In China, foreign exchange accounts are opened in banks, but the approval authority for opening foreign exchange accounts is the State Administration of Foreign Exchange. Therefore, to open a foreign exchange account, all domestic institutions must first go through the examination and approval procedures with the State Administration of Foreign Exchange, and then open an account in a bank with the "Approval Document for Opening a Current Account (or Capital Account)" issued by the Administration of Foreign Exchange. It should be noted that before going to the foreign exchange bureau for approval, the account opening unit needs to be clear about two things:

First, identify the bank. Generally, the international credit rating of large banks is relatively high, and there are many account banks and correspondent banks abroad, which is convenient for settlement, guarantee and other businesses, and the settlement speed is also fast; Smaller banks usually have more favorable fees and easier access to financing. Therefore, enterprises that need to open an account must know the situation of each bank in detail, weigh and compare, and choose according to their actual situation.

In addition, the bank will give some practical guidance to the account opening unit on how to go to the foreign exchange bureau for account opening approval procedures. Some banks can even send professionals to handle all account opening procedures for enterprises.

Second, the clear thing is to find out what kind of account you need to open. China implements the foreign exchange policy of freely convertible foreign exchange under current account, so foreign exchange accounts should be distinguished according to different sources of funds. Foreign exchange income from current account should be put into settlement account, and foreign exchange income from capital account should be put into capital account.

The so-called capital account refers to the transfer of capital such as investment, borrowing and issuing stocks. Corresponding to the capital account is the current account, which refers to trade, labor services, unilateral transfer and so on. Enterprises that absorb overseas investment or borrow money from abroad and issue stocks abroad need to open a capital account or a special account for stocks; If there is export income, overseas contracted project income, repair fee income, accepting donations, etc. You need to open a settlement account.

Edit the account opening method in this paragraph.

To open a foreign exchange account, you should first decide whether to operate a foreign exchange firm or a foreign exchange deposit according to your risk tolerance and capital scale. The characteristics and account opening methods of the two methods are as follows:

1. Firm foreign exchange quotation:

Generally, I open an account in a bank, such as China Merchants Bank or ICBC. I personally have accounts in China Merchants Bank and ICBC at present. A firm offer is characterized by relatively small risks and returns, and slightly higher transaction costs (spreads), generally 10 ~ 30 points. If the operation is good, the annual income is generally 5% ~ 10%. Small funds may have limited returns.

Steps for opening an account: apply for opening a foreign exchange account at the bank counter, then purchase foreign exchange and deposit it in the account, sign a foreign exchange transaction agreement with the bank, apply for opening an online bank, and then log on to the bank's website with your personal computer at home and enter the online bank for trading.

2. Foreign exchange deposits:

Generally, I apply for opening an account through a domestic foreign exchange broker or directly to the website of a foreign investment company. The risks and benefits of margin trading vary greatly according to the size of established positions. At present, I generally operate with a relatively stable leverage of 5 ~ 10 times, with an average annual income of 100%. The general spread is 3 ~ 10. Disadvantages: it requires high capital management of operators and is unable to resist after making mistakes.

The foreign exchange leverage ratio stipulated by the Hong Kong Securities Regulatory Commission is 1:20, which is 20 times leverage. Compared with leverage, it is conducive to the control of funds and positions.

3. Simulated trading of foreign exchange account opening:

Foreign exchange account simulation trading usually refers to the risk-free foreign exchange trading conducted by using foreign exchange trading software to simulate the account before foreign exchange trading. Is a novice familiar with foreign exchange trading software and methods often used in the foreign exchange market.