IG Markets Demo Account: Opening & Key Information (2023)
The following article covers every aspect regarding the IG Markets demo account and its top-areas.
We have taken a close look at the features on offer by IG Markets on their demo account, as well as the account opening process.
Main features of the IG Markets demo account:
- It’s unlimited
- It’s totally free
- Easy to open
- All live account markets and assets available
- Wide range of platforms to try
|IG Markets demo account||Characteristics|
|Demo platforms||MT4, ProRealTime, L2 Dealer, Proprietary WebTrader, Mobile App|
|Virtual money amount||$10.000|
Visit IG Markets (70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether can afford to take the high risk of losing your money.)
IG Markets demo account opening tutorial: step by step procedure
IG Markets is a broker with great demo account features. In this section we are going to explain how to open one with a step-by-step guide.
Step 1: Visit the IG Markets’ website
IG Markets has several variations of its website to cater to different jurisdictions. If you notice any variation between this guide and the IG Markets website, it’s due to regional differences. However, you should be able to follow this guide in most cases.
Visit the broker’s website (70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether can afford to take the high risk of losing your money.) and select your region. This can be done by scrolling down until you find the small flag on the left side of the broker’s website footer.
From here, click on the button to open a demo account.
Step 2: Fill the registration form
You’ll be asked to fill in the registration form to open a demo account. As mentioned, limited information will be required. Here’s what you’ll be asked to enter:
- Username and password
- First name and last name
- Country of residence
- Main contact number
- Valid email address
Step 3: Verify your profile
Once you submit the demo account registration form, you will get an email with your account details. You might have to verify your email address before logging in to the account. You might also get a call from the IG Markets customer support to guide you through this process.
Step 4: Customize the demo account
IG Markets offers a wide range of trading platforms to cater to different needs and preferences. The available platforms are the IG Markets Webtrader, IG Markets Mobile app, MetaTrader 4, IG Markets L2 Dealer, and IG Markets ProRealTime Platform.
If you want to open a demo with any of these platforms, click on the ‘trading platforms’ button in the top menu bar, then click ‘compare platforms’. From here you can view all platforms IG offers and navigate to dedicated pages for each one. Each platform page will provide options to create demo accounts; all you have to do is click on the ‘create demo account’ button.
If you choose the MT4 platform, the broker will send you the MetaTrader login details to your email.
Step 5: Login into the demo account
Use the login details provided to start using your demo account. IG Markets’ demo doesn’t have a time limit so you can take your time to trade and learn.
IG Markets’ demo account features
At IG Markets, it is a very simple account opening process. A phone number and email address is all you need. The account duration is unlimited and you can open as many demo accounts you wish.
There are more than 17,000 tradable CFD markets and $10,000 of virtual money is available. MT4, ProRealTime, L2 Dealer, Proprietary WebTrader, and the Mobile App are all provided as trading platforms. Tools to speed up learning are also offered such as educational tools including video tutorials and articles.
Differences between live and demo IG Markets accounts
As nine separate regulatory bodies regulate IG Markets, you will have access to different accounts depending on your region or according to the regulated entity you choose to trade with. The demo trading account options which might be available to you are:
- IG Trading Account
- IG Limited risk account
- IG Spread Betting account
- IG Options trading account
- IG Turbo24 Trading account
- IG Share Dealing account
The IG Markets demo accounts do not expire, meaning the user can keep practicing without having a time limit. Regarding live accounts, you will be charged an $18 fee after 24 months of inactivity.
The major difference between a live and demo is Slippage. Slippage is the price difference between the order price you request and the actual order’s execution price because price can change very fast when trading through a live account. For this reason, your order can be executed at a different price compared to when you opened the order.
How to switch to a live account
When switching to a live account, your demo account won’t expire. 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 (utility bill or bank statement). Depending on the country, IG can ask you to fill out a questionnaire about your trading knowledge. As soon as IG completes the verification of the account, you can fund it. The IG Markets minimum deposit depends on your location.
How to best use your IG Markets demo account
Here are a few tips on getting the most from your IG Markets demo account.
- Set up your demo account as you would set up a real account with platform, 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, so you won’t get involved in avoidable bigger risks
- Practice daily
- Study and integrate knowledge by using the educational tools provided by IG
Pros and cons of the IG Markets demo account
- Wide range of account types offered as demo accounts
- Easy to open
- You may have to manually select the right website
About The Author