What is a Forex Demo Account?
Most Forex brokers can open a demo or trial account for free. These “seemingly” accounts have most of the capabilities of a “real” account. However, brokers created such accounts with marketing motivation! But today, using this type of account is a must for beginners.
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But why is it free?
This is because the broker asks you to enter the market with complete information and learn the ins and outs of trading software and of course have a good time by trading without risk, so you will fall in love with them and in the next step You deposit real money.
A demo account allows you to become more familiar with the Forex trading mechanism and test your trading skills with zero risk.
Yes, that’s right, zero risk!
There is no real money in the demo account and your risk is zero.
Before you even think about depositing real money into a broker account, you need to work with a demo account to implement a secure and profitable system for yourself.
We emphasize and repeat once again…
Before you even think about depositing real money into a broker account, you need to work with a demo account to implement a secure and profitable system for yourself.
Please do not lose your money
Now, put your hand on your heart and say ..
“I will work with a demo account before trading real money so that I can implement a secure and profitable system.”
Now put your index finger on your head and say ..
“I am a vigilant and patient Forex trader!”
Do not open a real trading account until you have been able to consistently make profitable trades on a demo demo account.
If you can not wait to make a profit in the trial account, there is little chance that you will make a profit in the real account. Factors such as real money and emotions are also involved, making things difficult.
You might think, “Wow طبق so according to what you said… there is still a little chance”
If you are so impatient, try trading on a demo for at least two months. At least.
If possible, postpone the loss of all your money for two months! 🙁
If you can not, please donate the money to your favorite charity or give it to your mother… show that she is still important to you.
Even after reading this article, you probably will not trade for at least two months on a trial basis! Enough of being stubborn. 🙁
However, we did our best.
So far, we have emphasized the importance of using a demo account. Now let’s look at the advantages and disadvantages of a demo account.
Forex Demo Account Benefits
- Free and risk free
- Access to real trading charts
- Access to real trading conditions
- Having all real account orders
- Ability to develop and test a variety of strategies
- Ability to use a variety of indicators and experts
Disadvantages of Forex Demo Account
The demo account, in addition to its advantages, also has major disadvantages:
- Lack of risk makes not realizing the stress in the real account
- Lack of risk and stress can lead to false profit and a sense of accomplishment.
- Some terms of a real account are different from a demo account, such as slipping into transactions.
The most important disadvantage of demo accounts is the risk-free advantage. When you trade risk-free and free, it is very different from when real money is involved and you are stressed. Lack of stress and risk may lead you to benefits that you will not achieve in the real account, and this will make you think ahead of time that you are ready to go to the real account.
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So keep in mind that the results obtained in the demo account are not a criterion at all.
The only way you can solve this problem to some extent is: design a trading strategy with specific entry and exit points and only have a robot that executes orders. This will make the demo account and the real account very similar.
Focus only on one major currency pair.
At the beginning of a test trade, opening multiple tabs of multiple currency pairs complicates matters.
Stick to one of the major currency pairs because they are the most traded and usually mean less spreads and less possible slippage.
In addition, in the beginning, you need time to focus on improving your trading process and building good habits.
You should also experience different market conditions and learn how to adjust your methods and strategies to change by changing market behavior.
You can win in Forex trading, but like any other aspect of life, it requires a lot of effort, self-sacrifice, a little luck and a lot of patience and good decisions.
Open Forex Demo Account
Now that you understand the importance of a demo account, it is better to open a demo account right now.
Of course, for now, just to get acquainted with the program environment and practice what you have learned in previous lessons.
Please do not trade at all for now because you really do not know anything yet.
In the following, we will teach you the steps of creating a Forex demo account in a visual way.
Step 1: Log in to the broker site
To open a Forex demo account, the first thing to do is to visit the site of one of the brokers. You can visit the site of any broker you want and it does not matter. We chose Amaretx, considering that Amaretx Broker has an easy account opening process and good trading conditions, and you may decide to use this broker for real trades in the future.
After entering the Amarquet Broker site in the upper left corner, click on the DEMO option, as shown below.
Step 2: Complete the Forex Demo Account Opening Form
In the new page you have to fill in a simple form that asks for your user information. Although you can use unrealistic information, it is better to use real information so that you do not have to create a new account for your real account again in the future.
Clicking the “Open Account” button will create your Forex demo or trial account and you will see a message similar to the one below.
At this point, Amarkets Broker has created a very brief video tutorial to familiarize you with the trading platform environment. You can click on the start button to view this tutorial or enter the trading platform by clicking on “Reject tutorial”.
After seeing a few small slides and a brief introduction to the trading platform environment, you will see the following message.
Step 3: Go to the demo account trading platform
Clicking the “Go to Platform” button takes you to the web trading platform page. Your account information is entered automatically and you can quickly make demo transactions.
Your Forex Trial Account was created just as quickly and easily. You can track instant prices, use analytics tools, and even trade.
This account has been created just to familiarize you with the trading environment and to test and review it quickly. You need to open another account to open a more accountable demo account and be able to access it on the MetaTrader 4 platform under Windows or mobile. Do not worry! This is done within a minute.
Create another demo account
Go to your inbox first. You received an email with the subject line “Email Address Verification” from Amarkets. Open it and click the “Confirm Email” button or the link below it. This will confirm your email address and send personal login information to your email address in Amarkets Broker.
Click on the word “Login” on the main page of the Amarkets Broker site and in the top bar of the page. A form will open asking you for your email address and password. Enter the same information you received in your email to enter the personal cabin.
Open a Forex Trial Account via Personal Cabin
After entering the information and pressing the “Sign In” button, you will be transferred to the Amaretx personal cabin as shown below. You will get acquainted with different parts of this page when you try to create a real account. You do not need any at the moment, just click on the “Open a new demo account” option as shown in the image.
Select demo account type and balance amount
In the new page, you will be provided with a form that includes two options. One is to select the type of account and the second is the initial account balance. We have explained the types of Amartkes accounts in the article on opening a trading account. Choose one of the trading account types and the corresponding platform. In the second field, enter the initial balance of your account.
The initial balance of the demo account should be in the range of the amount that you will deposit to your real account in the future.
Click the “Open Demo Account” button to create your account.
Immediately after clicking the button, your Forex demo account will be created. Login information for MetaTrader 4 or MetaTrader 5 platform will be displayed to you and also the platform download link will be provided to you.
In addition, information will be sent to your email and you can access it whenever you need it.
You can also create your third, fourth and fifth demo accounts. Of course, we recommend that you do not worry about the demo account and be prejudiced against losing it. In this way, your demo account will be more similar to the real account.
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