Many people wonder how to start earning money on the Forex market. But not everyone knows what should be the first step. Trading may seem easy, but in fact, it requires specific knowledge and experience. We are here to help you with the first steps to the sphere.

Step 1. Forex education

It can seem boring, but Forex begins with professional knowledge. A trader should understand how the market works. The majority of newbies ignore this step and it's their main mistake. Forex is not gambling, it has its own logic, so you can’t just open and close orders blindly.

There are several ways to get useful knowledge:

- You can learn individually (it’s absolutely free)! Read books, articles, and forum threads. Attend in seminars and webinars. Watch blogs of expert traders.

- Free online courses offered by different brokerage companies. Look through terms before registering and start learning if they fit you.

- In-class Forex learning. Sometimes brokers give a chance to visit local trading centers. Classes are usually led by pro traders who have real practical experience. They can teach you not only basics, but also give you useful tips and personal advice. This way is not free and will cost you money.

Step 2. Choosing a broker

You can’t trade without a broker, cause they are intermediaries between the market and a trader. Choosing a company is an important stage, cause trading with an unreliable company can become a problem. These are the things you should pay attention to:

- Reputation. Pay attention to reviews about a company, but read several resources at once as there can be fakes.

- License. Certified financial institutions are always more reliable than unlicensed and unregulated ones.

- Trading terms. Check out spreads, leverage, commissions and minimum deposit.

- Trading software. Does a platform have mobile or web versions? Is it easy and comfortable to work with?

- Support. It can be easily checked by asking some questions online or via email. Give a priority to round-the-clock and support in your native language.

- Security. Does the company use HTTPS protocol? Is there a green lock icon in your browser (it means a valid TLS/SSL certificate)? Is there a two-step authentication? You can also check if the support team would provide a confidential information about other users.

Step 3. Demo trading

Do you need free practical experience? Demo trading will help you! Open a demo account with the chosen broker and step into the Forex world. The process is the same as a real one, but you won’t lose or earn money here. You can open such an account in two ways:

- With registration. Register on the official website and open an account.

- Without registration. Open an account from a trading platform or on the website if the registration is not needed.

You can also open several demos with different brokers to compare their trading conditions.

Step 4. Open a trading (live) account

When you feel comfortably enough on the Forex market, you can go live, finally! Register your account and provide your broker with the necessary information. Usually it is your name, phone number, email, and address. If you are going to use Visa or MasterCard as the payment method, you will have to verify it by providing copies of the necessary documents to the broker.

In order to start trading you need to deposit your account, the exception is a situation when you get a non deposit bonus.

Step 5. Install the platform and start trading!

Forex has a variety of different software for traders. But what should traders pay attention to?

- Multifunctionality. Look if there are enough of indicators and analytical tools.

- Security. Is a platform of your choice protected from unauthorized access?

- Availability. See if works with different OS’ and browsers.

- Mobility. Does a platform have mobile and web versions?

- Speed. How much time does it take to open and close orders?

- User-friendly interface.

So, now you see that starting trading on Forex is not too difficult if you don’t miss ANY of these steps. It’s a long and interesting way to success. You are welcome to dive into the world of Forex! Hope you will enjoy the process!