My Experience Opening a Forex Account with Markets.com

After researching a number of forex brokers, I decided upon Markets.com a few days ago. Even though I’m confident in my decision, going forward and opening my first account was a little nerve-wracking. However, the staff at Markets.com was incredibly helpful and made it pretty easy for me.

Open Account

Account Application

Applying for a Markets.com account was a breeze since everything could be done through their website. This feature wasn’t entirely shocking to me since I was aware that almost all other brokers provide the same option of opening an account online. I clicked on the “Start Trading Now” button, which was at the center of the main page.

The application just requires some basic personal information you would provide when opening any type of account online.

Required Documentation

For the purpose of verifying my identity and eligibility for an account, I had to upload a couple of documents to Markets.com’s website. This included a copy of a government issued ID and proof of address. I sent a copy of my driver ‘s license and cellphone bill. I was a bit skeptic about uploading this type of personal information online but after reading several reviews I figured they wouldn’t rip me off. I got confirmation shortly after I sent the documents. I also discovered after the fact that I could use their mobile app to upload my documents as well, a pretty convenient feature.

Deposit

Markets.com minimum deposit amount for their classic account is $100. However, I’m pretty committed to learning forex trading and have put some cash aside from my part time job and so I decided to deposit $500. This certainly puts a dent in my pub and pizza funds but it will be worth it in the long term.

Ideally, I’d like to add another $2,000 so I can be upgraded to a standard account. As a standard account holder, I was given some freebies, most notable of which is access to the company’s News To Mobile service. For those who don’t have student loans to worry about, it’s worth noting that the company also offers a VIP account, which gives you many benefits like a generous welcome bonus and complimentary forex signals.

Although Markets.com accepts payments via credit card, I decided to make my deposit via bank wire. Tempting as it is to have a bigger account, I prefer to trade with my own money. I don ‘t want to get sucked into a cycle of borrowing money on my credit card to fund my trading endeavors. Happily, Markets.com didn’t charge any extra deposit fees like some other brokers, just as advertised.

Customer Service

Markets.com customer service was all that I was hoping for. My rep, Monika, was very patient with my lack of forex trading knowledge and was able to answer my questions in a clear and polite manner. Although most brokers would pitch the same marketing boost for their customer service, I doubt everyone can live up to their promises. I loved the fact that I could connect to a customer support rep 24/5, which is about the same times the market is open. It ‘s a nice for a student like me who has study schedules during the early morning and afternoon hours.

Trading Platform

As I previously mentioned, I was a little intimidated by metatrader. It seems very powerful and sophisticated with advanced charting and automated trading options. However, I decided to start with Sirix Web Trader since it allowed me to meet and connect with other forex traders. It ‘s really neat to get to see what other people are trading and have the option of copying their trades. It ‘s really for seeing how some of the forex trading theory I’ve been ready about is actually used in practice.

How Easy Was It?

Since the time I submitted my application, it took less than a week to get my live trading account activated. It wasn’t really a much wait for me since I also had some papers and projects to finish. As a pointer, I advise future applicants to double check the documents they send to the company as a prerequisite for a trading account.

Summary

Overall, Markets.com is a stalwart companion for forex trading. Opening the account was a relatively painless process. In any case, I’m happy that done and I can move onto trading. I have a bunch of articles I want to read and videos to watch on Markets.com ‘s website before putting on some real trades however.