Getting started in forex trading can be quite alarming, especially for those who have limited capital.
Fortunately enough, it is possible to open a funded Forex account without making an initial deposit.
You will be figuring out how to do so and the steps to adhere in this article.
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How to Get a Free Funded Forex Account
Step 1: Research and Choose a Forex Broker
To begin opening a free-funded forex account, you need to investigate and choose a good forex broker that provides this service.
It is not all brokers who offer the option to open a funded account without a deposit, so find one that matches your trading goals and requirements.
Check out brokers that are regulated by known financial authorities (like CYSEC), makes available competitive spreads, provide a good trading platform, and have positive feedback from other traders.
Step 2: Finish the Broker’s Account Registration Process
After choosing a suitable forex broker, visit their website and find the account opening section. The registration process is simple is usually simple.
Personal details will be requested, including your name, email address, and phone number.
You will also need to verify your identity by uploading a copy of an identification document which could be a passport or driver’s license.
Step 3: Select the Free Funded Account Option
When you are registering, the broker will make available several programs and packages. So choose the option for a free funded account without a deposit, which is the option for a demo account.
With a demo account, a trader can trade with virtual money (funds that are not withdrawable). This allows the you to get used with to the trading environment before investing real money.
Step 4: Download and Install the Trading Platform
After opening the account, install the broker’s trading platform through the given link.
Brokers mostly give trading platforms like Meta Trader 4 and 5, which are user-friendly and suitable for both mobiles and computers.
Step 5: Log in to the Trading Platform
Log in to the trading platform after installation using your registration details.
Get used to the platform’s features, such as the charting tools, technical indicators, and order placement options, and understand their functionalities.
Step 6: Begin Trading with Virtual Funds
After logging into the trading platform, start trading with the virtual funds in your free funded account.
These virtual funds are the same as the ones on live account with everything intact even the trading conditions. This enables you to practice and test various strategies without risking actual money.
As you monitor the forex market, analyze price movements, and place trades, remember that market conditions and execution speeds may differ from those in a live account.
Step 7: Enhance Your Trading Skills
While using a free funded account, take out the chance to improve your trading skills. Utilize the educational resources provided by the broker, such as video tutorials, webinars, and articles.
Again, find out external sources like forex forums, books, and online courses to broaden your knowledge.
Practice different strategies, analyze your trades, and identify areas for improvement. Treat the free funded account as a valuable learning experience to build confidence and develop a robust trading plan.
Step 8: Move to a Live Account
When you feel ready and confident in your trading abilities, just moving ahead to a live trading account.
To do this, deposit funds into your trading account. Assess your financial situation and decide on an amount you are willing to risk.
I normally advise people to start with a small deposit and gradually increase it as you gain more experience and achieve consistent profitability.
Conclusion
Opening a free funded forex account without making a deposit is a great way to begin your forex trading journey without putting your own money at risk.
By following this step-by-step guide, you can choose a reputable forex broker, complete the account registration process, download and install the trading platform, and start trading with virtual funds.
Check out the top 5 platforms to open a free forex funded account with for more information about this.
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