It would seem that opening an account with a broker is very simple: you go to its website, click the appropriate button, fill in a few fields and you're done, you can deposit funds and start trading. Many go this way. And then they are surprised that something goes wrong. How do you get things right?
Where to Start
It is necessary in the first place to get at least a minimal knowledge of what online trading in the financial markets is like, in order to start trading. There are quite a lot of materials online about this, but it is best to start by studying the EDUCATION section on the NordFX website.
The second step is to get acquainted with another section of the NordFX official website, TRADING ACCOUNT, where you can get learn about various types of trading accounts and all kinds of trading tools that you can use in your work on the financial markets.
Trading and Investment Accounts
NordFX brokerage company offers traders several types of accounts. And it will be useful to decide in advance which one you want to work on.
● Demo Account. We advise you to start working on it after you have registered. All you need to do is click on the Open Demo Account button on the websie homepage and you will be able to explore the trading platform and gain the experience of trading without any risk for your wallet. The trading termss will fully correspond to the real ones (as on the Fix account), but the money there will not be real, as, for example, in the Monopoly game.
At the same time, we strongly advise you to take this "game" as seriously as possible: after all, your success and failures on the Demo Account will determine in the future whether you will earn real money or lose your deposit.
● Fix is a trading account with a minimum but real deposit. And although it is only 10 USD, you will get completely different feelings and emotions from the point of view of psychology than when dealing with "toy" money. We note right away that such a small cost of an "entry ticket" implies that your seat in the financial "theater" will not be the best. In other words, trading conditions (spreads, choice of instruments, quote accuracy) will be good, even excellent, but still a little worse than on other types of accounts, Pro and Zero. It should be borne in mind that 10 USD is such a small amount that it is very easy to lose it with the slightest mistake, especially when using leverage. Therefore, when opening a Fix account, you should think about how to top it up with a larger amount, but using the lowest leverage. Or anyway, first trade with a leverage of 1:1. Of course, you will not become a millionaire in this case, but the risks of losing your deposit will also be minimized.
● Pro is the next account in the NordFX lineup. The quotes accuracy is higher here, the order execution is different, the spreads are smaller, and the choice of trading instruments is greater. But the minimum deposit is also higher: the cost of the "entry ticket" starts from 250 USD. This account could be recommended to more experienced traders. Although, if you feel confident enough, have worked out your trading strategy and got good results on Demo Account, why not start with it right away?
● Zero. This account does not differ from Pro in terms of the set of trading instruments. But the minimum deposit to open it is twice as high, 500 USD. Why? The reason is that dynamic spreads can be 0.0 pips, and the trader gets access to interbank liquidity (ECN).
● Savings. This type of account belongs to the category of investment accounts. Therefore, if you are not yet confident in your trading abilities, it may make sense to use it. The Savings account represents the unique know-how development of NordFX specialists based on DeFi technology and allows you to receive passive income up to 30% per annum. But not only. If you want to increase your profits while also trading on your own, no problem, you can instantly get a trading loan from this broker at only 3%.
Trading Instruments and Trading Conditions
When choosing the type of account you are planning to trade on, be sure to review the list of trading instruments. Their choice in NordFX is very wide, and in addition to dozens of currency and cryptocurrency pairs, the company's clients can make transactions with gold, silver, oil, stock indices such as Dow Jones, SPX500, NASDAQ, etc. You can also buy and sell shares of many of the world's leading companies, including IBM, JP Morgan Chase, Coca-Cola, Mastercard, McDonalds, Microsoft, Twitter, UBER, eBay, etc., and even receive dividends on them.
It is also important to pay attention to such trading conditions as leverage, spreads and swaps, minimum and maximum lots, margin call/stop, and other parameters that will determine the choice of strategy and your success in the financial markets.
Deposit and Withdrawal of Funds
The deposit is the amount that will be in your personal account with the broker and that you will be able to use while trading. In addition to US dollars (USD), the funds can also be denominated in cryptocurrencies: bitcoins (BTC) and ethereums (ETH). At the same time, you can also top up your account in euros and in a number of national currencies, which will be converted into the deposit currency.
All major methods such as bank transfers, transfers using VISA and MasterCard cards or through online payment systems WebMoney, Skrill, NETELLER, etc are available to deposit and withdraw funds in NordFX. But the options are not limited to this. Customers wishing to use their national currency, such as Vietnamese dong (VND), can use the Ngan Luong payment system. You can use PayToday for Thai baht (THB), and Dragonpay for Philippine pesos (PHP).
Please note that NordFX does not charge any fees for deposits and withdrawals. However, there may be fees from banks and payment systems. Their size, as well as the timing of financial transactions, can be found in the relevant section of the brokerage company's website, Deposits and Withdrawal of Funds.
Registration and introduction to the Trader's Cabinet
So, you have studied the NordFX website and got acquainted with the opportunities that this broker provides you. Now is the time to register and start trading. The registration procedure is very simple and takes only a couple of minutes. To do this, click on the “Open an Account” button. You will see such buttons at the top right on all the website pages. In addition, they can be duplicated in other places, you can safely click any of them.
You will need to indicate a valid phone number in the pop-up window, select the type of account, select in which currency or cryptocurrency the account will be nominated (USD, BTC, ETH) and specify the leverage. If you want to practice on a demo account before you start working with real money, select the “Open a Demo Account” tab.
After registration, you will receive the account data (it is also the login), the server and the trader's password. You can access your Trader's Cabinet at any time using these details. You will see the list of your accounts here, buttons for depositing and withdrawing funds, as well as the menu with other services that you can now use. This includes access to investment products (Copy Trading, PAMM, Investment Funds), the affiliate program as well as a huge amount of training and reference materials designed for both beginners and experienced traders. You can also download a trading platform to your computer, tablet or smartphone without leaving your Personal Area. If necessary, you may also be asked to upload scanned copies of the documents required for verification. Proof of identity and residence may be required (but not always) to withdraw funds.
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Well, that's basically it. Of course, if you feel confident enough, you can not follow the above recommendations, but immediately deposit funds to your account and start real trading. If you still have questions, you can and should contact NordFX Customer Support, who will try to help you even in the most difficult situations. You can ask your questions by email, phone, social networks or via live chat.
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