Hello
I am a complete beginner in Forex trading.
What are the basic requirements for opening up a live account with a Forex broker (apart from the minimum deposit required.)?
My basic fear is investing so much time and money learning forex and then getting rejected by a broker when opening up a live account because I didn’t meet their criteria,
Thanks.
hello there,
Actually it depends on broker to broker what are their requirements like I have seen brokers who have very small sign up forms like while I have also seen brokers who have long sign up forms. But with all the basic requirement is that you need to provide them a copy of government issued ID proof and address proof for last three months, it can be your last three months bank statement or any utility bill.
Hello, it hardly happens that a broker will reject your account, even if they do, they tend to follow up with the necessary documents that can help you open a live account. If you take my advice, the best way will be to follow up with the broker with whom you are looking to open the account.
Well for sure first check with the broker what documents are required for a live account. Most regulated brokers require specific documents to accept live clients. Like hedgescalp mentioned at least an ID Card or international passport and recent “utility bill” will be needed. And they request those documents not because they don’t want to accept you but because they are legally obligated to have them. So if you don’t meet their criteria they simply cannot accept you. So don’t start backwards if you are not sure that you will be accepted. It’s like if you want to become an airplane pilot – you don’t buy a private jet to learn how to fly it, before you are sure you will meet all criteria to get a pilot license 
Like the others have stated, it depends on the broker but have in mind that the reputable and reliable brokers have more strict requirements. For example the minimum initial deposit will be a bit higher and they could accept certain documents only. In this case you will not be able to open an account just with your ID card. If you already chose some brokers, better contact their support and ask about those things before trying to open an account as different brokers indeed have different requirements. But remember that the trustworthy brokers have strict legal rules which they need to follow as eyedfondue has already explained in his post. My advice is to choose such type of broker if you can meet the criteria.
It’s highly unlikely you would get rejected by a forex broker when opening a live account. Unless you are too young or come from certain countries that have additional difficulties in opening accounts.
Whilst it may be tempting to open a live account with brokers that make it super easy for you (sometimes with questionable compliance practices), my personal advice is to open an account with regulated brokers in proper countries (UK, Australia, Singapore, etc.) as although they have stricter account opening requirements, it is always in your best interest and the regulators in their countries have implemented these rules to ensure that they don’t mess around with you.
It depends from broker to broker. My broker required me to submit valid IDs with photo and proof of address.