In this article you are going to find a step-by-step guide on how to open a Forex.com demo account.
We will also take a look at all the key features and functionalities of the demo account offered by Forex.com
Main features of the Forex.com Demo Account:
- 30-days trial
- It’s totally free
- Easy to open
- All live account markets and assets available
- You can install EAs
Table of Content
|Forex.com demo account||Characteristics|
|Trial duration||30 days|
|Demo platforms||Proprietary WebTrader, MT5|
|Virtual money amount||€10,000|
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Forex.com demo account opening tutorial: step by step procedure
Step 1: visit the Forex.com’s website
Go to the Forex.com homepage (73% of retail CFD accounts lose money). The website’s layout may vary depending on your country, however it will show 2 options: one to open a live account, and one to open a demo account.
Step 2: fill the registration form
After selecting the option to open a demo account, you will be presented with a registration form. Complete it and click ‘Submit’.
Step 3: verify your profile
This step is optional, since the next page Forex.com shows the username and password, as well as a button to login to the trading platform.
Forex.com, however, will also send an email that contains your user details.
Step 4: login into the demo account
The final step is to choose where you want to login. The 3 options available are as follows:
- Web Trading: Login into the webtrader platform of Forex.com. No download is needed, and you can use the user details previously provided by the broker.
- My Account: Login here if you wish to manage your user details or discover more about the broker features and how it works.
- MetaTrader 5: this is a third party trading platform. You can login via webtrader, or download the desktop version. After installation, Forex.com will send you a new username and password to be able to connect to the Forex.com MT5 trading server.
Forex.com’s demo account features
The forex.com account opening process is simple. All you need is a valid email address and valid phone number. The demo account remains valid for 30 days and clients can only open one demo account of each type (FOREX.com platform or MetaTrader) per email address.
More than 2,000 tradable markets are available and there is 10,000 EUR in virtual currency to use. WebTrader, and MT5 are the available platforms and there are also educational tutorials, courses, and lessons.
Differences between live and demo Forex.com accounts
Forex.com offers a standard and an MT5 account both available as demo accounts. The major difference between a live and demo account is slippage. Slippage is the difference between your requested order price and the order’s execution price. When the price changes quickly, your order can be executed at a different price compared to when the order was opened. Slippage will not happen in a demo account because it’s filled with virtual money.
The demo account lasts 30 days, after that, it will expire. For live accounts, if you are inactive for 12 months Forex.com will charge a monthly $15 fee.
How to switch to a live account
When switching to a live account, it is still possible to use your demo account. To open a live account you will need to provide proof of your identity (Passport, ID, or Driver’s License) and proof of your residence (Bill utility or bank statement) in order for Forex.com to verify your account. Depending on the country, the broker may ask you to fill out a questionnaire about your trading experience. As soon as your account gets verified, you can make the first minimum deposit to start trading (Forex.com minimum deposit is $100).
How to best use your Forex.com demo account
Here are a few tips on how to get the best from your Forex.com demo account.
- Choose the platform wisely
- Do not open large positions if you are not planning to trade with large amounts of money
- Treat money as if it were real
- Practice daily
- Study and integrate knowledge. Forex.com provides a very detailed educational section
Pros and cons of the Forex.com demo account
- Easy and fast to open
- Two platforms available to try
- It lasts for 30 days only
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