FXTM demo account: How to use it – Trading tutorial

Choosing the asset type or the markets you want to explore may not matter as much as the account type. The first step in trading will always be opening an account.

Without an account, many of our daily activities also come to a halt. Especially with the online mode taking over the world, we require an account for social media, banking, and even shopping.

Such digital services are incomplete without creating a relationship with the customers. So, the accounts allow them to connect and share the services, payments, feedback, etc. A new user or a customer would always look for a simple opening process despite the services. 

It applies to trading also, and the brokerage companies understand the importance of opening an account that does not take much time. Therefore, they offer easy methods and steps to open them quicker now. Trading is among the fastest ways to increase your wealth. So, opening a trading account that consumes time and is difficult to use does not reap good results. 

A beginner trader always steps forward into the trading business with hopes of earning profits. However, it depends on several aspects such as the trading platform, method, strategies used, etc. But, we cannot ignore that deciding the type of account is always the first step in beginning the trade.

So, brokers worldwide offer various types of accounts with variable features and fees. They try to attract users to open an account on their platform. Therefore, it is common for a beginner trader to be confused about the choice of account at first.

The trading account type may sometimes also determine which trading market and asset you want to engage in. Moreover, we are aware that different trading methods deal with different assets. Some trade in stocks, options, commodities, etc., whereas others, such as a Forex market, deal in currencies. 

Therefore, it is always a dilemma for a beginner trader as to which account to start with. Nevertheless, the wise choice would be to open one that causes minimum expenses. It is a fact that we cannot expect brokers to offer their live trading accounts for free as their business is based on them.

But, the use of demo accounts can be vital in such cases. Presently, demo accounts are among the standard features in most brokers’ portfolios. Almost all of them offer demo accounts with varying features. So, it has undoubtedly become one of the key selling points. 

It is often seen with beginner investors that they struggle with the problem of executing the right investment decisions. That usually happens because of their lack of understanding of how online trading works. Sometimes, they figure out how to trade successfully, but they often get skeptical about using a new online trading platform.

 

A demo account can prove helpful to wipe out these troubles. It can help in letting them invest without hesitation. A demo account can work wonders for beginners and experts simultaneously. It can help them know how to trade through the website, and they can view how well the broker’s platform performs. A demo account will help traders understand the intricacies of the market, but it will also help them be assured of FXTM’s services.

These accounts give an overview to a new customer of what the broker has to offer. It lets the trader experiment with the entire features. As a result, the trader can decide whether to continue with the same broker or not. Therefore, a new trader must first choose a reliable broker before opening a demo account.

Since online trading can be an exhaustive job for newcomers, we need a broker to mediate transactions and guide them. Moreover, since everything is switching to an online mode, the availability of online trading brokers is also not less.

FXTM or Forex Time Company offers to be a great choice for you. It was founded in 2011 and headquartered in Limassol, Cyprus. It is a regulated broker with certifications from authorities like FCA and CySEC. Though it offers to trade in various asset classes, it specializes in Forex particularly.

It holds the titles of the fastest growing and the best forex broker, both due to its dedicated service. FXTM has shown great and rapid growth within Europe in a short period. However, now it has extended its focus to Asia and Africa as well.

When it comes to offering demo trading, FXTM stands out from others. It offers four types of demo accounts with lucrative features and a simple process. But before finalizing the broker, let us first understand the basic terms of demo trading. It will give us a better understanding before opening an FXTM demo account. 

What is the demo account?

Many trading platforms provide trading demo accounts to newcomers in the field. Before trading with real money, potential investors may practice trading and learn strategies on demo accounts to get acquainted with the whole system. 

A demo trading account is funded entirely by virtual money, yet they have all the same features and technical indicators as a real account. Users trade with fake funds, and the demo account replicates the returns of a regular account. So, you may use a demo account as a newbie to try out different strategies without risking any real money. They also allow experienced traders to test what works and what doesn’t in various asset classes. 

While they have numerous advantages, some of the lessons learned through demo accounts may be difficult in practice. Demo accounts are not for trade throughout a market cycle, so they’re only helpful for the part of a cycle in which they have been used.

As a result, traders may get overconfident in methods learned on a practice account. Demo trading does not evoke the same feelings as actual trading, such as profit or loss on a real account. Hence, a trader under pressure may make judgments that he would not make on a demo account. 

Demo accounts may be helpful for both professionals and novices, but they must consider that these predicted results might not translate to actual outcomes. Their widespread use came into a visible form in the twenty-first century. Their popularity is primarily because of the prevalence of online trading.

Demo accounts attract customers for various brokers, including those dealing in Forex. They market it to the customers to try the platform’s features before putting in their own money or paying the trading commissions.

Demo accounts are nothing but representation accounts that the brokers like FXTM offer to their customers. They can use their virtual funds in them to draw a clear map of the entire trading process they wish to engage in. Moreover, these accounts also tell the requirements that a newbie trader needs to set up a live account.

A demo account should be the first step in every trader’s journey undoubtedly. They should open it regardless of the type of trading instrument. However, it enjoys a particular significance in highly volatile and liquid markets such as Forex. Therefore, a trader should always prefer a demo account as the first choice while dealing in currency pairs as assets.

Most brokers provide their entire features in a demo account so that the traders have hands-on experience. It is needless to say that various trading platforms offer a demo account. They offer it irrespective of the trader’s assets in their platform. We can see the common availability of a demo account while trading in various assets such as stocks, commodities, options, and even Forex.

