Do you know the differences between Axi demo accounts and live accounts? Read our Axi demo account review and get tips on how to get the most from your Axi demo account trading experience.
Axi Demo Account Opening - Step by Step
The Axi demo account registration is almost identical to the live account alternative and asks for similar data. It grants access to the Axi dashboard, from where traders will manage all their Axi trading accounts. With our step-by-step guide below, you will log into your Axi demo account with the last step.
Here is how you open your Axi demo account:
- Go to the Axi website and click “Open account.”
- Submit your name, country of residence, phone number, and e-mail address, and click “Start your free demo.”
- Axi will send an e-mail with the account login details.
- Traders can now log into the Axi dashboard and download the MT4 trading platform.
Noteworthy:
- The default balance is $50,000, and Axi does not allow customization despite the existence of MT4 customization options.
- The Axi demo account expires after 30 days unless traders fund a live trading account.
Axi Demo Account Features
The Axi demo account is essential for beginners and seasoned traders. The former can learn how to use MT4, and the latter can assess and tweak strategies. Copy traders should use the unrestricted Axi demo account to evaluate and compare signal providers, while algorithmic traders can bug-fixing trading solutions.
Axi Demo Account Overview at a Glance
Axi Demo Account | Features |
|---|---|
Availability | Yes |
Account duration | 30 days (it becomes unrestricted after traders fund a live trading account) |
Demo platforms | MT4 |
Account options | None |
Algorithmic trading (EAs) enabled | Yes |
Account balance | $50,000 |
Number of Axi demo accounts | One |
Differences between Live and Demo Axi Accounts
Traders must understand that no simulation exposes them fully to the aspects of successful trading. Axi attempts to offer near-identical conditions in Axi demo accounts, including live price feeds, but traders will never experience live ones.
The primary differences between live and demo accounts are:
- No exposure to trading psychology, which separates up to 90% of unprofitable retail traders from profitable ones.
- No slippage, profits, and losses, as no actual trading occurs.
Noteworthy:
- The relationship between trading psychology and how it influences trading often results in immediate live portfolio losses after profitable demo trading.
How to Use the Axi Demo Account
Traders can experience the most beneficial Axi demo trading experience while avoiding shortfalls with the help of our tips.
Tips on using the Axi demo account:
- Ignore the $50,000 default Axi demo balance and execute a strategy based on your planned live portfolio deposit.
- Trade lot sizes based on your expected live deposit and try to treat your Axi demo account as if trading real money.
- Learn how to deploy risk management and experiment with settings.
- Use your Axi demo account daily and establish trading patterns.
- Evaluate your strategy, tweak it, test new ones, gather trade data, and compare performances.
- Consider inherent demo account limitations, especially the absence of trading psychology.
- Copy traders should evaluate and compare the performances of preferred signal providers for several months.
- Algorithmic traders should evaluate EAs over a few months, as most work for short periods before accumulating consistent losses
Pros and Cons of the Axi Demo Account
Traders should consider the pros and cons of the Axi demo account before opening one to ensure proper usage while avoiding mistakes. Beginner traders should approach demo trading cautiously, as it can create a false sense of accomplishment. Before using the Axi demo account, traders should start with education covering risk management strategies and trading psychology and incorporate those lessons as they use the Axi demo account.
The pros of the Axi demo account are:
- Fast online registration process with minimal data collection
- Algorithmic trading in the MT4 trading platform.
- Evaluation of copy traders and signal providers
The cons of the Axi demo account are:
- High Axi demo account balance of $50,000
- 30-day time limit unless traders fund a trading account
- Lack of exposure to trading psychology
- False sense of security and accomplishment
- May promote reckless trading, unrealistic expectations, and a wrong mentality.
Axi Demo Account Bottom Line
The Axi demo account comes with a default $50,000 account balance. It is excessive, as retail traders will usually deposit a fraction of that, which negates positive aspects of demo trading. Additionally, the Axi demo account has a 30-day time restriction unless traders fund a live portfolio.
Since most demo trading tasks take months or years to complete, including evaluating signal providers, bug-fixing algorithmic trading solutions, or testing and tweaking strategies, traders must fund a live account. They do not have to use it for twelve months, but the $10 monthly inactivity fee applies afterward.
For further information about Axi, you may read our Axi broker review. Traders should use their Axi demo account as they would their live portfolio. It includes trading lot sizes and using risk management according to their trading strategy. The $50,000 default Axi demo account balance makes this an additional challenge. The Axi demo account has a 30-day time limit, and Axi deletes them automatically unless traders fund a live Axi trading account. Alternatively, traders may contact customer support to ask for help deleting their Axi demo account. Traders can open the Axi demo account via the online application form. Yes, Axi offers a demo account with a $50,000 default balance.FAQs
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