This article is a tutorial about how to open an account by using the free RoboForex API. All my explanations are on GitHub and you can find them here. You can also read more on youtube, check out other tutorials on youtube or read this post and try to implement it on your website.
I am not affiliated with anyone and I never will be.
RoboForex
This is an online trading platform that allows you to trade in forex pairs. It provides easy access to statistics such as charts, technical indicators, data, historical prices, historical news, etc. This is very advanced but very user friendly and you do not need any prior experience. Just make sure that you are reading this article correctly and following all instructions on the spread screen.
RoboForex has many features but one of the most important is its RoboForex minimum deposit feature. When you enter the amount of money that you want to start investing you just click “Connect”. The next step is filling in details like currency type, current rate, time interval, amount (up-to-date), currency pair, starting balance, etc. After filling up all these details you then copy all your previous information to fill out your bank details like address and credit to a debit card or cheque.
After filling up all these details you enter your password and hit continue. Now the platform does some KYC processes including basic personal details like name, address, gender, and country. Once completed the final registration happens and the number of people in the system will be added to the list. First, we will talk about the opening deposit feature. By creating an Account you get two options as per my recommendations. One of them is to use the manual method which takes much longer than the automatic method. I have found the default method works well for me and is way more stable but I would recommend you check out the manual. Let’s discuss both of these methods in our article later. So now let’s dig into what each method has to offer.
1) Manual Method
This is a standard method and is not new to anybody. But let us understand first something. To set up your accounts you need an email address and password you must remember. For adding more users you need to register with them or permit them to add additional users. Depending upon your needs you can either create multiple accounts or even use a single account. You can change the settings in your account and your deposits are automatically taken from your chosen bank. If you don’t see the deposit option on your dashboard it means this is a demo account only or there are no deposits, so please go through some steps before you move further. And lastly, this method will take time in case your company wants to verify your credentials or wants to send their KYC data. It depends upon the company whether they will allow for full KYC or KYC+ and will require separate KYC documents for every individual.
2) Automatic Method
This method is simpler than the regular one. Everything is automated and you just don’t need to know anything. Your deposit is taken from the source bank account. No matter where you come from you can buy and sell within your local area so you don’t need to worry about things getting stuck. There is no requirement for additional KYC documents or submitting them separately. Yes, this is the automated version but I would say it’s still worth trying it and making better use of your resources and time.
3) Demo Account
The demo account is the safest when dealing with actual customer accounts. So let us review the three different types the easiest to understand. So let us see what are the differences between these three types.
1- Normal Account — Single Source Bank Account
2- Instant Account — Depository Account (only provided for demo account opening)
3- Demo Account — Centralized Aggregate Account
The above types can be used to start trading immediately and if you want additional KYC documents you have to provide extra copies of those documents which are very expensive. Now I would say you could start at the normal account, but I think that the demo account is the best for everyone and it gives you all the benefits that come along with a single source account.
4) Multiple Accounts & Platforms
Well, you can have multiple accounts to test different platforms. However, if you want to start trading right away you should go for Multiple accounts. That being said, the cost and the hassle of setting up and maintaining multiple accounts are going to be pretty high. In our point of view, that’s why I am saying that all of the platforms are great and why I don’t want to waste your time with others.
Conclusion
Okay, I know that this was a tiny bit long, but I tried to cover everything possible and that’s why this article is a little hard to read. Hope you like what you are reading and thanks for checking it out.
I’ve tried to make this short article to help beginners as well as professionals who want to start trading and get started with Rob Forex without following this article.
If you have any questions feel free to connect on Telegram, Facebook, Twitter, or youtube or comment on any question you may have. Thanks anyway…
