Are you eager to explore the world of forex trading but afraid of financial risks? Don’t worry, the ICMarkets Demo will be a powerful tool, allowing you to learn more deeply about the Forex market without having to worry about capital. Let’s join Learn Forex Trading to explore the potential of the Demo ICMarkets account through the article below!
Learn about what is an ICMarkets demo account.
ICMarkets Demo, also known as a virtual account of ICMarkets. This type of account is used to practice trading or test strategies to limit risks when trading in real life. Demo accounts are often used by traders who are just starting with the aspects of trading. But it is also preferred by professional traders because of certain conveniences.
Who can use the ICMarkets demo account?
A simulated trading account is provided such as ICMarkets Demo. It allows users to experience Forex trading without having to use real money. Anyone interested in investing in Forex ICMarkets can use a virtual account. This includes traders who are just starting to learn about the markets and experienced traders who want to experiment with trading strategies. Or anyone interested in the financial market on ICMarkets.
See more: Opening and verifying an ICMarkets account
Main features of the ICMarkets Forex demo account
Although ICMarkets Demo is only a type of simulator account, it still possesses all the features of a real account. This means that traders can trade with any instrument or asset type. Some of the most outstanding features of the Demo ICMarkets account that you can use are, for example:
- Order matching speed is fast.
- Unlimited trading with spreads from only 0.0 pips.
- Allows traders to use trading tools, technical analysis, and indicators in research activities.
- Bring traders to experience trading on popular platforms such as MT4 and MT5.
- Provides real-time data, allowing us to monitor price fluctuations and update the latest information on the market.
However, traders should note that Demo accounts are only replicating a real trading environment. Therefore, there will be differences that help traders distinguish them from real account types. Including dependence on liquidity, delays in valuation…
How to open a demo ICMarkets account in 3 steps
The ICMarkets Demo account brings investors many benefits. So, no matter what, you should still open a Demo ICMarkets account with the following 3 steps:
- Step 1: Visit the website of ICMarkets Forex exchange
Select “Try a Free Demo” to proceed with the registration
To be able to open a Demo ICMarkets account, you must first visit the official website of the exchange. In the menu bar at the top of the website, click “Try a Free Demo” to start registering for an account.
- Step 2: Fill out the ICMarkets Demo account registration form
Complete the ICMarkets Demo account registration according to the sample table
Here, you must fill in the information according to the request form from the ICMarkets Forex system. This includes data: full name, email address, phone number, and country of residence. Besides, traders need to agree with the Broker’s Policies and Terms. Finally, select “Submit” to move to the next step.
- Step 3: Customize Demo ICMarkets account
Customize Demo ICMarkets account characteristics
To complete the process, you need to customize the elements for your Demo account. Specifically: account type, currency, virtual amount, maximum leverage… and click “Proceed” after completion.
What should you keep in mind when using an ICMarkets demo account?
To be able to use the ICMarkets Demo account most safely and effectively. You need to understand some useful information about how to best use the demo ICMarkets account, including:
- Traders should set up a virtual account similar to a real account on Forex ICMarkets. For example, options for platform, leverage, currency, balance, account type… This helps to recreate a trading environment with conditions most similar to reality.
- If traders do not intend to trade large amounts of money, they should not open large positions.
- Use the ICMarkets Demo as if it were a real account. Thanks to that, you can practice the necessary skills when you start real trading.
- Traders should conduct regular research and at the same time use the rich educational programs provided by ICMarkets to improve their knowledge and professional capacity.
See more: How to register ICMarkets broker account
What are the pros and cons of an ICMarkets demo account?
In addition to how to use it, you need to clearly understand the advantages and disadvantages of the ICMarkets Demo account to make transactions more safely and effectively.
What are the advantages of opening a demo account on ICMarkets?
Some outstanding advantages when opening a demo ICMarkets account are:
- Demo accounts allow traders to trade in a virtual environment with 0 USD capital, and 0 risk.
- Through experiments, traders can learn and practice trading skills.
- With the feature of providing real market data, the ICMarkets Demo account also helps traders access the real environment more easily.
- Demo accounts provide an ideal environment for you to test trading strategies without betting real money. Thereby, you can test their effectiveness and adjust them until you find the strategy that best suits you.
Some disadvantages of the ICMarkets Forex Trial version
account
Here are some disadvantages of ICMarkets Forex virtual accounts:
- Traders cannot feel the psychological factors caused by trading with virtual currencies. This affects traders’ trading decisions when switching to a real account.
- Using ICMarkets Demo does not produce actual profits. Even though the transaction is successful, that amount cannot be withdrawn or used for other purposes.
- Demo accounts do not reflect the real trading environment due to the omission of several factors such as trading conditions, and order execution… This can affect the effectiveness of the strategy when trading in the trading environment. real.
summary
Above is all the information related to the topicICMarkets Demo. Hopefully, those shares of Learn Forex Trading will partly help readers better understand what is ICMarkets virtual accounts as well as how to use virtual accounts effectively. Besides, we also have many other articles on issues such as icmarkets copy trade, and ICMarkets MT4… waiting for you to explore. So, always follow Self-study forex to update more useful knowledge.
FAQs:
Does the ICMarkets Demo have an expiry date?
ICMarkets Forex exchange offers free virtual accounts for traders. This account will have a usage limit after 30 days. During those 30 days, you can use all available features to practice and test your campaign.
How to open a Trial version ICMarkets account?
To open a Demo account, you need to visit the exchange website and follow the 3 steps above of Self-Teach Forex.
What are the risks of trading on ICMarkets virtual accounts?
Trading with an ICMarkets Demo account is completely risk-free. However, some limiting factors can influence a trader’s decision to switch to real trading.
