my MATI Traders have still not even opened a trading account yet. And they’ve been with me since November 2020.
It’s a big step forward to becoming a successful trader, and one we all need to take sooner or later.
If you’re someone who just hasn’t opened a trading account yet, let it be your mission for the week.
In this article, I’m going to share my top five steps to open a trading account with ease.
Let’s go!
Step #1: Go to the broker’s website and sign up
There are three quick actions you’ll take.
Go to the broker’s website you want to open a trading account with. Here are three of my favourite (Rand Swiss, Iron FX & Blackstone Futures).
Look for a tab, normally at the top or in the beginning, saying “Open a live account”.
Follow the steps and fill in the required info and accept their T&Cs to sign up and download their FREE trading platform. Once this step is done, you’ll already have access to your profile, status, features and charts.
Step #2: Send through 4 quick FICA documents
When you’ve opened your ‘Live Trading Account’ you’ll then be asked through the website (or via email) for four quick docs including: 1. PROOF of Identity 2. PROOF of residential address (Insurance, Utility or phone bill). 3. PROOF of your tax details 4. PROOF of your banking details Once you’ve sent through the above, you’ll then wait for your application to be processed.
This shouldn’t take more than a day or two (with COVID) with the brokers I’ve mentioned. Once all is successful, you’ll then move to the next step. Step #3: Deposit money into your trading account You can then fund your account via EFT or through their online secured payment system.
This can be anything from R1,000, R10,000 and up.
I personally wouldn’t start with less than R5,000.
This is so I can take a couple of trades and not have to worry about the minimal costs that come with it…
To speed up the process, email them your POP (Proof of Payment) with your account’s profile name. Step #4: Email your broker what trading account you want
Do you want to trade shares, CFDs, Forex, international shares, Crypto-currencies etc…?
Send your broker a quick email saying something like:
“Hi my name is ….. my trading profile name or number is …. I would like to trade xxx markets. Please can you open a trading account/s so I can start trading right away.”
And if you say Timon referred you, you just might get some kind of special rate :). Step #5: Log in and start trading away!
Once you’ve signed up, deposited money and all is successful – log into your trading platform with your confirmed details.
This could be via MT4, ProTrader or any other trading platform your broker offers. And then you’ll have the trading and charting platform at your disposal. Best of luck with your trading!
