Admirals demo account- How to use it? – Trading tutorial
Table of Contents
Admiral Markets is offering you a free demo account for practicing trading skills and gaining knowledge of different financial instruments. The beginners can use this demo account to train themselves and implement their diverse strategies without any risk of losing money.
Forex trading is the USP of Admirals, and you can leverage the full potential once you are aware of the strategy. There are immense benefits of using a demo account that works upon shaping you to build strategies upon investing in various assets.
This feature allows you to observe price action development and understand the risks inherited in the leverage. Two crucial things often impress the new traders over a trading account.
The first thing is the movement of forex, which is very little and measurable compared to that of other assets such as commodities or stocks. Apart from that, the second thing they like is the high fluctuation potential that occurs with high leverages offered by the brokers.
The fluctuations are witnessed due to the economic announcements such as the interest rates, trend potential, and others. The use of a demo account intends to allow you to understand the fact that leverage is accountable as a double-edged sword.
You can make quite a lot of money in the process but will eventually lose everything as well, on a bad trade. The professional traders prefer not to use higher leverage than 5:1. But, forex brokers such as Admirals offer leverage up to 500:1.
The demo account will help you try out your leverage utilization skills and inch towards being a professional trader. Moreover, it will also allow you to understand the platform’s working potential and analyze the broker’s trading conditions.
It is the key to educating you on placing your orders, configuring the different charts, adapting technical analysis, and finding out the contract sizes. You will know about calculating the margin, depending upon leverage!
Admirals have considered implementing all of the live account features onto their demo account. It ensures that the platform remains, not just for the professionals but also for the beginners.
You can develop many trading strategies while spending your initial trading time over the Admirals demo account. MT5 is one of Admirals’ most popular trading software, and this demo feature allows you to explore its potential.
This trading tutorial guide intends to educate you upon all of the productive features and efficacies of the demo account offered by Admirals. So, follow on till the end to know why you should pick Admiral Markets over other brokers available online!
What is the Admirals demo account?
The admiral’s demo account offers you live quotes from all markets! Apart from that, it also has a virtual portfolio to train you underexposure to real market conditions. It means that only the funds you use will be virtual, but the market movement, chart progress, and other aspects will be the same, just like the live account.
Hence, this ideology will educate you to analyze the chart figures, price actions, resistance/support lines, currency pair correlations, and others. The traders need to understand the volatility changes, depending on market hours and diverse assets.
Hence, this will help you develop your strategies for imposing the best trading outcomes. Admirals also have some automated strategies to help you execute profitable trading outcomes.
With the demo account, you will have the potential to test automated strategies on your asset investment and optimize the settings to learn what can fall in your favor. You will eventually see how the profit potential is huge when you are trading with a knowledgeable approach.
Strict risk management is important for you to adopt! It is because if you are not following the rules, you will most likely lose all of your money very quickly. Therefore, using the Admirals demo account is a must if you are a beginner.
Even though you are a professional, you still need to get used to the platform and its features before using it for your trading practices.
How to open the Admirals demo account?
Now that you are aware of the true potential of the Admirals demo account, it is time that you should understand the steps on how to open one. It is just easy, like when you sign up for your social media accounts. Here are the steps for your reference and ease of interaction with the demo account:
#Step 1: Visit the official website
You need to navigate the official website of Admiral Markets and access it from your latest web browser. You can also download the mobile application on your iOS or Android device for this step!
When you access the website or application, you will find a ‘Start Trading’ tab on your screen. You should click on it, and you will be redirected to the ‘Demo Account’ and ‘Live Account’ options.
You need to click on the ‘Demo Account’ from the drop-down options, and then you can proceed to the next step.
#Step 2: Head to the demo account page and fill out the form
After putting up the selection, the traders will then be redirected to the new page, where they will be offered all of the conditions that they need to follow to access the demo account for free.
You need to fill out a short application form to give your basic details for entering the platform and starting virtual trading. The traders will be asked to give their first name, last name, mobile number, and email address in the form.
These credentials are secure with Admirals, as they use it for creating your account over the platform and storing the records for future maintenance and administration aspects.
#Step 3: Receive the account credentials
When you fill out the form, you will receive an email with the account credentials to log in to your Admirals demo account. Your demo account is created for the MT5 account type over the platform.
You can then immediately use these credentials to access your account and start trading with your available virtual funds. You can reset the funds multiple times until you master trading!
You can always refresh the funds when they run out and keep practicing until you are confident in your strategies and skills. It is the practice account for traders to explore what the platform offers. A demo account is not specified for beginners, but even the professionals explore the strategies and predict the trading outcomes.
The process of accessibility is the same for both the web trading platform and application platform of Admirals. So, feel free to use either option as per your ease and comfortability. Go ahead and place your first demo trade!
How to use the Admirals demo account?
Making money out of trading is a very systematic approach, and you need ideal trading plans to attain successful outcomes. The only goal of using the Admirals demo account should be to create that plan and see how it works when you have nothing to risk. You will eventually earn more with your trading patterns when you follow a plan.
Therefore, when you have entered the Admirals demo account, the first purpose for the beginner traders should be to explore the features and availability. To help you understand the usability in brief, here are some points that you must consider:
- You can create an investment plan upon your desirable financial asset and execute it to see if it profits you. If it does in the demo account, you can implement it in the live account. If the strategy fails in the long term, then you can rule it out and focus on something else.
- You should learn to develop discipline with your trading practices while using the demo account. It will help you train your mind to avoid holding onto the losing trades or letting the mount unnecessarily.
