Open demo account
- Published: Wednesday, 25 April 2018 18:12
- Written by Super User
- Hits: 418
Open demo account
Demo account is a training analogue of a real account, which allows training to earn virtual money and real financial instruments without risks for the users own funds. Virtually all brokers are able to open a demo (educational) account. Exceptions are some English and American brokers, for which the priority is to service large investment funds, and other institutional and strategic investors. Such brokers have little interest in the retail services market and do not need additional advertising.
Below one can find a step-by-step instruction of opening a demo account within the trading platform MT4. Within other platforms, this procedure has no fundamental differences.
- Step 1: from the official broker’s platform one need to download the trading terminal. The installation program does not have a large amount, so downloading does not take much time;
- Step 2: Install the terminal upon the computer. Here everything is quite simple. Run the installation program and specify the location upon the disk. In case of using VPS server for Forex trading, this stage is not needed, because you get an access code to the virtual machine on which the terminal is already installed;
- Step 3: On the page of the installed terminal, select the option to open a demo account;
- Step 4: further we fill in the proposed questionnaire, which contains the following information:
- First and last name;
- Contact information (phone, email address ICQ or Skype);
- Type of demo account (if the broker offers different types of such accounts);
- The base deposit currency;
- Desired leverage. In most cases, the proposed leverage is 1: 1,300: 1 or 500: 1, but other options may be offered;
- Desired maximum amount of virtual deposit. There are no restrictions, but it is desirable that the claimed size of the virtual deposit match your financial capabilities. This approach allows you to make virtual trade more approximate to the real, and therefore more useful;
- Login and password to enter the trading terminal.
After clicking the "open" or "register" button the demo account can be used.
Opening demo account: advantages
- The ability to acquire the practical skills of online trading, which is provided to us by training accounts, is their main advantage;
- Also, using a demo account allows you to develop, implement and test your own (or purchased) trading systems, advisors and other software products aimed at optimizing and improving the efficiency of the trading process;
- Additionally - the absence of losses, the owners of demo accounts have the opportunity to earn real money. The most common way to earn money is to participate in a variety of competitions and tournaments;
- Many brokers, especially "young", hold such contests and tournaments for demo account holders. As the main prize, the winner of such competitions can get real money. As a rule, the prize amount varies from 100 to 300 US dollars;
- The prize money is intended for crediting to a real trading account. The withdrawal of these funds will be possible only after the fulfillment of certain requirements for trade turnover.
Most Forex brokers give their current and potential customers the opportunity to open demo accounts of various types. Differences are in the functioning algorithms, which scrupulously imitate the algorithms of real trading accounts. Thanks to this, traders have an opportunity in practice to familiarize themselves with the principles of warrants’ execution, the calculation of swaps, the setting of spreads and other features of trading within Forex market.