Demo accounts allow you to:

• Familiarize yourself with the interface and functionality of your broker's trading platform;
• Gain valuable experience using real trading tools and mechanisms while practicing without the risk of losing real money;
• Learn and understand the fundamentals of online Forex trading;
• Develop trading strategies and experience without risking real money;
• Try new ideas and methods risk-free.

Demo accounts are not just for beginners. Demo accounts are designed specifically for novice traders, to be sure, but experienced traders often use them to safely try out a new currency pair or innovative trading strategy of their own, or one that has become a recent trend.

Forex demo account features:

• • • Each trading terminal is unique in how to register and open a demo account, although the principles of how to use a demo account once opened are fairly standard for all Forex brokers;
    • Demo accounts have a limited lifetime (eg 30 days) on some endpoints and cannot be used indefinitely;
    • All demo accounts allow you to deposit “virtual dollars” (say $100.000) and when the deposit amount runs out, the account is usually closed automatically;
    • Traders can open a new demo account after closing one and this is done automatically for you by some brokers.

The main factor is that there are no obligations or risks for traders when using a demo account. You can close it at any time or simply stop trading and the account will be closed without any consequences for you.

However, to open a demo account with a Forex broker, you still need to register on their official website and verify it on the broker's platform.

Registration and verification takes just a few minutes and many brokers offer bonus “no deposit”, which means that just by registering on the platform you get a certain amount of money (about $5–50) for free in your real account and you can use it to trade.

You can practice on a demo account and then switch to a real account and start trading for real without making any investments with your hard-earned money.

Feel free to make your first deposit if things are working out for you. This is the best option to start a professional career as a Forex trader.

How to open a free demo account?

Almost all Forex brokers offer demo accounts because it is beneficial for them to teach a novice trader the fundamentals of trading the foreign exchange market.

The benefit is that if a novice trader uses a specific broker's platform for training, chances are high that he will make his actual trades on that broker's platform.

The practice of using the demo account guarantees the subsequent success of trades, which contributes to the broker's and new trader's profits.

Demo accounts also benefit professional traders. They will not need to use third-party services to devise a new trading strategy or see how trading instrument pairs will perform under experimental circumstances.

Algorithms used by Forex brokers to open demo accounts:

• Choose a broker with the most convenient conditions;
  register with the broker through its official website which are on our website;
• After registering on the broker's website, download one of their listed trading terminals;
• All popular terminals (eg MT4 and MT5) have standard desktop, web and mobile versions;
• The algorithm that opens the demo account of each broker is unique to that broker, the type of trading terminal and program version, etc., but in general the steps are very similar;
• Select a specific broker and open your first account on their platform;

Forex brokers provide standardized, easy-to-follow instructions for opening a demo account.

How to trade using a demo account?

A trader using a demo account works on the same trading platform and under the same conditions as real accounts.

This is the biggest benefit of trading through a demo account. Therefore, after switching from a demo account to a standard account, you will not notice any difference, but you will risk losing/winning real money.

The most popular trading platforms with demo accounts:

• • • MetaTrader 4 (MT4);
    • MetaTrader 5 (МТ5);
    • MT4 web terminal;
    • MT5 Web and MT5 Mobile;
    • cTrader.

MT4 and MT5 platforms are the most popular for demo and real accounts. Both mobile and web versions are available.

The web version of the trading platform, as a rule, is not that different from the software version, but the mobile version has slightly different functionality and is generally simpler to navigate.

You can open a demo account at Forex using any version of the trading terminal. Just follow the instructions on the screen. All versions are compatible with iOS and Android. The web versions work fine online with almost all browsers and operating systems.

Most traders use the standard desktop version. The advantages of the mobile option are pretty obvious — you can trade wherever an Internet connection is available. As for the web version, it also has its advantages:

• You can work directly from the broker's website without installing additional software to open accounts and make transactions;
• It is especially convenient for a novice trader who is about to open his first demo account;
• All transactions are done in the browser and this is a minimal load on your computer hardware with minimal trader actions;
• A trader does not waste time installing the standard version if he or she is not satisfied with operating a demo account via the web.

Trading on a demo account in Metatrader 4 and Metatrader 5

MT5 is a newer version of the MT4 platform, but both are in high demand and technically choosing between them is more a matter of personal preference than functionality.

The algorithms for opening demo accounts on these two platforms are very similar. Each includes the following steps:

• After registering and verifying the data on the broker's website, install the trading terminal on your computer and start the installation process by double-clicking the installation icon.

• Then launch the platform by double clicking on the trading platform shortcut. The program offers the choice of a trading server on first launch — each broker has multiple servers located in different geographic regions. Select a location closest to you.

• The program will offer to create a real or demo account. After selecting a demo account, the program redirects you to the Trader's Office on the broker's website.

• On the broker’s website, enter the Trader’s Office, select the “Accounts” tab and click on the “Accounts” tab.Open a demo account”. The conditions of use for a demo account (eg a 30-day limit) will be indicated there.

• When opening a demo account, you cannot always choose the amount of a virtual deposit, but there are no restrictions on currency and leverage options.

• You can also select the account type, and here you can select the type, including the name of the broker and the name of the trading platform you want to use.

• After that, the broker instantly opens your first demo account for you. Return to the MT5/MT4 program to use the account, select “File” and “Connect to trading account”.

Demo accounts via a Forex broker's web interface

The website interface may be a little different from the desktop interface version, but it is easier to work with a browser because you will log into your accounts through the broker's website and the basic settings will already be installed.

The account opening process in this case is no different from opening the same account for the desktop version. The difference is that you don't have to switch between the browser and the program and you can work directly in the browser.

There, you can select the server, account type and set the main parameters. These tips deserve special attention:

• If you have the option to select a deposit amount, use the same amount you will use when opening your real account;
• If you have the option to select a currency pair, use the same currency instruments as you would on a real account, usually EUR/USD;
• If you have the option to select leverage, use small leverage to avoid losing your entire virtual deposit in case of unsuccessful trades;
• After gaining experience and self-confidence, you can increase leverage to earn good money in the Forex market.

A demo account offers the same benefits as a real account (except for making and losing real money). You get access to quote charts, select deadlines, open and close orders. The demo account will be closed on the expiration date (if any) or when you use up your virtual deposit.

You can use the same demo account with any trading terminal. For example, if you opened a demo account via the web version of MT5 and then launched the desktop version, you will still have access to the open demo. You will also have access to it from MT5 Mobile.

Convenience only depends on personal preferences as all three options (desktop, web and mobile) are equally functional and allow you to comfortably manage your account, open/close orders, analyze charts and signals, etc.

The advantage of mobile versions is their simplicity and the fact that you can trade anywhere — in the countryside, on a business trip, on vacation, at the beach. The web version is convenient because you operate directly in a browser and you don't need to install any programs.

However, many traders mainly use the desktop version of the Forex trading platform, but this is optional. You must use both versions to access the full range of functions. Try all the options and choose the one that is most convenient for you.

Best demo account features

The demo account gives the veteran trader the ability to try out different instruments without risking their capital.

Our opinion on Forex demo accounts