Main Features of the Eightcap Demo Account
All traders may register for the Eightcap demo account, but they must first apply for a live trading account without funding it. Eightcap relies on the MT4/MT5 trading platforms to create demo accounts, which offers traders flexibility in setting the preferred demo account balance and leverage. By default, Eightcap limits demo accounts to 30 days, but traders may contact customer support to request an extension.
The main features of the Eightcap demo account are:
- Allows beginner traders to evaluate the Eightcap trading environment (for which 30 days suffices)
- Tweaking and comparing strategies, catering to seasoned traders
- Evaluating signal providers, necessary for copy traders
- Testing and bug-fixing trading solutions, essential for algorithmic traders
Since many traders require significantly more time than the default 30 days, they should ensure that Eightcap grants them unlimited access to one Eightcap demo account rather than opening new ones.
Eightcap Demo Account Overview at a Glance
Eightcap Demo Account
Availability of an Eightcap demo account
Eightcap demo account duration
30 days by default (Eightcap grants extension via customer support requests)
Eightcap demo platforms
Eightcap demo account options
Flexible as supported by MT4/MT5
Algorithmic trading (EAs) enabled
Yes (Eightcap fully supports algorithmic trading)
Eightcap demo account balance
Flexible as supported by MT4/MT5 with a $3,000 minimum
Number of Eightcap demo accounts
How to Open an Eightcap Demo Account: Step-by-Step Procedure
Traders can open an Eightcap demo account in a few steps, which includes downloading the MT4/MT5 trading platform. There is no dedicated demo account registration form, meaning traders must open an Eightcap trading account but do not have to fund it.
Our step-by-step guide below will show you how to create your Eightcap demo account, and with the final step, you will be able to log into your Eightcap demo account.
Here is how you access your Eightcap demo account:
- Go to the Eightcap website and click the green “Create Account” button.
- Applicants must provide their country of residence, name, e-mail, desired password, and a valid mobile phone number to complete the account registration.
- Eightcap will send a verification e-mail, and clicking it grants traders access to the back office. Traders will receive a second welcome e-mail, which includes login details for their new trading account.
- Download the MT4/MT5 trading platform and launch it.
- Click on “File” in the top menu bar and select “Open an Account.”
- From the pop-up, select “Eightcap-Demo” as the trading server and click “Next” (should the Eightcap server not appear in the pop-up, you can click on “Scan”)
- Select “New demo account” from the next pop-up and click “Next.”
- Fill out the details, select your demo account balance and leverage, then click “Next.”
- A final pop-up shows you the login details. Write them down (keep them in a secure place) and finish the Eightcap demo account opening process by clicking “Finish.”
- Traders should use the account type, base currency, leverage, and demo account balance they plan for live trading
How to Use the Eightcap Demo Account
The Eightcap demo account has four primary uses.
- Beginner traders can experience the Eightcap trading environment and the functionality of the MT4/MT5 trading platforms. They may also explore the thousands of third-party plugins, upgrades, custom indicators, and EAs.
- Experienced traders can use demo accounts to tweak existing strategies, test new ones, and experiment with settings to fine-tune their approach.
- Copy traders can evaluate signal providers before committing capital to follow recommendations in live portfolios. Some signal providers manage demo accounts to attract live capital and earn passive income.
- Algorithmic traders require demo accounts to test and bug-fix trading solutions, which can take months or years for companies with ongoing development and for traders who create EAs. While Eightcap automatically limits demo accounts to 30 days, it grants extensions via customer support requests.
While Eightcap has no restrictions on opening demo accounts, the trading history, which is essential to evaluate strategies, is lost once the 30-day period expires unless Eightcap grants an extension. Therefore, traders should inquire about this specific circumstance before using the Eightcap demo account.
Differences Between Live and Demo Accounts with Eightcap
While the Eightcap demo account provides essential benefits, traders should be aware of its limitations and understand the differences between live and demo trading. Crucially, the lack of exposure to trading psychology remains the primary difference.
It may sound inconsequential, but mastering trading psychology separates profitable traders from the up to 90% of traders who take losses. Additional aspects the Eightcap demo account cannot simulate include slippage, profits, and losses due to the lack of actual trading.
Beginner traders must consider the limitations of demo trading, which can result in misplaced confidence and a false sense of security or accomplishment. Sufficient and ongoing evidence confirms countless traders managing a demo account well fail once they go live.
The transition is hard to manage, as demo traders never experience the psychological impact of trading and have never placed a trade in live markets. No simulation can offer exposure to this aspect of successful trading, which only comes with experience and time in live trading conditions.
For example, it’s far easier to wait out a paper loss in a demo account than it is when trading real capital.
How to Best Use Your Eightcap Demo Account
The tips below on how to best to use your Eightcap demo account, an essential tool if used for its intended purposes, should help traders achieve the most beneficial outcome.
Forex traders may consider the following tips when using their Eightcap demo account:
- Use a demo account balance and leverage similar to your planned live accounts
- Avoid replenishing the demo account balance
- Use lot sizes as you would in your live account
- Execute risk management
- Use your demo account daily and attempt to treat it as a live account as much as possible
- Consider the limitations of demo accounts, like the absence of trading psychology
- Evaluate copy traders or EAs for several months, and compare metrics before narrowing down which ones to follow in your live account or which ones to purchase
Pros & Cons of the Eightcap Demo Account
Before registering for the free Eightcap demo account, traders must consider the pros and cons of the Eightcap demo account and understand its limitations to use it properly.
The pros of the Eightcap demo account are:
- Simple registration process
- Customizable settings for the demo account balance and leverage
- Supports algorithmic trading
- Ideal for evaluating copy trading signal providers and EAs
- Unlimited demo accounts per trader
The cons of the Eightcap demo account are:
- Time limited to 30 days by default, which requires permission for an extension
- Lack of exposure to trading psychology
- False sense of security and accomplishment
- Promotes reckless trading, unrealistic expectations, and a wrong mentality
Eightcap Demo Account Bottom Line
The Eightcap demo account offers traders the flexibility they may initially require evaluating, test, tweak, and bug-fix their trading strategies, signal providers, and algorithmic trading solutions.
While Eightcap limits its usage to 30 days by default, traders may ask for an extension. Beginners must consider the limitation of the Eightcap demo account, especially the absence of exposure to trading psychology. Traders should always use settings as close to their planned live trading environment as possible to get the most beneficial trade data.
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