FxPro Demo Account: How to use it – A detailed trading tutorial
The demand for trading has been increasing a lot in recent times. A large number of people are getting interested in trading. However, choosing the right broker can be very challenging.
FxPro is a reputed Forex broker that offers a platform for traders to trade safely and in a secured manner. In order to start investing, you will have to open a FxPro demo account.
The best thing about this trading platform is that it allows you to create a demo account without any cost. A demo account provides the new traders with a great opportunity to be a part of trading.
In this tutorial, you will explore the FxPro demo account in great detail, right from the sign-up process to how to get started. Before going into the details of the demo account, let’s gain some insights into the trading platform.
FxPro – A multi-asset broker
FxPro is known as a leading multi-asset broker in the world. Founded in 2006, FxPro has revolutionized the world of online trading. It is a reliable and trusted broker among clients owing to its transparent policies.
Whether you want to trade metals, indices, cryptocurrencies, or shares, FxPro is a one-stop platform for all your trading needs. Moreover, the trader meets all the regulatory requirements and prevents the traders from incurring huge losses.
Benefits of using FxPro
While there are a number of brokers available for trading, the majority of people choose to trade with FxPro. The main reasons why the broker is widely preferred among people are:
When it comes to trust and reputation, FxPro tops the list. It is considered to be a reliable and safe trading platform in comparison to various other platforms. Moreover, the high credit score of the broker reduces the risk of bankruptcy or default.
Excellent customer support
The customer support of FxPro is one of the major reasons why people choose the broker. Even when you are handling a demo account, there are high chances that you may face a number of problems. When you come across such problems, you will require the support of experts.
The customer support team of the broker is very active and committed to helping traders in resolving potential issues. Irrespective of the query you have, the support team is ready to provide answers to all your queries. The best thing about the broker is that it can provide you with quality customer support in over 20 languages.
Exceptional mobile experience
The number of mobile users has been on the rise in recent times. FxPro is available on Android as well as iOS mobile phones. With ease of use, the broker offers an unparalleled mobile experience to all users.
What is a demo account?
Are you trading for the very first time? If yes, then it is important to clearly understand the true meaning of a demo account.
In trading, a demo account is an account where traders can practice trading and get to learn how the system works. A demo account is also referred to as a practice account.
Before investing your real money, it is always better to open a demo account and get familiar with trading. It allows beginner investors to trade without the fear of having to lose their real money. Moreover, you can also gain insights into how to handle different trade accounts.
A demo account will help you master the skills of trading and learn new strategies that you can apply in real-world trading. However, a point to note is that the demo accounts are not only for the newbies but also for the expert traders.
It gives the expert traders an opportunity to try trading different assets without losing much. Now that you have knowledge of the meaning of a demo account, let’s move towards opening a FxPro demo account.
Steps to open a FxPro demo account
When you are about to start your trading journey, the very first step is to create a demo account. If you are planning to create a FxPro demo account, here are the important steps that you will have to follow.
Open the FxPro homepage
In order to open a FxPro demo account, the first step is to visit the official website of the trading platform. On the official site, look for the “Try Demo Account” option. You can locate this option under the ‘Join Now’ button on the homepage.
Select the account type
Once you have clicked on “Try Demo Account,” the next step is to select the account type of your choice. When it comes to account type, there are several options available to you. However, each option will have its own unique pros and cons.
On the basis of needs as well as preferences, you can choose the right account type. Basically, the three account options that you will find are cTrader, FxPro Edge, and FxPro MT4, MT5.
By choosing FxPro MT4, MT5, the prominent features that you can avail of are detachable charts, one-click trading, and trailing stop. Moreover, you can also gain access to about 44 analytical charting tools and over 38 technical indicators.
When you choose cTrader, the advantages you will get include quick trading and the facility to limit and stop orders. You can also gain access to different layouts, templates, and indicators that will make trading quite easy for you.
