IC Markets Demo Account: Opening & Key Information (2023)

IC Markets provide their traders one of the best demo accounts to trade free-risk and try out the features offered by the broker.

The InvestinGoal review team has done exactly that. We have reviewed the IC Markets demo account in detail to provide the best insight possible.

Main features of the IC Markets demo account:

• It’s unlimited
• It’s totally free
• Easy to open
• All live account markets and assets available
• You can install EAs
• MT4, MT5 and cTrader platforms

Round-up

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IC Markets demo account opening tutorial: step by step procedure

The IC Markets paper trading account is free to open, and in this section of the article we will explain how to open one step-by-step.

Step 1: Visit the IC Markets’ website

In order to open your IC Markets’ demo account you have to visit their official website first.

When you look at the front page of the website, the very first thing that you will see is that there is the ability to either start trading live money, or to try a free demo account. Click on the “try a free demo” button to start the process.

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Step 2: Fill the registration form

Complete the registration form with your personal details such as your first and last name, email address, phone number and the country of residence. You also have to agree to the Terms and Conditions of the broker.

Step 3: Customize the demo account

You can choose between cTrader, MetaTrader 4, and MetaTrader 5. You have the ability to open a demo account with any of these platforms. The next step requires you to choose the characteristics of your demo account. These include:

• The account type, which includes the IC Markets’ true ECN and Standard accounts
• The account currency, which decides the currency of your virtual funds. Choose the currency of your country of residence for improving the trading simulation. If you cannot find it, USD is the most common choice for most traders.
• The amount of virtual funds, which start from $200 to $5’000’000. Choose the amount you are most likely willing to deposit in order to learn if the trading strategies you are planning to follow are compatible with your budget.
• The desired maximum leverage, which ranges from 1:1 to 1:500 depending on your country of residence.

Step 4: Login into the demo account

In order to connect to MetaTrader or cTrader broker’s servers, you require specific login details. Once you have chosen the trading platform and the demo account is opened, these will be sent to you via email.

IC Markets’s demo account features

Opening a demo with IC Markets is an easy process to go through. A phone number and an email address is all you need.

The demo account has an unlimited duration and up to 20 demo accounts can be opened. To open a new account, just click on the “Accounts” button in your client area.

There are more than 2,000 tradable markets and a customizable amount of virtual money available. MT4, MT5, and cTrader platforms are all available as well as tools to speed up learning including educational materials like video tutorials, articles and courses.

Differences between live and demo IC Markets accounts

All the live accounts are available as a demo including Raw Spread and Standard Accounts.

Another aspect that should be considered is that unlike live accounts there is no slippage on a demo platform. Slippage is when the difference between the bid and ask price fluctuates rapidly, and you don’t get the exact price you are looking for. This happens in extraordinarily volatile markets.

IC Markets demo accounts are unlimited, but also with live accounts you won’t get charged an inactivity fee.

How to switch to a live account

When switching to a live account, the demo won’t expire but will still be available for you to use. 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 (utility bill or bank statement).

Depending on the country, IC Markets may ask you to fill a questionnaire about your trading knowledge. When your account is verified, you can proceed to making a deposit. IC Markets does not require a minimum deposit.

How to best use your IC Markets demo account

Here is some useful information on how to best utilize your IC Markets demo account.

• Set up demo account as you would set up a real account with IC with the platform, leverage, currency, 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
• Practice daily, study and use the rich educational section provided by the broker

Pros and cons of the IC Markets demo account

Pros

• Wide range of trading platforms
• Unlimited demo account
• Highly customizable

Cons

• The registration process may be confusing for some

To learn more, read our IC Markets review.