How To Get A Bank Account For Forex Trading
Our associates can help you with your Forex Friendly bank account process. Contact us and we will help you with the process.
Offshore banking is not the same as it was years ago. Options are limited for medium-sized investors, and this is especially true if you are a Forex trader.
If you've earned money doing Forex trading, it's particularly difficult to open a forex friendly bank account which offers multi-currency options, and allows you to handle your main operations easily.
However, there are still a few good options to get a multi-currency trading account that will allow you to handle your operations simply with the added options of tax optimization and confidentiality.
Non-CRS Jurisdictions/Small Minimum Opening Deposit
We work with banks in non-CRS jurisdictions, which means they don’t immediately report your financial information to the tax authorities of other countries.
Likewise, these jurisdictions also boast tax credits and exemptions for foreigners and investors that can lower their income tax rate to less than 10 %.
Moreover, you can open your account with a low minimum deposit (usually around $2,500), and our partner banks offer reliable, top-notch financial services.
In fact, such a bank account isn’t ideal just for well-established traders, but it can also be a fantastic addition if you’re only starting in the Forex world.
Its focus on protecting wealth has developed in response to society’s need, and right, to have wealth protected from those who attempt to take it by force, litigation or legislation – whether through illegal, unethical or immoral means.
Also, if you're not only trading in Forex but also with bonds, stocks, and similar financial instruments, this account can be your trading one-stop-shop.
Five Reasons To Open A Forex-friendly Bank Account
Low Minimum Deposit And Account Balance:
Most banks require a minimum deposit of around $2,500. This is significantly lower than in many other jurisdictions. Moreover, the minimum balance you should keep is generally low.
That's fantastic, especially when considering that most jurisdictions that will let you open a bank account remotely usually require high amounts for the minimum deposit and minimum balance. That's not the case here, generally.
Low Fees With Full Transparency:
One of the issues which prevent many investors from getting into Forex trading is transparency issues.
However, that's not the case with all banks. Some banks provide a wholly transparent pricing structure that offers competitive fees and commissions.
This will give you the certainty that you're not being overcharged, allowing you to keep almost all of your earnings.
Friendly Tax Regime:
Our associates work with jurisdictions that generally don't have dividends tax or capital gains tax.
They also have a territorial base for their tax rate, which means they only tax nationally-sourced income.
Furthermore, they have plenty of tax credits and exemptions that can lower your income tax rate to less than 10 % in some cases.
Our associates work with jurisdictions that aren't part of the CRS/AEOI, which are reporting standards that demand member countries to exchange tax information with foreign tax authorities.
That means these jurisdictions are perfect for forex traders that want to protect their assets with as much confidentiality as possible and with ideal tax planning.
The banks don't just offer Forex friendly accounts, but also regular multi-currency accounts and precious metals accounts fully backed by actual gold and silver.
This means that you can receive a multitude of financial services at one bank, which gives you great flexibility.
In fact, with the trading account, you can also invest in stocks, futures, options, bonds, and many other financial instruments.
How To Open A Forex Friendly Account
The pre-approval means your profile is viewed by banks to see if they may be interested in having you as a potential client.
If their answer is affirmative, that doesn’t necessarily mean you’ll be accepted, but it significantly increases your chances.
You will need the following:
- Bank form, filled and signed
- Notarized passport copy
- Certified copy of proof of residence
- Banking reference and/or six-month bank statements
During this process, the bank may ask for some additional documents.
The process is incredibly simple:
- Provide documents and forms
- Have a short phone call with a bank representative to finalize the pre-approval process
- Submit the application to the bank
- If everything goes right, you'll have your Forex-friendly trading bank account