HFM demo account: opening, features and duration (2024)
The HFM demo account is a practice trading platform provided with virtual funds by the HFM brokerage, designed to simulate real-world trading conditions without the risk of losing real money.
This article is going to detail a step-by-step guide on how to open an HFM demo account, what you can do with it, and how long you can trade with HFM virtual funds.
The main features of the HFM demo account are listed below:
- Unlimited
- Easy to open
- Free to open
- All live account markets and assets available
- You can install EAs
- Up to $100,000 virtual balance to invest
HFM demo account opening tutorial: step by step procedure
Here is our step-by-step guide on using your HFM demo account.
Step 1: Visit the HFM’s website
To open a HFM demo account you have to visit the broker’s website and click ‘Demo’.
HFM is regulated by multiple different regulatory bodies, so, depending on your residency, the broker will redirect you to the correct HFM branch.
For instance, if you are based in the European Union, the broker will redirect you to the CySEC regulated branch. The homepage layout may be slightly different depending on the branch. However, you will always be able to find the option to open a demo account.
Visit HFM
(70.51% of retail CFD accounts lose money)
Step 2: Fill the registration form
You will be given 2 options: open the demo as a new client and open the demo as an existing client. We’ll follow the new client opening process.
The HFM demo account registration form is slightly longer than the standard as it requires to enter more information than other brokers. HFM here requires you to enter your basic personal information such as Name, Surname, Email Address, Phone Number together with your country of residence, and date of birth.
Step 3: Verify your profile
After the registration form you will be required to click on the activation link which will generate the information needed to log into the HFM dashboard.
Go to your email account inbox and click on the link provided by HFM, you will be redirected to your trading account dashboard.
Step 4: Customize the demo account
Once you have reached your account dashboard, choose the option to open a demo account from the taskbar “My Accounts”. From here, you can set the features of your demo account including currency and leverage.
Step 5: Login into the demo account
Once the account is ready, HFM will provide a download link to the MetaTrader platform which is necessary to start trading with the specific login details.
HFM’s demo account features
Opening a demo account with HFM is a very simple process. You need to provide a valid phone number and email account.
There are more than 140 tradable markets and up to $100.000 of virtual money is available. You can choose between the MT4 and the MT5 platform, as well as a mobile proprietary mobile platform.
There are also tools to speed up learning such as training courses videos. HFM also offers a copy trading service which can let you copy the trades of more expert traders.
How long does HFM’s demo account last?
The HFM demo account is unlimited.
However, HFM may close it after 29 days of no login or trading activity. If this happens, you can still create a new HFM demo account through your personal account area.
The HFM demo account main features and characteristics are detailed in the table below:
HFM demo account | Characteristics |
---|---|
Demo available | Yes |
Trial duration | Unlimited |
Demo platforms | MT4, MT5, Mobile Proprietary Platform |
Virtual money amount | Up to $100.000 |
Customizable features | Yes |
Visit HFM
(70.51% of retail CFD accounts lose money)
Differences between live and demo HFM accounts
With HFM you can usually select between all of the available account types when choosing your demo account.
This selection will only differ depending upon your regulatory area, with the options available through CySEC and FCA being slightly different from what you can access through world markets.
As with other demo accounts offered by other brokers, the major difference is slippage. This can sometimes occur during busy or volatile market periods of live trading, meaning it cannot be simulated through a demo account.
The demo account offered by HFM is unlimited, meaning it won’t be closed by the broker’s system after a few days of trial.
Regarding live accounts, the broker charges a $5 fee per month starting after 6 months of inactivity.
How to switch to a live account
When switching to a live account, you will still be able to trade through your demo account.
To open a live account you will need to upload proof of your identity (Passport, ID, or Driver’s License) and proof of your residence (Bill utility or bank statement) in order for the broker to verify your account.
Depending on the country, HFM may ask you to fill a questionnaire about your trading knowledge and more. As soon as HFM allows the verification of the account, you can fund it. Generally HFM’s minimum deposit is $0.
How to best use your HFM demo account
Here are a few tips on how to get the best out of your HFM demo account.
- Set up the HF demo account as you would set up a real account with platform, leverage, balance and account type
- Do not open large positions if you are not planning to trade with large amounts of money
- Treat money as if it were real, just like you’re in an live trading environment
- Practice daily
- Use the range of educational tools offered by HFM
Pros and cons of the HFM demo account
Pros:
- Unlimited
- Wide range of trading platforms
Cons:
- Offering is location dependent
To find out more about HFM’s characteristics, features, pros and cons and opinions, check out our “HFM review“.
About The Author