The uses of a demo account in general aspects are also not narrow per se. Institutions embrace them to teach the basics of investing in the stock or any other market. Therefore, the demo accounts can be a tool for traders to familiarize themselves with the broker’s trading platform while learning about trading. Additionally, it provides a sense of how the market functions. 

But, a new trader should always remember that the simulated results may not always be associated with the results in real trading. Therefore the trader must not get overconfident and should refrain from getting carried away with the continuous wins. 

How to open FXTM demo account?

FXTM Rating	4.6/5
Demo Account	Yes
Regulators	FCA, CYSEC
Minimum Deposit	$10
Demo Trading Cost	$0
Demo Account Virtual Money	$5000
Demo Account Activation Time	24 Hours
Demo Commission	No

Demo accounts are arguably the first destination when the trader enters the broker’s platform. We know that it aims mostly the novice traders who usually have little or no experience in handling a trading account. Therefore, a broker who wants to retain such new traders to continue with their platform should always focus on the easy opening and operating process.

FXTM understands the needs of a new trader and aims to resolve the trouble beginners face in a demo account. That is why opening a demo account and using the FXTM Virtual Trading Platform is hassle-free and effortless.

You can become a part of the FXTM family by following a few simple steps.

1. The first step requires you to go to their platform’s webpage and locate the Open Account Tab. Selecting that button will take you further.

2. After clicking on the Open Account tab, a form will appear before you. The form will ask for details that you need to fill in carefully.

3. The form will be used for verification by FXTM for KYC purposes.

After completing the form filling, you can see a submit button on the page that you must click.

4. Now, you may need to wait for a short period before receiving an official call from FXTM.

5. FXTM will call you in no time to discuss and brief you about the various services. They will further guide you in the rest of the procedure.

6. Next, you will have to upload your documents serving as ID proof. It could be a PAN card or any document verified by the Government. 

7. After uploading the ID and a few other documents to the FXTM website, you can see a Demo Account option on the page.

8. You need to click on the Demo Account option for the final submission. The broker will verify the documents, and when if it fulfills all the requirements, your demo account will go live.

9. Finally, you will receive the password and login ID to the registered email, which you can use to start demo trading.

How to use FXTM demo account?

FXTM is a broker that does not stay behind in offering a demo account for the trading freshers. It offers a demo account that works exactly like the trading account. You can trade like real for the funds, wherein the only difference is that the currency you use will be virtual or representational.

In other words, it is like a trading platform with virtual cash that anyone can use to learn to trade.

FXTM demo accounts feature an imitation of the actual trading account where the trader gets all the features. You get everything except the cash is real on the demo account.

It offers a real-time experience where you can buy and sell orders to see how well you can trade. Moreover, with FXTM, you can also modify and cancel orders, unlike other brokers. You can examine various asset classes like stocks, commodities, and all other assets available for trading with FXTM.

This demo account will help you understand how to place the orders and analyze stocks. You can learn all about trading if you focus on it. Moreover, FXTM offers a decent amount of $5000 in virtual funds. 

With the FXTM demo account, you can trade during normal market hours as it is a real-time account. We cannot see such a feature with all other brokers. However, here the prices of the assets will be on a real-time basis. Therefore, you can prepare strategies for the investments accordingly. It will give you the results of your strategy’s effectiveness closest to real trading. So, it can give you the real feel of trading without you losing any actual funds.

The importance of using an FXTM demo account significantly lies in one aspect, particularly when a trader is new to the business. The chances of losing funds in the market are too high with a lack of experience. With the use of the FXTM demo account, you can eliminate all such risks.

We can see traders resorting to a trial and error approach to compensate for that. They take the unwanted risk knowingly. But, if you start trading on a trial and error basis, there is a chance that you may lose all the funds with just one move. Learning the trading methods with real money always causes more loss than you can anticipate. So, to learn properly without losing a single dollar demo account is the ideal way.

Features

FXTM demo trading is the right way to begin trading once you are ready. Often, we can see brokers trying to narrow down the demo services to compel the traders to join a real account sooner.

They offer a limited trial period and sometimes a difficult interface as well. They offer only one type of demo account that the trader can use most of the time. If the trader wants to explore further, joining a live trading account will be the only option left. However, the FXTM demo account is available in four different types. A trader can explore them according to her requirements. 

Standard Demo Account: It can be useful for traders looking for a competitive spread in demo trading. So, if you are willing to know how such spreads function in online trading, then it is the account for you. It serves as an all-around offering.

Micro Demo Account: It comes with the same competitive spreads as the standard account. However, you get to trade in smaller trade sizes. So, if you prefer that, it is the ideal demo account.

Advantage Demo Account: It is the most popular demo account with FXTM. It offers a super tight spread structure that you can explore.

Advantage Plus Demo Account: It is an advantage plus account with added benefits. You can trade with tight spreads without any requotes. So, if you want to choose a demo account with a tighter spread that comes with no commission or requotes, it is the choice for you.

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Conclusion

FXTM is one of the best Forex brokers, without any doubt. But, before entering into a volatile market such as Forex, you should always look for a demo trading. Interestingly, you can easily start with various demo accounts at FXTM. It also offers a simple process with only a few steps to open a demo account. Therefore we can conclude that it can serve as the ideal choice for beginners and experts alike.

FAQ – The most asked questions about FXTM demo account:

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Last Updated on January 27, 2023 by Arkady Müller