Demo Account Guide
Demo Account Guide
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Forex Demo Account

What Is
Forex Demo Account?

Before committing your time and money to forex trading, you should be familiar with the ins and outs of the business. That's why forex brokers provide a demo account. A forex demo account is a practice account on a real trading platform funded by virtual money. This feature allows you to experience the real market without actually being exposed to the risk.

Open Demo AccountPepperstone



Why Do You Need Demo Account?

In demo account, you can:

  • See how online trading really works.
  • Trade without risk as there's no real money involved.
  • Pratice how to make orders in the trading platform.
  • Get the hang of the platform's tools and how to navigate them.
  • Learn about the characteristics of market as well as the frequent changes in the market.


How to Start
Demo Account?

You can create a demo account in less than 10 minutes. Here are the steps to follow:

  1. Prepare you email address and phone number

    This is because the broker would like to send verification codes to your email or phone.

  2. Go to a broker's official website

    You can visit this broker as a start as it provides easy registration steps for beginners.

  3. Look for an account registration button

    This is usually located at the top right of the page.

  4. Fill the registration form

    Follow the instruction and write down your data as required on the registration form. After finishing this step, you would get login credentials that you need to save.

  5. Login and create a demo account

    Enter the broker's Member Area with the credentials you have just acquired, then look for an option to create a demo account.

  6. Download the Platform

    The broker would instruct you to download its trading platform. MetaTrader is usually the popular choice for demo trading.

Open Demo AccountExness



Other Popular Brokers for Easy Demo Registration

Year Established : 2007

Regulation :

Country : AustraliaCyprusBahamasSeychelles


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Year Established : 2008

Regulation :

Country : SeychellesSaint MartinBritish Virgin IslandsSouth AfricaUnited KingdomCyprusEuropean areaFrance


START DEMO ACCOUNT

Year Established : 2010

Regulation :

Country : AustraliaGermanyKenyaCyprusUnited Arab EmiratesUnited KingdomBahamas


START DEMO ACCOUNT

Year Established : 2014

Regulation :

Country : SeychellesUnited KingdomCyprusGermanySouth AfricaMalaysiaUnited Arab Emirates


START DEMO ACCOUNT
Additional FAQ

Through demo accounts, we can learn about the characteristics of market entry and exit and the frequent market changes. We can figure out our goals; how much the investment and how much the expected loss is in case of unfavorable market movements.

We can identify the best time to exit and place stop loss and limit orders. We can also try out alternative currency pairs in demo trading. The key is to approach things at our own pace until we fully comprehend the active and fast-changing world of forex trading.

Continue Reading at Forex Demo Account: The Good, the Bad, and the Brokers

Brokers offer various platforms, each of which is unique on its own. By using demo accounts, traders will have the time to familiarize themselves with a platform and all of its tools. For example, if you plan on using MT4, you will get the opportunity to understand the types of forex orders and how to place them using the available tools.

Through demo accounts, traders are also given access to market charts, live news feeds, currency quotes, and many more. Traders can assess whether they are comfortable with the platform's extra features. The brokers can also ask the brokers to provide the necessary tools or educational content to understand the platform better.

Continue Reading at Forex Demo Account: The Good, the Bad, and the Brokers

The duration of using a demo account can be divided into several groups:

  • To learn how trading works: At least three months.
  • To test a strategy: One to three months.
  • To get familiar with a brokerage platform: A few weeks.

Continue Reading at How Long Should You Trade on Demo Account?

  • You may not learn the basics of trading properly. If you trade too quickly, you may not have enough time to learn the basics of trading, such as how to read charts, place orders, and manage risk.
  • You may not be able to identify your strengths and weaknesses. Ending your demo trading too quickly may result in not having enough time to learn your trading style and what works best for you.
  • You may not be able to develop a trading plan. If you trade too quickly in demo account, you may not have enough time to develop a trading plan that is right for you.

Continue Reading at How Long Should You Trade on Demo Account?