Learn how you can benefit from your IC Markets demo account with our IC Markets demo account review. This resource provides you with all the necessary information you need to understand what the IC Markets demo account is, how it works, how to open one, and how it differs from a real money account. Read our full IC Markets Review.
IC Markets Demo Account Opening: Step-by-Step
Follow our step-by-step guide below, and you will log into your IC Markets demo account with the final step. It takes about 30 seconds to open an IC Markets demo account. After the initial registration, traders can use the back office to add demo accounts, which remain active if traders use them once every 30 days.
Here is how you open an IC Markets demo account:
1. Click “Try a Free Demo” on the IC Markets homepage.
2. Enter your country of residence, name, valid e-mail, and phone number.
3. Configure your trading account using similar settings to your planned live portfolio. IC Markets will send a confirmation e-mail, and the back office will list the IC Markets demo account.
IC Markets Demo Account Features
Beginners, seasoned traders, copy traders, and algorithmic traders can all benefit from being able to test, tweak, compare, evaluate, and bug-fix trading strategies and solutions in the fully customizable IC Markets demo account environment.
IC Markets Demo Account Overview at a Glance:
IC Markets Demo Account | Features |
|---|---|
Availability | Yes |
Account duration | Unlimited |
Demo platforms | MT4, MT5, cTrader |
Account options | Customizable |
Algorithmic trading (EAs) enabled. | Yes |
IC Markets Demo account balance | Customizable |
Number of IC Markets demo accounts | Unlimited |
Differences Between Live and Demo Accounts with IC Markets
No simulation offers a complete exposure to all the necessary aspects of successful trading, and demo traders must realize this, especially if they have never faced live trading conditions that there is a difference.
The primary differences between live and demo accounts are:
- No exposure to trading psychology, which is an aspect that separates up to 90% of unprofitable retail traders from profitable ones.
- No slippage, requotes, profits, and losses, as no actual trading occurs.
Noteworthy:
- The impact of trading psychology often results in profitable demo trading followed by immediate losses in live portfolios as traders are often reluctant to accept a losing trade and hold on or add to losing positions.
How to Use the IC Markets Demo Account
Our below tips will allow traders to get the most from their IC Markets demo trading experience.
Tips on using the IC Markets demo account:
- Never replenish your demo account balance
- Consider demo account limitations, like the absence of the psychology of real risk.
- Use your demo account daily.
- Configure demo account settings similar to planned live trading.
- Trade lot sizes suitable for your portfolio balance
- Handle risk management as you would in a live account
- Compare performance and metrics of signal providers for a few months before committing capital.
- Tweak and test strategies in your IC Markets demo account, gather trade data, and compare performances.
- Test EAs for several months, as they may only work for short periods before buying and deploying them.
Pros and Cons of the IC Markets Demo Account
Knowing the pros and cons of the IC Markets demo account allows traders to avoid its shortfalls and use it properly.
The pros of the IC Markets demo account are:
- Unlimited demo accounts
- Fully customizable
- Choice of trading platforms and accounts
- Algorithmic trading enabled.
- Excellent for the evaluation of copy traders and signal providers
- Fast registration
- Availability of trading instruments
The cons of the IC Markets 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.
IC Markets Demo Account Bottom Line
The IC Markets demo account is fully customizable and unlimited. It caters to all demo trading needs, but traders should consider its limitations, like the absence of exposure to trading psychology. You can download the trading platform from the back office after registering for an IC Markets demo account. IC Markets demo traders should aim to use it similarly to a live portfolio and select account settings like leverage and balance identical to their planned deposits. You can hide a trading account from the back office but not delete it. After 30 days of inactivity, IC Markets will archive it before deletion. You can open a demo account with IC Markets by completing a fast online application which processes the IC Markets demo account application for new clients. Existing clients can add a new demo account via the back office. Yes, traders get unlimited, customizable IC Markets demo accounts.FAQs
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