FXOpen Demo Account
How to set up a FXOpen Demo Account – Step by Step
To register for, and set up a demo account with FXOpen, traders can follow these steps:
- Traders can navigate to the FXOpen website and will first have to register on the website itself before being able to open a demo account.
- To register, the trader will have to provide their email address. Next, they can opt to have a password automatically generated, or they can deselect the ‘Generate Password’ box to enter a password of their own choosing.
- As soon as the trader has entered the required information and made the necessary selections, ‘Submit’ can be clicked.
- The trader will be directed to a new page that will provide them with their e-Wallet ID and PIN code, after viewing this information, the trader can click on the ‘Login’ banner.
- The trader will be directed to their Client Portal and a pop-up window will provide them with the option of verifying their email immediately, or at a later stage. After selecting, the trader can navigate to ‘Add Account’ from the top bar.
- Various account options will appear in the dropdown and the trader can navigate to ‘Demo’ and choose between ‘Demo ECN’, ‘Demo STP’, and ‘Demo Crypto’.
- After choosing which demo account the trader wants to open, they will be redirected to a new page with the ‘Demo Account Opening Form’ which will require that they select their account currency, leverage, and initial balance.
- Once the necessary selections have been made, the trader can click ‘Next’. A new page will open, and the trader will be provided with all the relevant information pertaining to their new demo account.
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 the opportunity to explore what FXOpen has to offer.
FXOpen Demo Account Features
FXOpen demo account mimics a live account perfectly to allow traders to experience trading in a risk free environment. While using the demo account, traders have access to all the financial instruments provided along with live quotes.
The demo account that FXOpen provides can be accessed and managed by downloading the trading platform that forms part of the FXOpen offering, which in this case is MetaTrader 4, MetaTrader 5 or the FXOpen mobile app.
Alternatively, traders can also access their demo account through the Web Trader.
Through the trading platform, traders will not only have access to their FXOpen demo account and through which they can practice trading or use the demo account to test trading strategies by making use of technical indicators, tools and more.
Pros and Cons
|1. Demo account sign up fully digital||1. None noted|
|2. Different demo accounts offered for ECN, STP and Crypto accounts|
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 FXOpen offer a demo account?
Can I convert my demo account to a live trading account with FXOpen?
Which live trading accounts does FXOpen offer?
- Micro Account – Minimum deposit of $1, zero commissions, floating spread and leverage up to 1:500.
- STP Trading Account – Minimum deposit from $10, zero commissions, floating spread depending on the buy/sell orders available in FXOpen ECN, leverage up to 1:500.
- ECN Account – minimum deposit of $100, commissions from $1.5 standard lot at a volume of $100k, floating spreads form 0.0 pips, leverage up to 1:500.
- Crypto Trading Account – Minimum deposit from $10, 0.5% half turn commissions which will be shown right after opening a trade, floating spreads, and leverage of 1:3.
- Crypto 10 Trading Account – Minimum deposit from $10, 0.25% half turn commissions which will be shown right after opening a trade, spreads from 0 pips and leverage of 1:10.
What are the available deposit currencies for a live trading account?
Base deposit currencies including USD, EUR, GBP, AUD, CHF, JPY, and RUB
The deposit currencies available will depend on the payment method used, other deposit currencies also include: