CapTrader account opening

Are you a new investor considering opening a brokerage account at CapTrader but don't know how to do it? Are you wondering how long the process takes and how difficult it is?

Opening a brokerage account can seem daunting. Unfortunately, account opening is indeed not a great experience at CapTrader, so if that keeps you from getting started, check some more user-friendly alternatives.

Opening an account at CapTrader is not a rewarding experience

Opening an account at [Broker name] is not a rewarding experience

András Régely

Investments • Stock Market • Market Analysis

As a Broker Analyst at BrokerChooser, I'm dedicated to providing data-driven insights that simplify the world of investments. With a solid academic background, including an MSc in Accounting and Finance from LSE, I bring a deep understanding of financial markets to my role. My mission is to assist retail investors in finding the perfect broker fit by leveraging my trading experience and analytical skills. At BrokerChooser, I merge my passion for trading with a keen eye for market trends, helping clients navigate online brokers confidently and effectively.

Learn about our methodology

András Régely

Investments • Stock Market • Market Analysis

Together with my brokerage analyst colleagues, I have thoroughly tested the services of CapTrader by opening a real-money account. Here’s what you need to know about account opening if you want to start investing with CapTrader:

• Account opening at CapTrader is fully online and takes >3 days.

• You will need to prove your identity and residency with documents.

• Choose an account type that suits your needs.

• You can choose from multiple base currencies.

• The minimum deposit at CapTrader is $2,000.

• Browse the best brokers for beginners for some great alternatives.

Before we start, let's check if CapTrader is available in your country:

Account opening at CapTrader is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.

See how we rated the account opening experience and how long it takes to get started at CapTrader compared with its main competitors:

Opening an account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At CapTrader, it usually takes >3 days to have your account up and running.

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Navigating the complexities of trading can be challenging. If you're a new investor, you'll need a broker with a user-friendly trading interface and robust educational materials. So where to find such brokers? Start with our toplist of brokers we rated as good for beginners.

First, you need to go to CapTrader's website and fill a registration form to apply for an account. It takes the broker a bit of time to review and verify your application - usually >3 days - after which you can make your first deposit and start trading.

Opening a brokerage account is not unlike opening a bank account. As you go through the steps, you’ll find that it is a simple and familiar process. Once your brokerage account is set up, you’ll find that the experience is similar to what you get with a bank account that you use for savings and transactions. See, it’s just another way of managing your money!

The sign-up procedure is usually self-evident; just follow the instructions carefully. Here's what awaits you at CapTrader:

The account opening process is fully digital but overly complicated. Following your online registration, account verification takes around 10 business days, which is considerably slower than the usual account verification time for most brokers.
First, you have to go through a 4-step registration process, which takes roughly an hour. We experienced a few bugs and errors throughout the process, such as disappearing information and various error messages. It was a complicated process, with often confusing and unclear messages.
During the account opening process, you have to provide some personal information and there are also questions about your trading experience.
At the end, you have to verify your identity and residency by uploading the required documents:

• Verification of identity: proof of address and an ID card or passport copy
• Verification of residency: a telephone bill (not mobile), bank statement or utility bill (electricity, gas, etc.) from the past 6 months, or a credit card statement from the past 6 weeks

This is a standard process, which in financial lingo is called aKYC (know-your-customer) process. These steps are required to make sure you are truly identifiable.
1. Introduction:

• General requirement for opening an account

2. Personal information:

• General information
• Personal details of 1st account holder
• User access for 1st account holder
• Professional details of 1st account holder
• Source of wealth of 1st account holder
• Security questions for 1st account holder

3. Financial information

• W-8 form
• Regulatory information
• Financial situation
• Investment objective
• Trading experience
• Information pursuant to German securities trading act
• Information on money laundering
• Authentication

4. Base agreement

• Basic agreement
• Disclosure of inducements
• Cancellation policy
• Basic agreements, powers, and further explanations
• Complete account opening
• Upload

By completing and signing the above, customers give their explicit consent and power of attorney to CapTrader to open a securities account with IB for and in the name of the customers at their expense and risk, so that CapTrader, as the customer’s representative, can sign the necessary agreements between IB and the customer on behalf of the customer.

The following steps are typical toward the end of the application process or after verifying your identity:

1. You'll have to fill out a trading experience survey. It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.

2. Next, you'll have to choose an account type and a base currency.

3. As a final step, you'll need to fund your account before you can start trading.

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Brokers usually provide multiple account types. When choosing an account, consider how experienced you are in trading, and pick an account that suits your needs. Some factors to take into account: your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums.

If you're a beginner, we recommend selecting the most basic account offered by the broker, which is the standard account.

The above apply to retail accounts opened by private individuals. If you're looking to open a brokerage account for your company, see our overview of whether you can open a business investment account at CapTrader and under what conditions.

Alternatively, find out more about CapTrader's specific account types in our comprehensive CapTrader review for 2024.

At CapTrader, you can choose from the following base currencies: EUR, GBP, USD, CHF, CZK, PLN, DKK, NOK, SEK. If possible, try to deposit money to your brokerage account in your account's base currency. Better yet, choose a base currency in the first place that you plan to most often use for depositing.

Why is all this important? If you fund your trading account in the same currency as your bank account, you won't have to pay a conversion fee. Conversion fees apply if:

• You make a deposit in a different currency than the currency of your brokerage account.

• You trade assets denominated in a different currency than your brokerage account's base currency.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.

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Once you have filled out the registration form, uploaded your documents, finished the trading survey and selected your account type and base currency, CapTrader will verify your account shortly. After successful verification, you need to fund your account to be able to begin trading.

• Choose your funding method.

• Enter the amount to be deposited and other necessary details for the transaction.

• Double-check if payment details are correct.

• If all looks OK, click to submit your deposit request.

At CapTrader, the required minimum deposit is $2,000. This means that you have to put at least $2,000 in your broker account to be able to start trading.

Is that more than you're willing to commit at this point? See if you can start trading with less at other brokers.

At CapTrader, the only available option to deposit money to your account is via bank transfer.

After successfully funding your account, you're all set to start trading.

To explore CapTrader’s top competitors, head over to our top list of the best brokers for beginners, whose low fees and user-friendly features benefit new investors like you.

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