So, you want to trade with HYCM. This is a great choice and one of the most trusted brokers around.
For all the in-depth details on the broker, you should check our HYCM review where we note all the important points of the broker. There you will see that a HYCM demo account is available. This is the case for all HYCM account types you want to open. There is a demo account for each.
Here we will take a closer look at this HYCM demo account and exactly what it has to offer along with an easy, step-by-step guide on how you can open one for yourself.
Let’s get straight into it.
HYCM Demo Account Opening Tutorial
Here is a closer look at exactly how to get started, step-by-step with your HYCM demo account.
Step 1 – Getting Started With Your HYCM Demo Account
Your very first stop on this journey should be to visit the HYCM homepage. Here you can click on the “Open An Account” button as shown in the picture below.
Later on in this process, you will then be directly asked if you want to create a demo account or not from your HYCM Dashboard.
Step 2 – HYCM Demo Account – What Documents/Information do you Need?
Next, you will need to provide some information to get your demo account open. Don’t worry though, this is very minimal information. All you will need here is a valid email address, and phone number.
Of course, should you want to open a live account, you will need a little more. You should have at least proof of your ID like a passport, and proof of your address like a bank statement to hand and ready to upload.
Step 3 – Fill in registration form
The next step in the HYCM demo account process is to complete a very simple registration form. This only needs your Full name, email address, and phone number as mentioned above.
You will also need to confirm your address and date of birth at this stage.
Step 4 – Confirm the account via email/telephone
Once you have done that and submitted the form, you will get a very quick email that confirms your account details. You can then access your demo account freely from the dashboard unless you would like to directly open a live account in which case you would proceed to upload documents.
Step 5 – First login into the demo account
You are now at the stage where you can log in to your HYCM demo account from the broker dashboard. All you need is the email and password you previously provided. This will allow you to create your demo account as you can see from below.
Step 6 – Choosing Your HYCM Demo Account Platform
There are a few settings you need to select when getting your account up and running. These include choosing the trading platform you want to try, the account type you would like to open as a demo account, and the base currency of your choice. You can see all of these options in the image below.
You are free to choose a demo account of the HYCM fixed, classic, or raw accounts, and you will have access to both MT4 and MT5 trading platforms as you would through a live account, in webtrader, and desktop format.
HYCM Demo Account Review
Now that you have successfully opened your HYCM demo account, let’s recap exactly what it can offer:
What Types of HYCM Demo Account are Available?
As mentioned above, you will be able to choose from a HYCM Fixed Account, HYCM Classic Account, and HYCM Raw Account when opening your demo account.
HYCM Demo Account Features, Restrictions and Differences with Live Account
The demo account is an excellent representation of what a live account has to offer. The aim is to replicate this experience so you can get a feel for and grow your knowledge of trading. The key difference is of course that a demo account uses virtual currency so it is risk-free.
The fact you can access $50,000 in virtual funds may not exactly replicate your budget either, but it makes for an effective learning destination. The other key difference is slippage. This can’t happen on a demo account, but it can occasionally occur in live trading.
Advantages of Trading with an HYCM Demo Account
- They are extremely well-trusted and highly regulated
- You have a chance to test out their trading platforms and features
- The HYCM Demo account will help you learn more about trading
- It can also help you hone your skills and test out trading strategy
- There is absolutely no risk or obligation
HYCM Demo Account Management
Does the HYCM Demo Account Expire?
Your HYCM demo account will stay open for 14 days. You can then open a new one if you wish.
If you are interested in other unlimited demo accounts, you can always see our best forex demo account selection for some of the best.
Is It possible to reset the HYCM Demo Account?
When it comes to resetting or restoring, it is not possible to restore and keep the same demo account after 14-days. You can though create another one as many times as you like. In this sense, we could say it is an unlimited demo account.
HYCM Demo account FAQs
How do I delete my HYCM account?
HYCM demo accounts will expire on their own after 14 days without further action. If you wish to delete your entire HYCM account then you should email customer support informing them and withdrawing any funds you might have.
How do you use HYCM?
Starting your trading journey with HYCM is easy enough. You simply have to register an account with the broker following the procedure above for a demo account if you want one. Once logged in you may launch your preferred trading platform and start trading on your demo account.