How to set up a Demo Account – Step by Step
To register for, and set up a demo account with FINAM FOREX, traders can follow these steps:
- Navigate to the FINAM FOREX website and select the link ‘Demo account’ from the homepage.
- Traders will be redirected to a page where they will be provided with an online registration form on which they can sign up for a demo
- Traders are asked to complete the form by providing their surname, name and middle name, email address and telephone number. Traders must also agree to the processing of personal data and agree to receive information and advertising mailings from the broker.
- Once traders have submitted their details, they will receive an email at the address that they provided. The email will contain the trader’s demo account number, your login details and password, as well as a link to install the program.
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 developing 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 FINAM FOREX has to offer.
FINAM FOREX Demo Account Features
FINAM FOREX’s demo account mimics a live trading account. Traders have access to the same functions, features, and options that they normally would on a live trading account.
The only exception is that the demo account is risk-free as traders make use of virtual funds to conduct their trading. Due to this, traders cannot withdraw any profits which are made on the demo account.
With FINAM FOREX the demo account is funded with a balance of 500 000 RUB, and it can be used for as long as the trader needs it.
When making use of either MetaTrader4, QUIK, TRANSAQ, FinamTrade (in-house trading platform), or MetaTrader5, traders will have access to the various functions, tools, features, and more, which is offered by these trading platforms.
Pros and Cons
|Demo account sign-up fully digital||None|
|Sign-up completed in minutes|
|The demo account does not expire|
What is the difference between a demo and a live trading account?
A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.
A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.
Does FINAM FOREX offer a demo account?
For how long is the demo account valid?
It does not expire.
Which live trading accounts does FINAM FOREX offer?
FINAM FOREX only offers a standard live account.
What are the available deposit currencies for a live trading account?
RUB, EUR, and USD.