FxPro Edge also comes with a number of beneficial features for traders. It has several charting tools and about more than 50 technical indicators. It can also offer you detachable chart windows, customizable layouts, and trading widgets.
Now that you know the features and benefits of each account type choosing the best one will be easy.
Fill in the personal details
Once you select the account type, you will automatically be taken to another page that requires filling out all your personal details. It is a part of the official registration process.
You will have to provide your personal details such as name, address, employment status, date of birth, and more. You will also have to give certain details in relation to your previous experience in trading.
Moreover, you will even provide details about how you plan to fund the trading account. You will have to answer a number of questions to allow FxPro to analyze whether you meet the essential requirement for opening a demo account.
It may seem to be quite frustrating to go through several steps and fill out so many details. However, you must remember that FxPro does this for your security only. The main focus of these steps is to lower your risk and enhance your overall trading experience.
Accept the terms and conditions
After you have provided all your personal details, the final step is accepting all the terms and conditions of the trading platform. However, make sure not to accept the terms and conditions without giving them a read.
Once you accept the terms and conditions, you officially become a part of the online trading platform. Finally, you will get the details in order to log into your account and start trading.
How to get started on FxPro?
After opening a FxPro demo account, you will obviously want to use it and see how trading works. Sign in by using the same Id as well as the password that you had used during the account creation.
Once you have logged into your FxPro demo account, you will receive a welcome note on your screen. You will see that your demo account has been signed in.
Next, you need to select the right platform and choose an amount that you are willing to use. Then select your account currency and the exact amount to start with. Once done, you are all set to move ahead in your trading journey.
Features of a FxPro demo account
FxPro demo account can provide you with a number of beneficial features. The demo account of the trading platform imitates the conditions of live trading accounts. Moreover, it can even provide you with access to features, options, and functions similar to a live trading account.
A demo account can serve as an excellent means to make you familiar with the trading market and allow you to develop strategies. There are occasional demo contests that will give you a chance to put your theoretical learning into real practice.
Here are some of the significant features of a demo account.
One of the best features of the FxPro demo account is that it is free of any risk. You can easily trade without losing any real money. It is mainly because the trading platform provides you with virtual funds to learn the art of trading.
Once you log in to your demo account, you will receive virtual cash of USD 5ooo. You can start trading with this amount. You can purchase different assets and gain the experience of real trading.
Another excellent feature of the demo account is that it provides you with access to a number of tutorials. When you are using a demo account, it is the right time to learn and educate yourself about different aspects of trading.
Through the tutorials, you can learn about the fundamentals of trading and enhance your knowledge relating to how it functions. Moreover, you can also get familiar with the important terms and learn the vital strategies of trading.
Signals and alerts
Signals play an important role in the trading market. The signals allow you to know the right time to buy as well as sell your asset. The trading signals are a vital feature of live trading.
However, the good news is that you can also avail yourself of this feature through a FxPro demo account. In addition to signals, you will also receive email alerts that will let you know about the market conditions.
Learn important concepts
A demo account on FxPro will provide you with an opportunity to learn a number of important concepts. For instance, through a demo account, you will learn how to use trailing TP/ SP.
With the demo account, you will get to know about liquidity as well as guaranteed fills. The facility of API trading is also something that you will learn through the demon account.
The demo accounts allow you to test different trading plans and try out a number of strategies. It ensures that you have an exceptional trading experience when trading for real. It gives you an opportunity to learn as well as understand the basic functionalities of trading.
Once you are comfortable with the demo account and confident that you can actually trade, you can move to a live account.
Advantages of FxPro demo account
There are plenty of benefits of opening a demo account on FxPro. The most prominent benefits are:
- Automatic trading is available on the demo account.
- Traders can open the demo accounts and use them unlimitedly.
- There is no cost for opening a demo account.
- Investors will gain access to a wide range of instruments and markets of trading.
- Availability of segregated accounts for the funds of clients.
- Easy customization of demo accounts.
