A demo account is essential for beginners to seasoned traders and from algorithmic to copy trading strategies, but only if used as intended. For additional up-to-date information, please read our Forex.com broker review.
Our detailed Forex.com demo account review provides a step-by-step guide on how to open it, offers tips on its best use to get the most benefits from it, and covers the differences between the Forex.com demo account to live accounts, including its pros and cons. Read on to find out if the Forex.com demo account caters to the needs of demo traders and if Forex.com understands the purpose of having a demo account.
Forex.com Demo Account Opening: Step-by-Step Procedure
Opening a Forex.com demo account is straightforward and takes less than 30 seconds. Follow our step-by-step guide below, and you will log into your Forex.com demo account with the last step.
Here is how you open your Forex.com demo account:
1. Go to the Forex.com website and click on the green “Test Drive with Demo” button near the middle of the homepage.
2. A pop-up requests traders to fill out their country of residence, name, phone, and e-mail. Clicking the green “Submit” button completes the Forex.com demo account registration. Forex.com will send a confirmation e-mail with a username and password. While the FAQ section lists a 30-day limit, the pop-up states 90 days, but either case is insufficient.
3. Traders can now use the login credentials to access their Forex.com demo account on the web-based trading platform. The default demo account balance is $10,000. Forex.com mentions MT4/MT5 demo accounts, which traders can request, and customer support can assist if necessary.
Noteworthy:
- The demo account starting balance cannot be customized – it is always $10,000.
- MT4/MT5 Forex.com demo accounts expire after 30 days without an option to renew.
- Advanced Trading Platform Forex.com demo accounts have a 90-day time limit.
How to Use the Forex.com Demo Account
Traders can evaluate the trading conditions at Forex.com, and beginners can familiarize themselves with the trading platforms in the Forex.com demo account. The 30-day to 90-day time limits suffice for either objective.
Our below tips will help traders achieve the most from their demo trading opportunities at Forex.com.
Tips on using the Forex.com demo account:
- Consider the demo account limitations, like the absence of trading psychology and the time restrictions with the Forex.com demo account.
- Despite the high Forex.com demo account default balance, trade lot sizes suitable to your planned live portfolio balance.
- Execute risk management identical to live accounts and test various settings.
- Use your Forex.com demo account daily and treat your demo account as a live account as much as possible.
- Familiarize yourself with the functionality and differences between the trading platforms.
Forex.com Demo Account Features
The Forex.com demo account attempts to simulate live trading conditions as closely as possible in a risk-free environment with virtual money. This cannot replicate exposure to trading psychology or slippage, as no actual trading occurs. It is helpful to be aware of these inherent limitations.
Forex.com limits the availability of MT4/MT5 demo accounts to 30 days and offers 90 days on the proprietary Advanced Trading Platform demo accounts. It does not grant an option to extend demo accounts, and revokes access after expiry. Traders may only open one demo account per e-mail address.
Forex.com Demo Account Overview at a Glance
Forex.com Demo Account | Features |
|---|---|
Availability of a Forex.com demo account | Yes |
Forex.com demo account duration | 30 days (MT4/MT5) / 90 days Advanced Trading Platform |
Forex.com demo platforms. | MT4, MT5, Advanced Trading Platform |
Forex.com demo account options. | None |
Algorithmic trading (EAs) enabled. | Yes |
Forex.com demo account balance. | $10,000 |
Number of Forex.com demo accounts. | One per e-mail |
Difference Between Live and Demo Forex.com Accounts
The most defining difference between the Forex.com demo and live accounts is the lack of exposure to trading psychology. Many traders and brokers, like Forex.com, dismiss this when discussing demo trading, and the difference appears minimal on paper, but it separates profitable traders from up to 90% unprofitable ones. Traders must also consider that while the Forex.com demo account attempts to simulate trading aspects, it cannot replicate slippage, profits, and losses due to the lack of actual trading.
Beginners must understand the relationship between trading psychology, how it influences trading, and the limitations of the Forex.com demo account. Countless traders achieve demo trading profitability followed by immediate losses in live portfolios. Beginners should understand that they have never faced live trading conditions in the Forex.com demo account, as no simulation can offer exposure to all the necessary aspects of successful trading.
Pros and Cons of the Forex.com Demo Account
Traders must consider the pros and cons of the Forex.com demo account before opening one. It ensures they know what they will get, how to use it properly, and avoid its shortfalls.
The pros of the Forex.com demo account are:
- Quick registration process
- Choice of trading platforms and accounts
- Availability of trading instruments
- Algorithmic trading enabled.
The cons of the Forex.com demo account are:
- 30-day time limit on MT4/MT5 demo accounts
- 90-day time limit on Advanced Trading Platform demo accounts
- Unable to extend demo periods.
- Access removed after expiry, depriving traders of the ability to retrieve relevant trade data.
- Copy traders have insufficient time to evaluate signal providers.
- High demo account balance of $10,000 which cannot be customized.
- Only one demo account per account type per e-mail address
- Requires phone number to register.
- Lack of exposure to trading psychology
- False sense of security and accomplishment
- May promotes reckless trading and unrealistic expectations.
Forex.com Demo Account Bottom Line
The Forex.com demo account allows traders to evaluate the trading conditions at Forex.com, while beginners can familiarize themselves with the trading platforms. Beginners should also consider the inherent limitations and shortfalls of a demo account, like the absence of exposure to trading psychology. After the Forex.com demo account expires, Forex.com revokes access and deprives traders of the ability to retrieve necessary trade data. The Forex.com demo account for the Advanced Trading Platform does not require a download, while MT4/MT5 traders can download the trading platform from the Forex.com back office. Forex.com e-mail the login credentials after the Fores.com demo account registration. Traders should treat the Forex.com demo account as a live account as much as possible. This includes applying risk management and trading lot sizes appropriate to the amount of the planned live deposit. The Forex.com demo account automatically expires after 30 days for MT4/MT4 and 90 days for Advanced Trading Platform demo accounts. Forex.com automatically deletes them after expiry, but traders can ask customer support to delete them before the relevant expiry date. The Forex.com website has an online registration form. It requires a phone number to access it. Yes, a free demo account is available at Forex.com.FAQs
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