Forex brokers provide clients with training and support. A demo account is a useful tool that helps to develop and hone trading skills.
Forex Demo Trading Account
The global currency market offers a viable opportunity to gain profit. However, success in the exchange requires solid trading skills and knowledge of the trends. Practice makes perfect, and experience takes time. However, reliable brokers like FXTM allows clients to train in a risk-free mode before dealing with actual money. Here are the basics of opening and using the ForexTime Demo Account in the UK.
Choice of Software
Forex trading is impossible without reliable software products. Today, there is a range of programs on the market. Two of the top picks are MetaTrader 4 and 5. Although the platforms have been around for quite a while, their wide functionality and clear interface are still praised by currency experts. Once a demo account is registered, the features of the software may be unlocked in the training mode.
Training is essential for any prospective trader. Although Forex is not quantum physics, you need a certain level of knowledge to navigate the finance trends. No investment brings absolutely guaranteed returns. In the realm of currency exchange, the result depends on your own competence. Thus, take your time and use the demo mode to the fullest.
The platforms may be found on your broker’s website. For example, both versions of the MetaTrader are offered by FXTM for free. While the fourth one is focused on currencies, the successor opens access to stocks, commodities, and Contracts for Difference (CFDs). The platform works with all popular operating systems, and it has decent mobile versions available in the Google Play Store and App Store.
How to Open an Account
The procedure includes several simple steps. Before signing up, make sure the broker you have chosen is legit. Due to the worldwide popularity of Forex, some websites you see could be scams. It is vital to check that the company is officially licenced to operate in the United Kingdom, so it is subject to strict local regulation.
To register, you need to fill in a simple form on the provider’s website. Since demo accounts serve training purposes only, little information is required. Usually, it takes a few minutes. Just specify your name with basic contact details, and — voilà! — the login and password land in your inbox. Now you can run the platform and use your Account ID and main password for access.
Unless the software prompts you to do it automatically, you should open the File tab and use the ‘Log in to Trade Account’ option. Once the process is over, all the features will be available. Meanwhile, details of your active account will be displayed in the Navigator window. The latter is found on the left-hand side of the screen.
Working in the Demo Mode
Remember that real trading engages real money. The longer you practice in the safe mode, the better your skills. Feel free to play around with the platform functions, opening positions, adjusting “Take Profit” and “Stop Loss” values, and exploring the graphic aids.
Most newbies start with MetaTrader 4. Despite being the earlier version, it is still perfect for trainees and currency traders. Later, when you have grasped the basics of currency exchange, you may be willing to make the switch. MetaTrader 5 is best suited for users with diversified portfolios.
Do not disregard the importance of market knowledge. As the activity carries a certain degree of risk, the experience is key. Take time to comprehend the nature of profit generation. Switching to a live account makes sense when you are absolutely ready to trade with your own money.
