Yes, Charter Prime Demo Account offers a free demo trading account for beginner traders to train on. The Demo account interface is ideal for traders who wants to learn to trade without incurring any trading risks or losses. Charter Prime Demo Account practice forex trading in 100% risk-free environment.
How to set up a CharterPrime Demo Account – Step by Step
To register for, and set up a demo account with CharterPrime, traders can follow these steps:
- Navigate to the CharterPrime website and click on the ‘Register’ banner.
- Traders will first have to register with CharterPrime before they can access the demo account, thus a full registration is required.
- Traders will be redirected to an online application form that they have to complete.
- Traders will have to choose their username and password in addition to providing their email address, Last name, Middle Name (if applicable) and First name along with Date of Birth, Nationality, Contact number and Language.
- Next, the trader will have to provide their Personal Address, complete the Career Background & Trader Experience section along with uploading their proof of ID and proof of residence before applying.
- As soon as the information and documents have been reviewed and approved, the trader will be notified, and they can log into the CharterPrime Client Portal.
Trading can be a very intimidating task for beginners without prior knowledge, skill, or experience in trading and through the provision of demo accounts, brokers provide a comprehensive and risk-free environment for beginner traders.
A demo account is often referred to as a practice account due to it providing traders with the ability and freedom to explore the broker’s offering without running the risk of incurring losses through the provision of virtual money with which to practice trading.
Beginner traders can use demo accounts to familiarize themselves with a live trading environment, where they can build up their trading skills by actively participating in trades and develop their own trading strategies.
Demo accounts are not merely intended only for beginners, but it provides more advanced traders with the opportunity to explore what CharterPrime has to offer.
CharterPrime Demo Account Features
The CharterPrime demo account features will depend on the trading platform that the trader uses, whether MetaTrader 4 in conjunction with the demo account.
In other words, the demo account features can be accessed through the trading platform and will depend on CharterPrime offering with regards to asset classes, financial instruments, spreads, leverage, and so on.
To gain access to the demo account, the trader has to download the trading platform to either of the following:
- Desktop – MS Windows, Linux, or Mac OS
- Mobile – Android smartphone or tablet, iOS iPhone, or iPad
Should the trader wish to use the Web Trader for either trading platform, access will be provided from the download page for each trading platform, respectively.
As soon as the trader has downloaded their trading platform, they can use the login details provided on the account verification page to log into the trading platform and they will have access to their CharterPrime demo account.
Pros and Cons
|1. Registration on CharterPrime website fully digital||1. Demo account not standalone, full registration needed to access demo account|
|2. Mimics a live account accurately and efficiently|
|3. Access to all functions and features as with a live account|
|4. Adequate amount of virtual money provided|
What is the difference between a demo and live trading account?
A demo account provides the trader with a practice account that can be used to practice trading in a risk-free environment.
Demo accounts are often suited for beginners who need to build up experience with trading as well as advanced traders who would like to test their trading strategies and explore the offering of a broker before registering a live account.
Does CharterPrime offer a demo account?
CharterPrime offers a demo account, but to gain access to it, you will first have to complete a full registration that requires the submission of proof of identity and residence.
Can I convert my demo account to a live trading account with CharterPrime?
This process should be fairly swift as CharterPrime will already have all your information and necessary documents to convert the account to a live trading account.
Which live trading accounts does CharterPrime offer?
- Variable Account – which offers a trading environment void of commissions along with a fluctuating market spread.
- ECN Account – offering traders with razor-sharp spreads as low as 0 pips depending on the financial instrument traded, but for every standard lot on all trades, there is a fixed commission fee of US Dollar 8.
- Islamic Account – which is a Swap-Free Account offered to Muslim traders following the Sharia Law. There are no overnight fees on this account but there is a US Dollar 40 charge per lot as a carry fee on Wednesday.
What are the available deposit currencies for a live trading account?
CharterPrime offers the following deposit currencies as account base currency. Funds transferred in any other currency will be subjected to automatic conversions.
- AUD, and more.