Every new trader or investor in the financial market knows that using a demo account to learn the financial market‘s nitty-gritty is a no-brainer. A demo account is operated by an online broker, which gives you an enabling platform to trade different financial Instruments from one spot.
An online broker that is like a game-changer in the industry is NAGA Markets. If you have not heard of NAGA Markets before, you can read through the Naga Markets Review to understand the kind of services they offer their clients. In the review, you will also learn the different Naga Markets Account Types so that you can choose an account that is suitable for your investment portfolio.
Today, we will hold you by the hands and walk you through the NAGA Markets Demo account. We will cover the step-by-step process of opening a NAGA Markets demo account, the demo account features and restrictions, and dive into the demo account management. In short, you will learn everything about the NAGA Markets demo account.
Table of contents
Naga Markets Demo Account Opening Tutorial
As a new trader aspiring to become a profitable trader, the need to familiarize yourself with a demo account cannot be overemphasized. With a demo account, you can easily avoid unnecessary mistakes when you start using a live account.
Therefore, here in this piece, we will guide how to open a demo account on the NAGA Markets trading platform in a step-by-step pattern.
But before we dive into the process of opening a demo account, let’s quickly do a rundown of the documents or information that are required to open the account. Since it is a demo account, they need very little information. Some of the information required is:
A working email address
A valid phone number
Whenever you develop the trading confidence to use real money, you would need to provide the following information to open a live account:
Proof of identity (preferably a traveling passport)
Step 1 – Getting Started With Your Naga Markets Demo Account
The first step is to visit the official website of NAGA Markets. Once you arrive at their homepage, navigate to the sign-up button. You will find the sign up button in the top right corner.
Step 2 – Complete the registration form
The next step is to complete the account registration form with your correct details. The information required from you is your full name, username, email, password, phone number, country of residence.
Then choose the regulation and review your application. If everything looks good, you can submit the application form. Your demo account should be ready in a few seconds.
Step 3 – Confirm the account via email/telephone
The next step is to verify your account before you start using it. To do that, check your inbox for a confirmation email. Click on theverification link, and the account would be ready for use.
When you are ready to upgrade the account to a live account, check the top right corner of the account for the upgrade button.
Step 4 – First login into the demo account
Your demo account is now ready to start trading for virtual profits. However, before you start trading, log in to your demo account to familiarize yourself with the account features via the NAGA Markets web trading platform.
Step 5 – Choosing Your Naga Markets Demo Account Platform
The demo account comes with different trading terminals, including MT4, MT5, NAGA Web App, as well as NAGA iOS or Android App. Feel free to choose any of the trading terminals.
You can try each of them to determine which one would be suitable for you when you switch to a live account. Bear in mind that the NAGA Markets demo account has almost the same features like the live account, only that both earnings and losses will be virtual.
Naga Markets Demo Account Review
You now have a demo account; it’s time to show you the demo account features and restrictions and explain the advantages of using a demo account as a beginner.
What Types of Naga Markets Demo Account are Available?
NAGA Markets only offers a standard account. This online broker also offers a professional account, but it is still a standard account with unlocked features, but keep in mind that the demo account is aimed mostly to beginners.
If you want to know how to make the best out of your demo account then you should read our best forex demo account article.
Naga Markets Demo Account Features, Restrictions, and Differences with Live Account
The following are some of the features of the NAGA Markets demo account:
The demo and live account operate under the same real-time market conditions. This means if you lose money using certain trading strategies with a demo account, you are also likely to lose money if you were trading with a live account.
The demo account is exclusively for practice purposes and to build your trading confidence. As such, only virtual funds are used.
Another major feature of a demo account is that there are no risks against you, unlike using a live account.
Naga Trader Offer
It will be closed after 3 months of inactivity
No minimum deposit
Conversion fee may be applied
Advantages of Trading with a Naga Markets Demo Account
So why do expert traders usually recommend a demo account for beginners? There are so many benefits of starting your trading career with a demo account.
Let’s quickly take a look at a few of them:
As we mentioned earlier, using a demo account does not risk losing real money against you. In fact, you will trade in a live trading environment, and you are free to make mistakes.
If your demo account is unlimited, you can practice and build your trading skills and strategies as often as you want. Nobody would dictate the pace for you.
Using a demo account would expose you to a wide range of trading tools and their functionalities. You can set up the tools to help you trade on auto-pilot.
Naga Markets Demo Account Management
This section will cover everything relating to the demo account management.
What’s The NAGA Markets Demo Account Expiry Time?
The NAGA Markets demo account doesn’t have an expiry time; it is unlimited. However, you must verify the account within 14 days from the date you created the account; otherwise, the team behind NAGA Markets will close the account.
How To Reactivate The NAGA Markets Demo Account
Once the team closes your account, you would need to reach out to them for account reactivation. In most cases, account reactivation is related to verification.
You can see that it is very simple to open a NAGA Markets demo account. All you need is a valid email address and a phone number. If you wish to upgrade the account to a live account, you would be required to provide proof of identity and address. For your demo account to be functional, you must verify the account via the link that would be sent to your email.
Lastly, if your demo account becomes inactive, do not hesitate to reach out to the NAGA Markets customer support team for reactivation.
NAGA Markets Demo Account FAQ
How do I open a demo trade account?
Visit the Naga Markets’ website, provide the info required, login into the trading platform, and you’re ready to go
How does the NAGA demo account work?
A demo account is a simulated environment of a real live trading account which is usually offered to beginners to trade in a risk-free environment. The Naga demo trial is unlimited.
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