Fusion Forex Account Types & Their Opening Requirements
A forex account opening with any online broker is almost the same as a regular bank account & to open it, nearly half of the procedure would be based on an online process. At a few forex brokers, it’s as quick and straightforward as creating a new Gmail account, while for some other brokers, it takes a few days. They take this time to do some background scrutinizing on you. In any forex account, you can keep your financial assets, like forex positions /shares, in your account rather than just storing money.
All forex brokers don’t charge any opening account fees from their clients. There are a few essential things you have to provide for opening an account with any online broker, i.e., required to give proof of your identity & proof of residence/permanent location. It is considered ideal if this procedure is entirely digital. At the same time, the difficulty is that a few brokers require physical copies of the documents.
Account opening at Fusion forex is also fully digital so that a client can go through the whole identification process on the broker’s web platform. Once registration & the account opening procedure are done, you 1st required to transfer the least deposit in your brokerage firm account from your usual bank account to start trading. There is no limit for a minimum deposit by fusion forex. It is an ideal broker if you need to invest / trade with a small amount of money. Fusion forex accepts the following mentioned documents for your identification purposes:
- Proof of identity: national identity card / passport / driving license
- Proof of residency: tax documents / bank statement / utility bill
Let’s discuss the fusion forex’s trading account types below.
Fusion forex account types:
With Fusion forex, retail clients have two types of trading accounts:
- Classic trading account
- ZERO trading account
Classic account type is available for the customers who just want to start their trading experience with simplicity to avoid the commission’s calculation before every trade. Fusion forex doesn’t charge any commission on its classic accounts, as they have included in the spread. Due to the ECN technology, this Australian brokerage offers tight spreads, which start from 0.9 pips on major currency pairs like USD/JPY & EUR/USD.
This type of account is available for consumers having some trading experience & for those who are well aware of how the sizing of commission works. The ZERO Account spread has zero mark-ups & starts from 0.0 pips for Forex, important metals & commodities. In exchange for the tight spreads, retail clients would pay the brokerage commission as low as AUD 4.50/turn.
How to open an account:
The Fusion forex account opening is simple & fully digital. The online application can take roughly about 10 to 15 minutes. In several cases, the account may approve on the same day the client applied.
Follow these five steps to open the Fusion forex account:
- Add the email address & create a password.
- Log in to the client portal & go to ‘Profile.’
- Add the personal details, such as date of birth & residency.
- Opt the account type, the leverage size, & set a security question.
- Verify your identity & residency by uploading a copy of your passport / Identity card/driving license & a utility bill or bank statement.