- The trading platform is quite user-friendly and allows smooth navigation.
- Traders can access the demo account on mobile phones, laptops, tablets, and even desktops.
- Traders can get vital notifications and avail of important information.
- Traders can test different trading strategies.
- Traders can trade using unfamiliar currencies.
- Traders can switch from a demo account to a live account quickly.
Disadvantages of FxPro demo account
While there are so many advantages of a FxPro demo account, there are a number of disadvantages too. Some of the main disadvantages are:
- The traders will get no welcome deals and bonuses.
- The demo account has an expiry.
Management of FxPro demo account
While using a demo account to learn the basics of trading, you may come across certain issues. So, it is essential for you to gain insights into how to properly manage your account.
With a number of trading platforms, the demo account tends to expire after a limited period of time. However, that isn’t the case with the FxPro trading platform. Your demo account exists for a time period of 180 days as long as you trade actively.
But if your FxPro demo account becomes inactive for 30 days, the account will be disabled. When that happens, you will want to reset or restore your demo account. However, it is actually not possible to restore the disabled demo account.
Instead, you will have to open a new demo account on the preferred trading platform. Reopening a new account on FxPro is quite simple and easy. The broker allows each user to open a number of demo accounts without any kind of issue.
FxPro demo account is popular as an intuitive and easy-to-use platform. It provides the beginners with an opportunity to learn the important concepts and practice trading. However, it also offers various analysis capabilities to experienced traders.
Once you feel ready to trade with real money, you can switch to a live account. Open a demo account and get a stronghold on the different strategies of trading.
FAQ – The most asked questions about FxPro demo account :
What are the potential limitations of demo accounts?
Demo accounts provide the traders a chance to learn to trade and become confident traders. The demo accounts provide you with real market prices and conditions. However, it is important to keep in mind that the demo accounts are simulations of the live accounts.
So, the demo accounts may not be able to reflect all market conditions effectively. Especially, the conditions of the market during the illiquid and volatile period cannot be reflected through the demo accounts.
The leverage and margin setting may even vary between a live account and a demo account. Therefore, it is recommended for traders to view the demo accounts as a learning tool and space for testing different trading strategies.
What is the main difference between a demo account and a live trading account?
The most prominent difference between a demo account and a live trading account is the source of funds. The demo accounts are usually funded by the brokers with virtual money to allow the new traders to learn to trade. However, in the case of a live account, the customers have to fund their account with real money.
What documents are essential for creating a FxPro demo account?
In order to create a FxPro demo account, there are several documents that you will require. Some of the major documents are:
Pan card details – It will provide the broker with proof that the trader is a genuine taxpayer.
Aadhar Card – It acts as a proof of identity of the trader. Moreover, it can also provide proof of the address of the trader.
What is the cost of opening a demo account on FxPro?
If you are willing to open a FxPro demo account, the good news is that it is completely free. You do not have to pay any amount to create a demo account. Moreover, you can gain access to various functions and features of live accounts through the demo accounts.
What benefits can I get after making a FxPro demo account?
You can get access to several benefits after making a FxPro demo account. To be a master in trading, first, you need to learn the process and the tactics. And the FxPro demo account is the best choice for that. Then, you can try out new trading strategies. In addition, you can trade with foreign currencies. Also, you will get used to the trading platform.
Can I get a bonus after signing up for a FxPro demo account?
FXPro does not offer any sign-up bonus if you choose to sign up for a FxPro demo account. The same condition is with the real account.
Users won’t get the deposit, sign-up, or welcome bonuses. So, make sure to keep these things in mind. However, you can use the best services at FxPro.
Can a trader using a FxPro demo account withdraw funds?
When you sign up for a FxPro demo account, you can use the 10,000 USD funds in your trading account. Trading is possible with these funds. However, you cannot withdraw it since it is only virtual money. The broker credits these funds to your trading account so that you learn to trade and manage your risks.
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Last Updated on January 27, 2023 by Arkady Müller