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How to Open an Account with a Currency Broker

We just wanted to quickly highlight the process involved with opening an account with a currency broker. Some people think it involves a lot of form filling which it doesn’t – the whole registration process normally only takes five minutes.

1.  Visit the website of the broker that you are interested in registering with.

2.  Click on the button where it says “register” or “apply”.

3.  You should now be taken to a screen where you are asked to fill in personal information such as your name, date of birth, address, etc.  You will also be asked for information about your transfer/s such as where you are looking to send the money , the purpose of it and the value.  This will help the broker determine whether they can help you and the department that is the most appropriate one for you.

4.  Once you have clicked on “complete application”, you should be informed pretty quickly about whether your application has been accepted.  If you do not pass the electronic checks that brokers perform then you might be required to provide further information such as scanned copied of your passport and/or other photo id as well as proof of address information.  Depending on the reason for your transfer and the countries you are looking to transfer from/to, you might also be required to give additional documentation to prove everything is legitimate.  The FSA are pretty stringent with what they demand of financial organisations so don’t take it personally if you are ever asked for more specific details.  It is a regulatory requirement on behalf of the broker.

Please also be advised that brokers do not accept customers from countries that are deemed to be high risk.  This includes many of the African countries, some of the Middle East and much of South America.


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