Below is the summary of online forex trading.
1. You open an online forex account.
2. You fund your forex account.
3. You execute trades in your online forex account.
4. You withdraw your profits. Your initial capital is sent back through the same means you used to deposit as per financial regulation in online forex trading. E.g If you deposit $500 from your visa/mastercard, trade the amount and grow your account to $2,000 and you wish to withdraw $1,000, $500 will be sent back to the card you used to deposit and then you will have the option of sending $500 to skrill where you will withdraw to your Mpesa account instantly or through another option. If you then proceed to trade the balance of $1,000 in your account and grow it again to $2,000, you can now withdraw any amount you wish every month to skrill without any restriction then to Mpesa since as per regulation you will have withdrawn all your initial deposit back to the same means you used to deposit. This is a financial rule in online forex trading meant to prevent money laundering so that clients only deposit their own money and for the purpose of trading. Once all the initial capital has been sent back through the same means used to deposit, then there cannot be any other restriction on which means you wish to withdraw your money because any funds in the account will be profits only.
There are 2 basic steps.
Step 1. Open an online forex account
1. You start by opening an online forex account if you have not.
To start trading, click here to open a forex trading account now with Easy-Markets.
2. You fund your online forex account. The easiest means of funding your online forex account is through the modern ATM, visa card or a mastercard. You can also deposit funds into your account through a bank transfer or from online options such as skrill.
To deposit to your online forex account
a). Login in your forex account.
b) Click on deposit. The minimum capital to activate your account and start trading is $100.
c) Select option you wish to fund your account e.g Visa ATM e.t.c. Enter amount, select card type e.g visa, your name; click continue and on the next page enter card number, cardholders name (your name), card expiry date and CVC/CVV/CID. N/B You may need to request your bank to increase the limits for the card.
3. Trading then follows in your online forex account.
4. You can then withdraw profits from your account either daily, weekly or monthly.
If the minimum internet transaction limit for your ATM is less than $100, ask your bank to increase the limit of the card to a minimum of $100 or issue you with a visa/mastercard specific for online transactions or click here to apply for an Internet Mpesa card from I & M bank.
Are there verification documents asked ?
Yes. Normally there are only 2 documents required; but a forex broker may as per regulation ask you to send more documents if necessary.
A valid government issued ID; this can be a Passport, Drivers License, ID card, etc
Proof of Residence listing the P.O. Box or mailing address. This can be a bank statement (collected from the bank with an official stamp and signature) or a utility bill such as water or electricity bill. N/B Whichever document you choose to use it must have your name and address as they appear on your trading account and if there is any disparity such as in the P.O.Box you typed when opening the account with what appears in your utility bill, login into your online forex account and change the details to match those in the utility bill.
Most people spend their money on liabilities that never reward them with cash but you can be an exception. Take the most rewarding option of investing your money where you can trade as much as 100 times more than you have deposited since the forex broker will give you more money through leverage to trade with. Profitable trading skills remains to be the most important factor for success in this market.
Step 2. Register for advanced training