As a way of investment and financial management, foreign exchange trading has been integrated into the lives of many people. Do I need to open an account for foreign exchange speculation? How to open an account? In any trading market, it is necessary to open an account. Foreign exchange firm offer transaction is a one-way transaction. Foreign exchange knowledge is also very important for foreign exchange speculators. Today, I will talk to you about opening a foreign exchange account.
Foreign exchange margin calling is a hedging transaction, which must be closed to open a position. One call needs two processes to complete. At present, Bank of China, Industrial and Commercial Bank of China, Bank of Communications, and China Construction Bank in Beijing, Shanghai, Guangzhou and other places have launched this service. Any individual domestic resident who holds a valid identity certificate and has full capacity for civil conduct may engage in personal firm foreign exchange speculation. Do I need to open an account for foreign exchange speculation? How to open an account? The details are as follows.
First: Individuals can open a bank account with their ID card and cash, or they can transfer the existing cash account deposits to the bank that provides personal foreign exchange speculation business.
Second: If you use counter transactions, you only need to hand over your personal ID card, foreign exchange cash, passbook or deposit receipt to the counter service staff for handling. Bank of China and Bank of Communications have no limit on the starting amount for opening an account, while the starting amount for opening an account with Industrial and Commercial Bank of China and China Construction Bank is US$50. It is not necessary to open an account for cash transactions.
Third: If you use telephone transactions, you need to bring your ID card and go to the bank branch to handle the account opening procedures for telephone transactions or self-directed transactions. The starting point for opening an account with Bank of Communications is USD 300 or equivalent in foreign currency, and the starting point for opening an account with ICBC is USD 100 or equivalent in foreign currency.
Foreign exchange firm offer transactions are one-way transactions and do not require hedging. For example, after you buy Japanese yen with US dollars, the transaction is over, and you can no longer get involved in subsequent transactions, and your funds will not be affected. In addition, real trading is 100% capital, without leverage, and the risk is much smaller than margin trading. Investors can choose a bank to open an account based on price, service function, technology level and convenience.
At this point, I believe that everyone has an understanding of the problem of opening an account for foreign exchange speculation. Beginner foreign exchange speculators should contact with small funds, and don’t be discouraged if they fail. To sum up in the transaction, to constantly adapt to the transaction, to master the skills and form their own style, so that they can make better profits.
