Things required to set up an account for fx trading?

<p id="isPasted">Setting up a forex (FX) trading account involves choosing a regulated broker, completing a Know Your Customer (KYC) verification, and funding the account. Requirements vary slightly by region—specifically for residents in India, where strict RBI and SEBI regulations apply.&nbsp;</p><p><strong>1. Essential Documentation (KYC)</strong></p><p>Brokers require these documents to comply with anti-money laundering (AML) laws:&nbsp;</p><ul><li>Proof of Identity (POI): A valid, non-expired government-issued photo ID such as a Passport, National ID card (e.g., Aadhaar in India), or Driver’s License.</li><li>Proof of Address (POA): A document dated within the last 3–6 months showing your full name and residential address. Accepted forms include utility bills (electricity, water, gas, internet) or a bank statement.</li><li>Tax Identification: You must provide your Tax ID, Social Security Number (SSN), or PAN card (mandatory in India).</li><li>Proof of Income: Required by many brokers to assess financial suitability, especially for activating derivative or margin segments. This includes salary slips, ITR acknowledgements, or bank statements from the last 6 months. </li></ul><p><strong>2. Financial Requirements</strong></p><ul><li>Minimum Deposit: While some brokers allow entries as low as $1 to $5 (e.g., Exness or XM), standard accounts often require $100 to $500.</li><li>Linked Bank Account: A personal bank account in your name for transferring funds via wire transfer, UPI, or net banking.</li><li>Base Currency Selection: You must choose a base currency (e.g., USD, EUR, GBP) for your account to avoid constant conversion fees. </li></ul><p><strong>3. Regulatory Considerations (India-Specific)</strong></p><p>For residents in India, trading is only legal through SEBI-regulated brokers.&nbsp;</p><ul><li>Permitted Pairs: You are restricted to trading pairs that include the Indian Rupee (e.g., USD/INR, EUR/INR) or specific approved cross-currency pairs (e.g., EUR/USD) on recognized Indian exchanges like the NSE or BSE.</li><li>No Offshore Platforms: Using international or offshore brokers is prohibited under the Foreign Exchange Management Act (FEMA). </li></ul><p><strong>4. Technical Setup</strong></p><ul><li>Trading Platform: Most accounts require downloading software like MetaTrader 4 (MT4), MetaTrader 5 (MT5), or a broker's proprietary app.</li><li>Internet &amp; Hardware: A stable internet connection and a smartphone or laptop for real-time analysis using tools like TradingView. </li></ul><p><br></p>