Our CMC Markets demo account review provides all the information traders need to understand what it is, how to get it, and how it differs from live trading. Read on to find out how you can benefit the most from your CMC Markets demo account. Feel free to visit our in-depth CMC Markets broker review.
CMC Markets Demo Account Features
The CMC Markets demo account is a vital tool for beginners, seasoned traders, copy traders, and algorithmic traders to test, tweak, compare, evaluate, and bug-fix trading strategies and solutions.
CMC Markets Demo Account Overview at a Glance
CMC Markets Demo Account | Features |
|---|---|
Availability | Yes |
Account duration | Unlimited (equity CFDs limited to 30 days) |
Demo platforms | MT4, CMC Markets proprietary trading platform |
Account options | Trading platform dependent |
Algorithmic trading (EAs) enabled. | Yes (MT4) |
CMC Markets Demo account balance | $10,000 |
Number of CMC Markets demo accounts | One of each trading account and trading platform type |
How to Open a CMC Markets Demo Account: Step-by-Step Procedure
Follow our step-by-step guide below, and you will log into your CMC Markets demo account with the final step.
Here is how you open your CMC Markets demo account:
1. Go to the CMC Markets website, and click “Open a Demo Account” in the middle of the homepage.
2. Enter a valid e-mail address and desired password and select your desired trading platform. You can then choose your trading account types, where the availability depends on your geographic location.
3. Enter the six-digit code CMC Markets e-mails, and you can start using your CMC Markets demo account. The default balance is $10,000, and you can replenish it via the “Payments” menu. The CMC Markets demo account is unlimited for Forex traders, but equity CFDs expire after 30 days.
How to Use the CMC Markets Demo Account
Our below tips will allow traders to get the most from their CMC Markets demo trading experience.
Tips for using the CMC Markets demo account:
- Use demo account settings similar to what you plan for a live deposit.
- Consider the demo account limitations, like the absence of trading psychology.
- Execute risk management identical to live accounts.
- Trade lot sizes suitable for your portfolio balance.
- Use your demo account daily.
- Do not replenish your demo account balance.
- Tweak and test strategies, gather trade data and compare performances.
- Test EAs for several months, which can work for short periods before accumulating losses, before buying and deploying them.
- Before committing capital to any signal providers, compare their performances and metrics for a few months using the CMC Markets demo account.
Differences between Live and Demo Accounts with CMC Markets
Traders should understand that no simulation can offer exposure to the necessary aspects of successful trading, most notably the psychological effect of risking real funds.
The primary differences between live and demo accounts are:
- Demo trading lacks exposure to trading psychology, which separates up to 90% of unprofitable retail traders from profitable ones.
- Demo trading cannot simulate slippage, profits, and losses, as no actual trading occurs.
Noteworthy:
- The relationship between trading psychology and how it influences trading often results in profitable demo trading followed by immediate losses in live portfolios.
Pros and Cons of the CMC Markets Demo Account
Traders should consider the pros and cons of the CMC Markets demo account to use it properly and avoid its shortfalls.
The pros of the CMC Markets demo account are:
- Swift registration process
- Choice of trading platforms and accounts
- Availability of trading instruments
- Algorithmic trading enabled.
- Ideal to evaluate copy traders and signal providers.
- No time restrictions (Forex only)
The cons of the CMC Markets demo account are:
- No account settings flexibility
- Lack of exposure to trading psychology
- False sense of security and accomplishment
- May promotes reckless trading, unrealistic expectations, and a wrong mentality.
CMC Markets Demo Account Bottom Line
The CMC Markets demo account offers many benefits if properly used and allows beginners to familiarize themselves with the CMC Markets trading conditions, but it has a relatively high $10,000 default balance. Traders should also consider its limitations, like the absence of exposure to trading psychology. The default CMC Markets demo balance is $10,000. The CMC Markets demo account has a high $10,000 default balance and lacks customization options. Therefore, it is good but not the best. No, the CMC Markets demo account is free. Customer support will help traders close their CMC Markets demo account. Traders can open a CMC Markets demo account via a swift online application. A CMC Markets demo account is available.FAQs
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