So, you are thinking of trading with Interactive Brokers?
They are one of the best around, and an excellent place to get a full lowdown is by checking out our Interactive Brokers review.
They also provide a top-quality, unlimited demo account. The Interactive Brokers demo account is our focus here with a full tutorial on how to open your account, and exactly what to expect from the demo account in operation.
Let’s take a closer look.
Interactive Brokers Demo Account Opening Tutorial
Here is a complete step-by-step look at how to get your IB demo account up and running.
Step 1 – Getting Started With Your Interactive Brokers Demo Account
A demo account, also known as a ‘Paper Account’ is an ideal place to get started whether you are new to a broker or to trading. With IB, simply head to the broker’s website to get started (74-89% of retail CFD accounts lose money). Once you are there you will find a “free trial” button at the top of the page. Once clicked, you will be taken to the demo account information page. Click “free trial” again here to move on to the next step.
Step 2 – Interactive Brokers Demo Account: What Documents/Information do you need?
Opening a demo account you will not need much information at all. Just enter your email address and a valid telephone number to get going. With a live account of course you will need a passport or ID, and a bank statement or utility bill to verify your account.
Step 3 – Fill in the Registration form
The next step is to complete the registration form. To do this, you will need to fill in your email address, name, choose a password, and select your country of residence. You will also choose your marketing preferences at this point.
Step 4 – Downloading and Logging into the TWS Platform
With your information entered and the registration form complete, on the next page, you will be able to download the TWS platform. The platform is available for Windows, Mac, and Linux.
When you have it installed, the TWS icon will be on your desktop. If you have any issues then a tutorial page will open that you can follow to finish downloading.
In the Login box that appears, click the link in the top right corner that says “No username? Try the demo” and enter your email address.
Step 5 – Choosing Your Interactive Brokers Demo Account Platform
Besides being able to choose the Desktop TWS, the full-featured trading platform, which you can download directly from the site, you can also choose the Client Portal, web trader trading app, and account management. You will not need to complete a download for these.
On mobile, you will have access to IBKR Mobile, available both for iOS and Android, and the IBKR APIs, a platform where you automate your trading or create your own custom trading solution using their own APIs.
Interactive Brokers Demo Account Review
With your demo account opening complete, here is a closer look at the key features and questions you may have about the account itself.
What Types of Interactive Brokers Demo Account are Available?
The free trial demo account offered is a margin account by default. You can learn more about this by reading our Interactive Brokers account types guide.
Interactive Brokers Demo Account Features, Restrictions and Differences with Live Account
The main difference between this demo account and a live account, as with any broker demo account, is that the funds traded are virtual and essentially without risk of real financial loss.
Another key difference is that slippage does not occur on a demo account, though it can happen at volatile or high-volume times on a live account.
Advantages of Trading with an Interactive Brokers Demo Account
A demo account with Interactive Brokers has several benefits. First off, you will be trading risk-free. You will have a large amount, $1,000,000 in virtual funds to try out trading and the broker features.
This gives you access to all trading tools and platforms. IB provides top-notch trading tools and platforms, so you’ll be trading within an excellent environment and have access to market data on all products too. When you are ready, you will then easily be able to transition to live trading.
IB is also one of the most highly-regulated brokers in the industry. They have top-tier regulations in place from several bodies including the FCA, ASIC, FSSC, and also SEC and CFTC in the USA.
Interactive Brokers Demo Account Management
Here are some points to consider that you may encounter during trading with your IB demo account.
Does the Interactive Brokers demo account trial end?
The demo account trial is fully unlimited. The only time the account may expire is if you have not used it in a very long time.
Interactive Brokers FAQs
Should Interactive Brokers be used as a beginner client?
No, Interactive Brokers is aimed at professional traders, while for beginners is not recommended
Is Interactive Brokers better than eToro?
IB and eToro are really good brokers. They both provide excellent offer of assets, low trading costs and they are highly-regulated broker choices.