The following content is going to show you a step-by-step detailed guide on how to open a FXCM demo account and its features.
Our team of industry experts has reviewed the FXCM demo account to offer a guide to setting the account up and utilising it in the best way possible.
The main features of the FXCM demo account include
- Multiple demo accounts can be opened
- Totally free of charge
- Easy to open
- $50,000 virtual trading fund
- All live account markets and assets available
Table of Content
|FXCM demo account||Characteristics|
|Demo platforms||Proprietary platform|
|Virtual money amount||$50,000|
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FXCM demo account opening tutorial: step by step procedure
Here is our step-by-step guide on opening an FXCM demo account.
Step 1: Visit the website of FXCM
First, head over to the FXCM homepage (71% of retail CFD accounts lose money) and click ‘open demo account’.
Step 2: Fill the registration form
Next, you’ll need to fill out a registration form by adding some information and preferences, such as your email address and your country of residence.
Step 3: Verify your profile
Once you have submitted the form, you will receive an email to confirm the account has been created and deliver your account details.
Another way you can do this is to wait for the details to pop up on the same page as the registration form and then simply click ‘Launch Web Platform’. Remember to save your login details.
Otherwise, just wait for an email from the broker which should look something like the image below.
Within this email, you will find your personal login details. Directly from the email, you can just click the “Launch Platform” button.
Step 4: 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.
Following that, the FXCM webtrader and this initial screen will be displayed as you see in the below picture.
You can also open an MT4 demo account as this platform is also offered by the broker. To do this, simply open the platform page on the broker’s website, click ‘Free Practise Account’ and follow the steps.
FXCM demo account features
Here are some of the key FXCM demo account features we have found which can be helpful in making your demo account choice.
The FXCM demo account is both very high quality and simple to open requiring only an email address. The account duration is unlimited and multiple demo accounts can be opened with the same email address.
There are more than 100 tradable markets and $50,000 of virtual money to trade with. Trading Station and MT4 are all available to trade with and there is an excellent range of educational tools like forex guides for beginners.
Differences between live and demo FXCM accounts
This is the difference between the order price you requested and the actual order’s execution price. Since prices change very fast, your order can be executed at a different price than the one you requested.
This does not happen with a demo account as all funds are virtual. There is a small possibility of slippage occurring on a live account.
The FXCM demo account also expires after 30 days of inactivity. Although the account can be used for an unlimited time, you need to ensure you perform some activity at least once every 30 days. On a live account, an inactivity fee of $50 is charged after 12 months of inactivity.
How to switch to a live account
It is important to note that you won’t lose your demo account when switching to a live account.
Verification is required to open a live account. This means you will need to upload proof of your identity (Passport, ID, or Driver’s Licence) and proof of your residence (Bill utility or bank statement). Depending on your country of residence it may also be necessary to complete a form about your trading knowledge and experience.
After FXCM verifies your account you can make a deposit. The FXCM minimum deposit is $50 for non-EU and UK clients.
How to best use your FXCM demo account
Here are a few key tips on how you can get the most out of your FXCM demo account.
- Do not open large positions if you are not planning to trade with large amounts of money
- Treat the account as if it were real and trade cautiously
- Practice daily
- Use and learn about the FXCM tools at your disposal
Pros and cons of the FXCM demo account
- Demo account is unlimited
- It will expire if inactive for 30 consecutive days
To learn more, read our FXCM review.
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