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As you visit the HotForex broker platform for the first time, the first thing you will notice is the HotForex demo account! This demo account is available for all the new traders who are stepping into the Forex market to learn the art of trading.
HotForex is a well-known trading platform where it offers a free demo account of $100,000. The use of a demo account is unlimited, with which a trader can experience some real market conditions. What else can you have? Let’s get into the discussion below:
What are the perks of using HotForex?
- Low trading fees
- Supportive for the new traders
- Excellent trading conditions
Importance of creating a HotForex demo account
It is already evident from the name that the demo account is about using something for free or for testing. HotForex demo account will teach you about some basic trading rules and strategies for a successful trading journey.
Plus, it even allows you to create more than two demo accounts. A demo account, a trader, can also predict the forthcoming market conditions or currency pairs that are about to happen in a real trading market.
If your demo account expires, don’t worry; create a new one without a second delay.
How to open a HotForex demo account? A beginner tutorial guide
- To open the HotForex demo account, click the demo button available in the upper right corner of the website page.
- As you will open the demo account page, a registration form will appear in front of you. Enter all your details required in the form, i.e., phone number, residence, name, or other details. A demo account is available in three options, including corporate, individual, or joint account.
- Being a new customer on the demo account, you will be assigned the account ID and a strong password for log-in.
- The broker will also allocate you with a separate HFMarketsSV-Demo Server specially designed for such accounts. In addition, it displays the list of all those domains or trading platforms you have to connect with your demo account for further processing.
Note: If you do not have an MT4/MT5 platform, you need to install one. With these trading platforms, you cannot work on a demo account.
What are the advantages of the HotForex demo account?
A few essential advantages of using a HotForex demo account are:
1. Sign-up is free
Signing up on a demo account is entirely free. You don’t have to pay a single penny. The primary purpose of a demo account is to inform the trader about basic trading rules and strategies. Therefore, it is free to use.
2. Real-time trading conditions
With a demo account, a trader can step into real-time market conditions for a successful trading experience.
3. Excellent practice opportunity
With the HotForex demo account, you can start trading without any restrictions on the time limit. In addition, it allows you to open your account for the second time if the first account has expired.
With the demo account, you can investigate different trading conditions and see more about closing or opening positions in a Forex market. Although you will use this platform regularly, it will help you learn what Forex is all about.
4. Unlimited use of forex strategies
As this demo account is free to use, you can try unlimited trading strategies and methodologies for your assistance. In addition, you can often look for some new trading tactics and can test the profit rate to score high.
What are the drawbacks of using the HotForex demo account?
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1. Zero earnings
When we talk about the earnings, you cannot make any profits or earnings with the demo account. This is the biggest drawback. But it might be a more significant drawback if you are investing your real money. With a virtual amount, there is no need to panic.
2. Zero risk management
Secondly, the HotForex demo account has zero risk management which is another downfall of this platform. This risk management won’t prepare you or make you confident enough to bear the real risk which appears during a real live account.
Does the HotForex demo account charge any fees?
No fees or commissions are charged once you open a demo account. This account is completely running on virtual money, so charging a trader any fees is impossible.
But if you are creating a live trading account, you need to be ready to pay a specific amount as fees. Visit HotForex’s official account to have a complete guide on commissions, spreads, charges, and so on.
FAQs
1. How long can you use your HotForex demo account?
You can use a demo account for at least 90 days. Upon any inactivity, the account will expire. After the expiration, you can open another demo account if you feel so.
2. Can you trade on a demo account with real money?
Trading through a demo account does not involve real money. Instead, this whole process is an amount of virtual money with zero risk management.
3. What is the main difference between demo and live accounts?
One significant difference between demo and live accounts is the involvement of virtual and real money during trading. As a result, you don’t need to pay any charges, commission, or spreads as you open a demo account. But this scenario is the opposite while opening a live trading account.
4. Can you earn a profit through a demo account?
A trader cannot earn any profit through a demo account due to the availability of virtual money.
Bottom line
If you are not entirely ready to invest in a real Forex market, opening a demo account with HotForex is the best option.
A demo account allows you to use virtual money, which you won’t regret later on, even if you lose it in your trading journey. In addition, it will enable you to experience how the trading world works and what strategies you need to follow.
In short, with the HotForex demo trading account, a safe and friendly environment is provided for Forex trading. Are you ready to experience it?
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