Understand what the HFM demo account is, how to get it, and how it differs from live trading by reading our HFM demo account review and our full HFM broker review. Read on to get the most beneficial demo trading experience at HFM.
HFM Demo Account Opening - Step by Step
Our step-by-step guide below will have you log into your HFM demo account with the final step.
Here is how you open your HFM demo account:
1. Go to the HFM website and click “Demo.”
2. Fill out the registration form, which grants access to myHF, the secure back office of HFM, from where traders can add demo accounts.
3. Inside myHF, click “Demo,” select your preferred demo account type, click “Select,” and follow the on-screen instructions. During the process, HFM will send a confirmation e-mail, which requires one-click activation, and one with the login details.
HFM Demo Account Features
The HFM demo account allows traders to test, tweak, compare, evaluate, and bug-fix trading strategies and solutions. Therefore, it is a vital tool for beginners, seasoned traders, copy traders, and algorithmic traders.
HFM Demo Account Overview at a Glance
HFM Demo Account | Features |
|---|---|
Availability | Yes |
Account duration | Unlimited |
Demo platforms | MT4, MT5 |
Account options | Customizable |
Algorithmic trading (EAs) enabled. | Yes |
HFM Demo account balance | Customizable |
Number of HFM demo accounts | Unlimited |
Differences between Live and Demo Accounts at HFM
While HFM aims to simulate live trading conditions in the HFM demo account, traders must understand that the simulation will not be fully accurate. Also, a demo account cannot expose traders to the true psychological stress of losing and winning real money.
The primary differences between live and demo accounts are:
- Exposure to trading psychology, which separates up to 90% of unprofitable retail traders from profitable ones, is unavailable in demo accounts
- No actual trading occurs in demo accounts, which fails to expose traders to slippage, profits, and losses
Noteworthy:
- The relationship between trading psychology and how it influences trading often results in profitable demo trading followed by immediate losses in live portfolios. Transitioning to a live account from a demo account is a significant psychological step for most people.
How to Use the HFM Demo Account
Use our below tips to get the most from your HFM demo trading experience.
Tips on using the HFM demo account:
- Use your demo account daily, and treat it like a live portfolio.
- Select demo account settings like leverage and demo account balance similar to planned live deposits.
- Never replenish your demo account balance to learn how to trade through losses.
- Execute risk management identical to live accounts and test various settings.
- Trade lot sizes suitable to your portfolio balance
- Test and tweak strategies, gather trade data, compare performances, and learn what works best under which conditions
- Test EAs for several months, as many may work for short periods before accumulating losses, before buying them
- Evaluate signal providers for a few months in the HFM demo account, and compare their performances and metrics before committing capital to strategies
- Consider the demo account limitations, like the absence of trading psychology.
Pros and Cons of the HFM Demo Account
Traders can use the HFM demo account properly and avoid its shortfalls by considering the pros and cons.
The pros of the HFM demo account are:
- Swift registration process
- No time restrictions
- Customizable demo account settings
- User-friendly back office for demo account management
- Choice of trading platforms and accounts
- Availability of trading instruments
- Algorithmic trading enabled.
- Ideal to evaluate copy traders and signal providers.
The cons of the HFM demo account are:
- Lack of exposure to trading psychology
- False sense of security and accomplishment
- Could promote reckless trading, unrealistic expectations, and a wrong mentality
Bottom Line
The customizable and unrestricted HFM demo account is ideal for beginners, seasoned traders, copy traders, and algorithmic traders, with swift management via myHF. Beginners should consider its limitations, like the absence of exposure to trading psychology. The myHF area has download links to the MT4/MT5 trading platforms. Traders must download their preferred trading platform and use the HFM demo account login credentials HFM e-mailed during the HFM demo account registration. Traders can best use the HFM demo account daily, using account settings like leverage and account balance similar to planned live deposits, and consider the limitations inherent to any demo account, primarily the lack of exposure to trading psychology. You can delete a demo account from myHF but should contact customer support to enquire how long HFM keeps data before the final deletion. New traders can open a demo account with HFM by registering for access to myHF, the secure back office of HFM, from where they can add and manage their demo accounts. Yes, HFM offers unlimited and customizable demo accounts on the MT4/MT5 trading platforms.FAQs
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