Main Features of the FXTM Demo Account
Demo accounts remain straightforward and usually rely on the integrated MT4/MT5 trading platform demo services, mimicking live trading conditions except for slippage and exposure to trading psychology. Quality brokers also provide a set-up process in their back-office, featuring a cleaner user interface, and FXTM is no exception.
What sets the FXTM demo account apart from many competitors is that it does not restrict the usage to a trial period, like 21 or 30 days, which is the industry standard. FXTM offers experienced traders the tools to advance their algorithmic solutions and test strategies, which can take months or years, and does not pressure traders to convert to a live account.
FXTM Demo Account Overview at a Glance
FXTM Demo Account
FXTM demo account duration
Unlimited (FXTM does not list a time restriction like some brokers)
FXTM demo platforms
FXTM demo account options
Micro, Advantage, Advantage Plus, and their swap-free alternatives
Algorithmic trading (EAs) enabled
FXTM demo account balance
Customizable from within the MT4/MT5 trading platforms or the FXTM back office
Number of FXTM demo accounts
How to Open an FXTM Demo Account: A Step-by-Step Procedure
Opening an FXTM demo account is a hassle-free step and takes just a few seconds, as outlined in our step-by-step procedure below. Follow it, and with the final step, you will have your FXTM demo account ready for testing.
Here is how to open your FXTM demo account:
1. Visit the FTXM website and read the introduction to the FXTM demo account.
2. Fill out the short application form, which only requires your name, country of residence, valid mobile phone number, e-mail, and desired password.
3. Verify your account application by requesting the PIN, which FXTM sends to your e-mail or mobile phone, depending on your preference.
4. Enter the PIN and click on Register Now, which grants you access to the FXTM back office.
5. Customize your FXTM demo account by selecting your desired account type, base currency, leverage, and demo account balance.
6. Download the trading platform and enter the FXTM demo account details provided by FXTM, usually via e-mail.
- Use the same account type, base currency, leverage, and demo account balance that you plan to eventually use in live trading with real money.
How to Use the FXTM Demo Account
The FXTM demo account provides algorithmic traders with a necessary tool, as bug-fixing is an ongoing task when developing software. Since FXTM does not restrict the usage of its demo account, it maintains an excellent support infrastructure complementing its cutting-edge trading environment.
Seasoned traders can also rely on the FXTM demo account to test strategies, adjust parameters, compare performance, and fine-tune their approach to Forex trading. FXTM allows unlimited demo accounts, allowing strategy testers to operate various portfolios simultaneously and compare metrics.
Copy trading continues to regain its lost popularity, and some services allow copiers to follow strategies in demo accounts. They also allow signal providers to use demo accounts as model portfolios but mark them as demo accounts, informing copy traders that the manager does not have actual capital in the portfolio.
Many resources hail a demo account as a simulation tool, which creates the demo trap and results in avoidable trading losses. While a demo account mirrors the trading platform and functionality of live trading accounts, it lacks exposure to trading psychology and can create unrealistic trading expectations. The FXTM Micro account, available from a minimum deposit of only $10, provides beginners with a quality option to learn Forex trading while risking a relatively small amount of real money.
Differences Between Live and Demo FXTM Accounts
The FXTM demo account functions similarly to live trading accounts. The most notable differences are the lack of exposure to trading psychology, the inability to gain real trading experience, and the absence of trading profits or losses. While the differences appear minor on paper, they form the core that can separate success from failure.
Therefore, the FXTM demo accounts, available for all three FXTM account types, are excellent tools for bug-fixing and testing strategies. Beginners should consider the FXTM Micro account as an educational resource and view trading losses as the price of their Forex education.
Demo trading can create a false sense of security and overconfidence, as evident by countless beginners who manage a demo account successfully for several months and fail once they switch to live trading accounts. This happens because demo traders never face the psychological impact of trading and never risk real money.
How to Best Use Your FXTM Demo Account
Using the FXTM demo account for its intended purposes provides traders with an essential tool. Below are tips on how to best use your FXTM demo account. Any demo account is best used as an educational tool and for testing platforms and brokers.
Forex traders should consider the following tips about using their FXTM demo account:
- Select the account type, base currency, leverage, and demo account balance that you plan for live trading.
- Use lot sizes according to the account balance, and avoid replenishing the demo account balance, possible with a few clicks from the back office.
- Execute risk management.
- Evaluate the EAs or copy traders you plan on using for several months and compare metrics.
- Consider the limitations of demo accounts, like their absence of trading psychology.
- Understand that no trades take place and that a demo account is an educational tool and not a full simulation of a live account.
- Use the demo account daily, as a period of 30 days of inactivity will result in deletion of it and total loss of trading data.
Pros and Cons of the FXTM Demo Account
Before opening an FXTM demo account, traders should consider the pros and cons, which helps them understand what they will get.
The pros of the FXTM demo account:
- No time limit if traders use it
- Unlimited demo accounts
- Fully customizable
- Algorithmic trading allowed
- Available for all account types and trading platforms
- Easy to register
The cons of the FXTM demo account:
- Beginners can mistake it for a simulation tool
- Lack of exposure to trading psychology
- False sense of security and accomplishment
- May promote reckless trading, unrealistic expectations, and a wrong mentality
The FXTM demo account offers seasoned traders an excellent tool for bug-fixing algorithmic trading solutions, testing EAs, and different strategy settings. FXTM lists no time limit, offering traders a necessary opportunity that supports its cutting-edge trading infrastructure.
Beginner traders should understand that the absence of trading psychology, trade placement, and exposure to profits or losses negates the simulation value, making any demo account primarily valuable as an educational and testing tool. They could consider making at least a small deposit into the FXTM Micro account, available for $10, for more authentic Forex trading practice.
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