LCG Demo Account
How to set up a Demo Account – Step by Step
To register for, and set up a LCD demo account, traders can follow these steps:
- Navigate to the LCG website and click on the ‘Open Demo Account’ banner on the homepage.
- After clicking on the banner, the trader will be redirected to a new page which contains an online application.
- The trader must provide their title, First and Last name, country of residence, mobile phone number, email address and lastly, the trader must select a password.
- After completing the required fields, the traders can click on the banner above the ‘Submit’ banner to choose their base currency, trading platform and account type. Traders should note that the demo account is solely based on the Classic Account.
- When the trader is done with the necessary selections, ‘Submit’ can be clicked and a new page will load informing the trader that a verification email has been sent to the address they provided.
- As soon as the trader has verified their email address by clicking on the link in the email, the trader will be redirected to the LCG Client Portal where they will receive their trading account number.
- The trader will receive another email with the download link to their trading platform for download and installation.
- Once the trader has installed the trading platform, the trader can use their credentials that they have received, and password they selected, to log into their demo account from the trading platform.
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 LCG has to offer.
LCG Demo Account Features
The LCG demo account features will depend on the trading platform that the trader uses, whether MetaTrader 4 or LCG Trader, in conjunction with the demo account.
In other words, the demo account features can be accessed through the trading platform and will depend on LCG’s 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 LCG demo account.
Pros and Cons
|1. Demo account sign up fully digital||1. None noted|
|2. Sign up is quick and hassle-free|
|3. Metatrader 4 and LCG Trader are reliable, user-friendly trading platforms|
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 LCG offer a demo account?
Can I convert my demo account to a live trading account with LCG?
Which live trading accounts does LCG offer?
- Classic Account – no minimum deposit required, leverage of up to 1:30 for EU traders and up to 1:500 for all others, spreads that start from 1.45 on EUR/USD, and commissions are not charged.
- ECN Account – required minimum account balance of $10,000 to be maintained at all times, spreads from 0.0 pips and $45 commissions per $1,000,000 traded, leverage depends on the financial instrument and jurisdiction.
What are the available deposit currencies for a live trading account?