Before settling on any specific broker, you should have thoroughly tested their platform and trading conditions. This FXCM demo account guide will help you get your demo account up and test this broker effectively.
Table of contents
FXCM Demo Account Opening Tutorial
Step 1 – Getting Started With Your FXCM Demo Account
This first step is relatively simple: just head over to the FXCM homepage and click anywhere you see the button to ‘‘try demo’ or ‘open demo account’ and follow this guide’s next steps.
Step 2 – FXCM Demo Account – What Documents/Information do you Need?
To open an FXCM demo account, very little information is required. All you will only need to provide is:
- A valid email address
- A valid phone number
In the future, if you feel ready to open a live trading account, you should be prepared with certain documents to verify your identity and where you live. Most brokers expect a passport, government ID and driver’s license to verify your identity and a bank statement or utility bill to confirm your address.
Step 3 – Fill in the registration form
Next, you’ll need to fill a registration form by adding some information and preferences, such as the currency you would like to use as the trading account base currency and your country of residence.
Step 4 – Confirm the account via email/telephone
Once you have submitted the form, you will receive an email to confirm the account has been created and deliver your account details.
Step 5 – First login into the demo account
Now you can launch the trading platform and enter your login details. Refer back to the email from the previous step, to find the login number, account password and server connection information.
Step 6 – Choosing Your FXCM Demo Account Platform
You’ll have the choice of which platform you would like to use. The options are MetaTrader 4 or Trading Station. If you select Trading Station as your FXCM demo account, you can only login with the Trading Station platform with those credentials. However, if you open an MT4 demo account, you can log in to both platforms with the same credentials.
FXCM Demo Account Review
What Types of FXCM Demo Account are Available?
There is only one type of demo account available from FXCM, and you can try it on either trading platform provided by the broker.
FXCM Demo Account platforms
FXCM offers two trading platforms, and both are compatible with the demo account. The two platforms are:
- MT4, which is available for desktop, web and mobile devices
- Trading Station which is available for desktop, web and mobile devices
FXCM Demo Account Features, Restrictions and Differences with Live Account
The advantage of using an FXCM demo account is that you can test drive the broker’s proprietary trading platform and experience the trading conditions. The purpose of the demo account is to replicate the live trading environment. The most apparent difference is that you can trade without risking your money as the account is credited with demo funds. Naturally, when you trade in a demo environment, there is no liquidity, no execution occurs, and slippage will not occur. Understandably not everything can be copied on the demo trading account. Another point to keep in mind is the availability of specific products; not all of them will be tradable on the live account.
If you’re looking to test various demo trading accounts, you should take a look at the best demo accounts that we’ve identified across numerous brokers.
Advantages of Trading with an FXCM Demo Account
The advantages of trading with an FXCM demo account may convince you to create one. The FXCM demo account, which is completly free and perfectly replicates the real market, comes without risks or obligations. Trade online, 24-hours a day, five days a week and view real-time buy & sell prices. You can practice trading forex using £50,000 of virtual money without worring about the trial ending. As the demo account can be used for the long term, it’s an excellent way to test your trading strategies over time.
FXCM Demo Account Management
Does the FXCM demo account trial end?
The FXCM demo account expires after 30 days of inactivity. This means the account can be used for an unlimited amount of time, but if you ever stop using it for longer than thirty consecutive days, it will become disabled.
FXCM Demo Account FAQs
Does FXCM have a demo account?
An FXCM demo account is available. This account is free and easy to open. You can use the demo account for an unlimited period.
How do I open an FXCM demo account?
You will need a valid email address to open a demo account. You will also need to set your own password.
About the Author
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.