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Open a demo account
A demo account is a trial version of a live trading account. Using a demo account, a beginner can practice forex trading risk-free.
How to open a demo account ?
Before opening a live trading account, we strongly recommend you to get started on Forex with a training account, or demo account.
Indeed, it is a perfect way to explore a trading platform and learn how to carry out trades because a demo account bears the same features as a live account. The main difference between them is that a demo account is “funded” with simulated money, so all profits and losses are fictitious.
Apart from newcomers, a demo account is helpful for traders with forex skills as it enables traders to experiment with unfamiliar financial products and trading strategies.
Advantages of trading on a demo account:
- You will practice skills of forex trading.
- You will learn how to analyze Forex.
- You will test and streamline your trading strategy in a virtual forex environment without risking your money.
- You will develop your own system of risk management.
- You will get to know the ins and outs of a MetaTrader.
- gain practical trading experience on Forex.
- learn the process of currency market analysis.
- Try dealing with real quotes in a real time mode and improve your trading strategy without risks.
- gain practical experience working with MetaTrader.
Steps to open a demo account are as follows :
1. It is only possible to open an account at a trader’s terminal.
2. You can Download MetaTrader 4 trading platform
3. After the setup file is downloaded, install the program.
4. After the program is installed, launch the terminal. Now you can open an account, In the menu click File and then Open Account.
5. Fill in the registration form. Specify the type of an account you would like to open. Also choose the initial deposit amount for your training account - this amount in virtual money will be automatically reflected on your training account in USD.
6. After all the fields are filled in correctly, and you have adjusted the settings, make sure that “Receive News Via Email” has a tick, and then press the “Next” button. You should then get your account number and password. Please keep them in a safe place and do not forget them.
You may have as many demo accounts as you wish, so you can always open another demo account to work out a new strategy on your terminal.