ANDY KRIEGER’SB I G T R A D E S

How to Set Up aForex Account

Special Report

2 • How to Set up a Forex Account

The reason forex is such an incredible trading opportunity is that 99% of regular stock market investors simply never touch the space.

By being one of the savvy few that do, you’re taking advantage of a market that’s pivotal to the world economy. One that’s played host to some of the biggest trades in history…

It might seem surprising, but it’s not possible to execute forex trades in a regular brokerage account. There are specialized brokers that cater to this unique market. And in this special report, I’ll show you every step to getting set up to trade.

Section 1: Finding the Perfect Broker for You

There are plenty of reputable places to sign up for a forex trading account.

But, before you decide which one is right for you, you have to determine what your specific needs are…

Are you looking for an account with low fees or a smaller minimum balance? Are you looking for an “all in one” solution, where you can trade stocks and options right alongside currencies? How important is it for you to have educational resources included on the platform?

Of course, you’ll have to decide for yourself which broker is right for you. But, we’ve pulled together five of the most popular, reputable forex brokers to help you start your research.

One of the most important qualities of a good forex broker is the availability of a mobile app. Having the ability to trade while you’re away from your desk is important to the world of forex. Every broker we’ve included in this list has a mobile app, and we highly suggest you download the app for whichever broker you choose.

You can read a short description of what each one offers below, and click the links to access each broker’s website for more information.

ANDY KRIEGER’SB I G T R A D E S

HOW TO SET UP A FOREX ACCOUNTBY ANDY KRIEGER | EDITOR, ANDY KRIEGER TRADING

3 • How to Set up a Forex Account

IG

Trading Fees || Mobile App || Support

Since its founding in 1974, IG has become one of the biggest and most reputable brokers worldwide. It boasts a top-notch trading platform, a litany of educational resources, and a seamless account-funding experience.

This is a good option for traders outside the U.S., and those that want an educational component to their brokerage. Opening a forex account with IG requires you passing a brief test on basic forex concepts, which will help you get accustomed to the mechanics of forex trading.

OANDA

Trading Fees || Mobile App || Support

OANDA stands out as a favorite among currency traders for its specific focus on forex. It provides sophisticated analysis and charting tools, as well as a forex “practice account” for traders to try out the platform.

Since it’s so narrowly focused on the currency markets, its tools are tailored for that mode of trading by being fast and reliable – and not catering to other types of investing. Keep this in mind if you’re looking for more of an “all in one” type of broker.

Interactive Brokers

Trading Fees || Mobile App || Support

Interactive Brokers is the largest U.S. online brokerage by trading revenue volume. It offers investing and trading tools across multiple markets, including options, ETFs, and forex. And it’s accessible for those who live outside the U.S.

4 • How to Set up a Forex Account

With its wide offering of tools and markets to trade in, it’s seen as an effective one-stop brokerage for any type of trade a customer would want to make.

TD Ameritrade FX

Trading Fees || Mobile App || Support

TD Ameritrade is one of the highest-rated online brokerages in the U.S. Its thinkorswim trading platform gives traders access to not just stocks and options, but futures, forex, and other more advanced markets. That’s all while including a number of educational resources to help you use the platform to its full advantage.

TD Ameritrade’s forex product sits alongside its suite of other investing tools, but requires a separate application to access that market.

FOREX.com

Trading Fees || Mobile App || Support

FOREX.com prides itself on being the #1 forex brokerage firm in the U.S., in terms of client assets under management.

Similar to OANDA, FOREX.com is designed specifically for forex trading. So while you wouldn’t be able to trade stocks or options alongside currencies, its tools are more specifically tailored to take advantage of the fast-moving currency markets.

Section 2: Signing Up

(For the purposes of this report, we’ll be using OANDA to demonstrate opening an account.)

1. The first step is to access the OANDA website at OANDA.com.

5 • How to Set up a Forex Account

2. Click the “Start trading” button under “Forex trading” on the homepage.

3. Click the “Create account” button.

4. Select whether or not you’re a U.S.-based customer. (For the purposes of this report, we’ll cover the process for U.S.-based customers.)