- Your mind will often trigger you to cut your losses and profits quickly in certain scenarios, which need to be controlled. It is because fearful trading will make losses! Therefore, use your demo account to train your mind to withstand fluctuations.
- Spend time over the demo account until you find your strategies working well for you to give you profits in virtual funds. If that happens, you can switch to a live account and place the same trading pattern to expect profitable returns with real money.
- Think of a demo account as a real one, even though you are not using the real funds. When you invest the virtual funds just like real ones to plan out a serious tactic, you will eventually develop skills.
- But if you are loose on your demo trading tactics, you will be a very bad trader in the long run. Practice building good habits, and see how profitable Admirals’ demo accounts can be.
- Remember to trade with only double the number of virtual funds you can invest in your live trading account. For instance, if you are willing to put only $5000 on your live trading account, use a demo account of $10,000 virtual funds. If you are trading the former, you will not develop skills for trading the latter. Stick to your observational grounds and use the Admirals demo account accordingly.
- Get yourself comfortable with the live trading platform/software through the demo account. As the Admirals demo account has the same interface and functionality as the trading account, you will attain comfort and ease of use by spending time over it.
So, these are the things that you should keep in mind while you are using the Admirals demo account. Keeping these factors in mind will help you leverage the full potential of your live trading platform! You will understand the technicalities better, which will help you bag more profits in the long run of your trading career.
If you are not yet convinced about the efficacy of the Admirals trading account, then here are some of its features to help you get more clarity upon it:
#1 Mimic of live trading account
Admiral Markets demo account is a mimic of the live trading account. The traders spending time over the demo account get the accessibility to similar functions, options, and features as that of the live trading account.
But the only difference is that there will be virtual funds in the demo account for risk-free trading, whereas in the live account, you use your real funds.
#2 MT5 demo account
The live trading account of Admiral Markets is offering you the trading platform options as MT4, MT5, and MT Supreme. But for the demo account of this platform, you get access only to the MetaTrader 5 potential.
#3 Collecting statistics
You can use the demo account to collect your statistics on your trading patterns. These statistics will help you adopt a positive strategy for your real money trading. Hence, it will enhance better chances of earning profits!
#4 Unlimited virtual funds
You can trade over the demo account anytime and anywhere you want within the expiry duration of 30 days. You have unlimited access to virtual funds to practice your risk-free trading strategies. Hence, this is an ideal feature to give you all the time you need to master the art of profitable trading.
#5 Mobile application
You have access to the Admirals demo account from the mobile application. You just need to download the official Admirals application and access the demo account. It will give you the ease of practicing your trading strategies from anywhere you feel like doing it.
There are even more technical features embedded within the demo account to explore yourself. These are just the basics that differentiate Admirals from most other online brokers. Try it out to get an idea of if it is the right platform for you.
Everything you should know about the Admirals demo account has been highlighted and elaborated over this guide. The only thing you need to consider now is using this knowledge and making it practical.
If you are a beginner and are looking for a platform to begin your trading journey, there is no better option than Admirals. You are getting the demo account with all the live account features, except the funds!
Utilize its potential, and you will be open to exploring the real bonus-rich features of Admirals on successful trades. Hence, you might now be clear upon what you can expect from Admirals and whether or not you can join it for your trading career.
FAQ – The most asked questions about Admirals demo account :
Do you have to make deposits for accessing the Admirals demo account?
The Admirals demo account is free of cost! You do not have to make any initial deposit for accessing the demo account. It gives a sense of peace for the new traders to get used to the platform first before depositing their real funds.
You can spend the virtual funds over your demo account for the required time to master your skills and gain immense knowledge of the trading of financial assets. When you are ready with your confident skills, you can switch from demo to live account for trading with real money.
And then, you have to make the minimum deposit to commence with your profitable trading journey. You can always switch back to the demo account for practicing your trading skills and strategies before you can implement the same for real.
Do I have to give my credit card details while filling out the Admirals demo account form?
No, you won’t be asked for your credit card details while filling out the demo account form. You can set the credit card deposit methods separately when you switch to the live trading account.
No money will be deducted from your card without your consent. With the credit card information loaded over a live account, you can make easy deposits. To start a demo account, you do not need to enter any payment details.
What is the major differentiating factor in demo trading and real trading?
You do not have any emotional commitment while using virtual funds to trade over a demo account. As a result, you won’t lose or gain anything from it but will gain many skills and knowledge in real trading.
Real trading demands you to use ideal deposits, earn profits on success, and lose money on wrong trades. The risk factor flows in with real trading accounts!
But when you are out from a demo account with all the necessary planning and strategies, you will have better chances of earning profits with your real trades. So, leverage that potential and use your demo account to the fullest.
Is the Admiral Markets demo account suitable for the newbies?
Admiral Markets is a famous name in the industry regarding forex trading. This demo account is best for beginners who want to enter the online trading world. It has all features of a live account. But you can access Virtual Money rather than real money. You can trade with real money.
What elements can I get after signing up for the Admirals Demo Account?
You can utilize the demo account to collect data on your trading habits. The traders who work on the demo account get the features of the live account. You can have infinite entrances to virtual funds to rehearse your risk-free trading tactics. You have exposure to the capabilities of MetaTrader 5. This platform is compatible with mobile devices.
How can I swap to live Admiral Markets from a demo account?
First, you must sign in to your Admirals account. Then go to the “My Profile” section. Next, select the “Open Live Account” button. You will then need to provide your information, including your name and residence. After completing this procedure, press the “Submit” tab. Following that, Admiral Markets will review the application. You’ll also receive email instructions for initiating your Live account if you’re approved.
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Last Updated on January 27, 2023 by Arkady Müller