There was a time when today’s Forex successful traders began their "career" with trading on demo-accounts. Demo account is a unique opportunity to try your hand at the currency market without risking any real money. However, while for some traders a demo-account has advantageous consequences, for others it has only devastating ones. The truth is that if traders use a demo account for a very long time, they lose the sense of reality as well as the feelings inherent in all traders trading with real money. Thus, demo account should be used moderately.
Demo-account is a unique tool for both beginners and experienced traders. It is strongly recommended to start trading at the Forex market using a demo account. It will not take much time to open a demo account. During the registration process, you just need to enter your personal information. And the most important thing is that a Forex demo account is a free account. A Forex demo account is not only about learning the basics of the currency market, but also about an opportunity to become a good strategist and to evaluate the quality of broker’s services whom you have chosen to trade with.
Using a demo account, you will learn how to trade via trading terminal: you will learn how to buy and sell currency pairs and other financial instruments, place orders, use technical analysis indicators, and draw trend lines on the charts.
Opening a demo account with RoboForex is very simple. It will only take a few minutes. To open a demo account you need to:
You can register a demo account not only on the website, but also in your Live Account. Learn more about a Forex demo account and demo account registration process in "Trading Accounts / Open a Forex Demo Account" section of our website.
Once you have performed the steps above, launch the online forex trading terminal and log in with your username (login) and password. The news feed and quotes will be downloaded onto the trading terminal automatically. This data will be sent to you in real time, but be aware the data will be displayed in the trading terminal only on Forex business days. Many beginners do not know about it and start writing to brokers complaining their trading terminal does not work at the weekend.
From the technical point of view, there is no difference between a demo account and a real account. All the features and functions of a real account and a demo account are the same. Demo account uses the same trading platform, which includes tools for building graphical models and trend lines, technical analysis indicators, advisors and experts, which are completely identical to the features of a real account. As for demo account trading activities, they are the same as the real account trading activities. The only exception is that traders using a demo account trade with demo money, while traders using a real account trade with real money.
The main difference between a demo account and a real account is the psychological side of the trade. Trading your own money makes you worry much more than trading demo money that you have on your demo account. Trading on your demo account, you do not experience the same feelings and emotions like greed, excitement, fear as trading on a real account. Thus, experienced traders do not recommend beginners to linger long over a demo account since it will be very difficult for them to switch to a real trading account.
You choose when to stop trading on a demo account and switch to a real account. You will know when you possess the sufficient technical knowledge in Forex and can safely start trading. Do not forget that a demo account can improve your intuition, but not your spirit.
Demo account registration and usage are free of charge. Demo account is aimed at providing beginners with an excellent opportunity to learn more about the work of a currency trader and providing experienced traders with a great chance to test new strategies.
There are no restrictions on a number of demo accounts. You can open as many demo accounts as you want, but keep in mind that all demo accounts inactive for 90 days are automatically cancelled. The main reason for this is to reduce the load on the demo server by purging the database and providing active clients with stable work.