6 • How to Set up a Forex Account

5. Fill in your desired username, email address, and password. Be sure to select a secure password and security question.

6. Fill in your personal information (name, date of birth, and telephone number)

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7. If you’re a U.S. citizen, the next step will be to submit your social security number. If you’re outside the U.S., this step will depend on your country of residence.

8. Submit your residential address, either by using OANDA’s search function or entering it manually.

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9. Enter your employment status and details.

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10. Select your level of trading experience across several asset classes (selection below is just an example).

11. After this, OANDA will take a moment to verify your account details. Do not leave the page or refresh until it’s finished.

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12. Confirm your email address by clicking the link sent to you by OANDA.

13. Once you confirm, click the option to fund your account.

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Section 3: Funding Your Account

1. Select “Deposit” on the right-hand side of the below screen.

2. Use the “fxTrade Accounts” window to fund your account as desired.

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3. Once those funds clear, you’re all ready to start trading! Next, make sure to watch our two video tutorials on “How to Open a Forex Trade” and “How to Close a Forex Trade.”

Section 4: How to Link Your TradingView Account with Your Forex Broker

TradingView is our favorite platform for trading and chart analysis, because it boasts the unique quality of being able to integrate with your broker and letting you place trades and analyze charts all in one convenient platform.

While it isn’t a requirement to use TradingView while trading Andy’s forex recommendations, we highly recommend it.

And in this guide, you’ll learn how to set up your account with TradingView and integrate your preferred forex broker. Let’s get started.

Part 1: Opening a TradingView Account

1. Sign up for TradingView by clicking on the blue “Sign Up Now” button on the top-right of the homepage.

13 • How to Set up a Forex Account

You should see this screen pop up in your browser window…

2. Enter your desired username, email address, and desired password, agree to the Terms of Use and Privacy Policy, and perform the authentication check by clicking on the “I’m not a robot” box. Then, click Sign Up.

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3. TradingView will send you an email to confirm your membership. Open it and click the link as shown below to complete your membership.

4. After you confirm, you’ll be given the option to enter your first and last name and a photo. If you’d rather not, though, just click the X in the top right corner of the page.

Part 2: Connecting Your Broker

1. To connect your brokerage account to TradingView, first pull up any chart on the Fully-Featured Chart platform. You can do this by typing in the ticker of any stock, currency trading pair, or cryptocurrency, and then clicking the blue “Fully Featured Chart” button toward the right side of the page.

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2. Next, click the “Trading Panel” button near the bottom of the screen. You’ll then be presented with the option to connect your broker.

3. For the purposes of this report, we’ll use Oanda to demonstrate connecting a broker – just as we did in your special report on opening a forex account.

First, select Oanda from the list at the bottom of the screen.

Then, select whether you want to connect your live account or paper (demo) account. To make trades with your actual funds, you’ll need to connect a live account.

Next, click the check mark box confirming you understand the Warning and Terms of Use linked below, accept all potential risks, and acknowledge that all trades using this connected account will operate based on Oanda’s spot prices.

Finally, click Continue.

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4. You’ll then be prompted to log in to your Oanda account. Enter your Oanda login credentials and click “Sign In”.

5. After that, you’ll need to confirm which of your Oanda accounts to connect. Check the relevant boxes on the right side of the screen, and click “Allow.”

With that, you should now be able to make trades from a new tab on below your chart screen in TradingView – in the case of Oanda, it is labeled “Oanda Live”.

(For instructions on placing a trade, please watch this video on the subject from Andy Krieger Trading analyst Imre Gams.)

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Section 4: What’s Next?

Now that you’re all set up with a forex account and TradingView, you have everything you need to start placing forex trades.

Before you do, however, we highly recommend that you watch through the Andy Krieger’s Trading Secrets video course series. It contains over 6 hours of footage that will tell you everything you need to know to trade forex safely and profitably.

If you have any questions about trading forex, or aren’t sure what to do next, be sure to check Andy’s Blueprint for Trading the Currency Markets. It’s an excellent hub of information, with a Frequently Asked Questions section to answer the most common questions new forex traders have.

If you have a question that’s not covered by that resource, please write in to feedback@andykriegertrading.com and let us know. Our customer service representatives will be there to help.