FXCM Demo Account
In this article
To understand what FXCM is all about and how you can start trading on this platform, creating an FXCM demo account should be your priority.
A demo account is undoubtedly a golden opportunity for all the new traders to understand the rules of Forex trading and how to invest money to make huge profits. Almost all Forex brokers have a demo account which you can sign up free for creating your account.
Let’s dive into the discussion about the FXCM demo account and how to create a demo account in just a few seconds.
Two types of FXCM demo accounts
For some of the traders, CFDs are a complex trading instrument. Therefore, all the traders should leverage the demo account for a successful trading experience. On the other hand, the demo account of FXCM is all about enjoying risk-free trading without facing any real loss.
FXCM demo account is about sharpening your trading skills and preparing yourself to appear in the competitive trading market. Features of the demo account can vary accordingly based on the platform or trading option you will choose.
FXCM demo accounts are available in two different types which are:
1. FXCM MT4 Trading Demo Account
- Start trading at 0.01 lots
- Scale out your trade positions
- Trade any automated expert adviser (EA) like the scalping EA
2. FXCM Forex Trading Demo Account
- Open account with virtual money of $20,00
- 24/5 trading online
- Real-time buy & sell prices
Step by step guide in opening FXCM demo account
Opening an FXCM demo account is an excellent option for traders who are not experienced in trading and making high profits. Therefore, before opening a live trading account, using a demo account service is the best option.
To open a demo account with FXCM, you have to follow a few essential steps that we are discussing below with you. Have a look:
Step no 1: Stat your FXCM demo account by opening the website
Open the official website to get access to the demo account page for opening the account. Option of “open demo account” or “try demo account” will be available to proceed next.
Step no 2: Submit information for the account verification
To open the FXCM demo account, you have to provide them with some information for verification purposes. This includes your valid phone number and valid email address. For opening a live trading account in the future, separate documents will be required.
Some of the brokers do demand the driving license, bank statement, passport or residential details. So make sure you have all these documents ready by your side in advance.
Step no 3: Fill the account opening registration form
Fill the registration form by providing basic information or preferences. This includes the currency with which you want to start trading and your residential country.
Step no 4: Confirm your account via telephone/email
Once the form has been submitted, you will be notified through email about your account confirmation. In the email, you will also receive your account details.
Step no 5: Login into your demo account
It’s time to login into your demo account by entering all the login details. You need to enter your login number, your account password, and the server connection information.
Step No 6: Choose the FXCM demo account platform.
The last step is about selecting the platform for the FXCM demo account. Again, two types of platforms are available, which are MetaTrader 4 and the Trading Station.
The Trading Station platform has a different credential for opening a demo account. Therefore, if you are opening an account with Trading Station, you cannot use that login information on MetaTrader 4.
But if you are opening an account with the MT4 platform, you can use its credentials for both platforms.
Pros and cons of FXCM demo account
|Fast and easy account registration||Limited funds|
|Accessible via android app or web||Real trading conditions will differ|
|The trading environment is risk-free||Tighter spreads in the fast markets|
|Has all those basic features which you can find in a live account|
|Virtual money for testing and trading various tools|
How does the FXCM demo account help you in trading?
Undoubtedly, the FXCM demo account has such excellent benefits that a trader will be convinced to open a demo account.
FXCM demo account is entirely free to sign up and brilliantly replicate with the real market. It is often available with some obligations and risks too.
It allows you to trade online, five days a week, 24 hours a day, and can view with some real-time buy and sell prices. With the demo account, a trader can start trading Forex with £50,000 of the virtual money. So you don’t need to worry about the trial.
A demo account has no restrictions on using it and can be utilised for a long time. This is how a trader can understand the basic strategies of trading and making high investments.
FAQs about FXCM demo account
1. Is FXCM a reliable broker?
FXCM is a reliable broker for forex trading, which is regulated by the UK Financial Conduct Authority and few more jurisdictions of operation.
2. How do a demo and live trading accounts differ from one another?
Compared to the live trading account, you can start trading with the stimulated money and start making virtual profits with the demo account.
3. Is it possible to withdraw money from your FXCM demo account?
You won’t trade real money in your demo account, so earning any profit or making any withdrawal is not possible.
4. Is it free to sign up with an FXCM demo account?
To create an FXCM demo account, you can sign up for free.
So this was the end of the discussion about the FXCM demo account for beginners planning to step into the trading market very soon. A demo account has an ideal interface for traders to start the basics of trading and perform risk-free profit.
Hence, the FXCM demo account has a forex trading environment that is risk-free and friendly to conduct at any hour of the day. So, create your FXCM demo account right now and start trading to make some money out.
Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 13+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.
Forex Content Writer | Market Analyst