MultiBank Demo Account Reviewed - Updated [year]

Our MultiBank demo account review offers tips on how traders can get the most out of the MultiBank demo account trading experience and tips to avoid common shortfalls.

Main Features of the MultiBank Demo Account

Traders can open a MultiBank demo account on the MT4/MT5 trading platforms or via the proprietary MultiBank alternatives. Beginners can learn how to use the trading platforms, seasoned traders will find it useful to evaluate the MultiBank trading conditions, copy traders can evaluate signal their providers, and algorithmic traders can run execution tests and bug-fix their trading solutions.

MultiBank Demo Account Overview at a Glance

How to Open a MultiBank Demo Account: Step-by-Step Procedure

With our step-by-step guide below, you will log into your MultiBank demo account as the final step in the process.

Here is how you open your MultiBank demo account:

1. Regrettably, the new website lacks a direct demo account registration. Traders can however type “MultiBank demo account” in their preferred search engine and follow the link.
2. The MultiBank demo registration form asks for a name, e-mail address, desired password, and valid phone number.
3. MultiBank will send a six-digit OTP code.
4. Clicking “Submit” completes the registration process.
5. MultiBank will send an e-mail with the account login details.
6. Traders can now log into the MultiBank Dashboard, download their trading platform, or use the web-based platform and trade their MultiBank demo account.

How to Use the MultiBank Demo Account

Using the MultiBank demo account is straightforward once traders have registered.

Here is how to use the MultiBank demo account:

1. Log into the MultiBank Dashboard.
2. Download your preferred trading platform.
3. Customize your MultiBank demo account settings.
4. Log into your MultiBank demo account with the credentials provided by MultiBank.

Differences Between Live and Demo Accounts with MultiBank

While MultiBank attempts to offer live trading conditions in its MultiBank demo account, traders will never fully experience the reality of live trading this way. They should understand that no simulation will expose them to the many aspects to master for successful trading.

The primary differences between live and demo accounts are:

• No true trading psychology exposure, which separates up to 90% of unprofitable retail traders from the profitable ones.
• No slippage, requotes, or other features of dealing on actual liquidity and remember profits, and losses are fictional, 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 Best Use Your MultiBank Demo Account

Our tips below will help traders experience the most beneficial MultiBank demo trading experience.

Tips on using the MultiBank demo account:

• Customize your MultiBank demo account settings to reflect your planned live portfolio size as closely as possible.
• Consider the absence of trading psychology and how it may impact trading results when actual funds are at stake in your decision making.
• Learn how to use risk management tools and understand the relationship with leverage and risk.
• Treat your MultiBank demo account as if it were a real money account.
• Trade lot sizes based on your expected live deposits.
• Evaluate your strategy, tweak it, assess new ones, gather trade data, and compare performance vs the time needed to manage trading effectively.

Pros & Cons of the MultiBank Demo Account

Traders should consider the pros and cons of the MultiBank demo account to ensure proper usage and awareness of mistakes and common demo traps. Demo trading itself can yield a false sense of accomplishment as the pressure is far less. Therefore, beginners should approach it cautiously and realistically.

The pros of the MultiBank demo account are:

• Fast online registration process with minimal data collection
• No time restrictions
• Adjustable MultiBank demo account balance

The cons of the MultiBank demo account are:

• Lack of exposure to trading psychology
• False sense of security and accomplishment
• May promote reckless trading, unrealistic expectations, and a poor trading mentality.

MultiBank Demo Account Bottom Line

The MultiBank demo account for MT4/MT5 allows traders to customize the settings to reflect their planned live portfolios as closely as possible. There is no expiry on the MultiBank demo account if traders use it.

While the MultiBank demo account attempts to simulate trading conditions like live accounts, it cannot simulate trading psychology and its effect on traders. Education is the key first step for new traders, with a distinct focus on trading psychology followed by risk management strategies and their relationship to leverage. Beginners can then incorporate them into their MultiBank demo trading experience.

Read more on MultiBank in our up-to-date broker review.

FAQs

Is a Forex demo account free?

Yes, a Forex demo account is always free, but some brokers have time restrictions. The MultiBank demo account is unrestricted.

What is the minimum deposit for MultiBank FX?

The minimum MultiBank deposit is $50.

Is MultiBank a legit broker?

Yes, MultiBank is an established and secure broker with regulatory licenses in 11+ jurisdictions and 25+ global offices.

By DailyForex.com Team

The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.