IC Markets demo account: How to use it – Trading tutorial
Table of Contents
Before starting your trading journey with a demo account, it is essential to search for a reliable brokerage firm like IC Markets. It is one of the leading Forex and CFD brokers that aid millions of investors worldwide in fulfilling their trading goals.
IC Markets draws more attention in the trading world because of its cutting-edge technology. So, if you are looking for an online trading platform to start investing in Forex or CFD, IC Markets can be the best choice for you.
Regardless of the best features, you must always choose a demo account first if you are a beginner trader. But, let us know what it means and how it is useful before moving to the IC Markets Demo account opening process.
(Risk warning: Your capital can be at risk)
How to open IC Markets demo account?
Quick facts about the demo account:
IC Markets Rating: | 5/5 |
Demo Account: | Yes |
Regulators: | ASIC, FCA, CYSEC |
$200 | |
Demo Trading Cost: | $0 |
Demo Account Virtual Money: | Unlimited |
Demo Account Activation Time: | 24 Hours |
Demo Charges/Commission: | N/A |
Demo Expiry: | N/A |
Opening a demo account means that the trader is taking the first step in becoming the Client. Therefore, a broker like IC Markets needs to ensure a smooth experience. If the demo account opening process requires a lot from the users, retaining them for a longer period would become difficult.
No beginner would want to collaborate with a broker whose services are complicated. IC Markets understands the expectations of a new trader. That is why you can open the demo account here by following a few simple steps. Let us view them one by one:
- The foremost step of the registration process requires you to navigate to the ‘Try a Free Demo’ button. You can find it easily visible on the IC Markets website. After finding the button, clicking on it would redirect you further.
- The next step will need you to fill out an online form. It may ask for the trader’s details such as the First and Last name and email id. You need to provide your mobile number as well.
- After filling out the form, the trader must click on the Register button.
(Risk warning: Your capital can be at risk)
The form will enter the submission process, while the trader will be redirected further. Now, you need to fill out another form to select the trading platform, account type, currency type, etc.
- Once you finish choosing, you can click on the Proceed button. After that, you will receive a notification for successful completion. The trader can check the email to obtain the account details.
- Once you obtain the details, you need to use them to log in finally. Then you can proceed to the downloads area for downloading the platform of your wish. It will be shown below the Trading Tools button.
Did you like this article? Then take a look at our overview, where we present you the 20 best forex brokers.
How to use IC Markets demo account?
Using the IC Markets demo account will give you the real-time trading experience minus the risks. Since it is a demo account that mimics all the features of the live trading account, you can place the orders and analyze stocks, currencies, cryptos, etc.
You can learn all about trading if you focus on it. Moreover, IC markets offer an unlimited amount of virtual funds. So, it would be best to use them according to the real scenarios. That means, use only the feasible amount possible for you in real trading.
The IC Markets demo account allows you to trade during normal market hours on a real-time interface. We cannot see such a feature with every broker. It will provide the results of your strategy’s effectiveness closest to real trading. So, you can use it to have the real feel of trading without you losing any actual funds.
IC Markets demo account is even more important when the trader is new to the trading field as a whole. You can use it to reduce the chances of losing funds because the market is highly risky with a lack of experience. Therefore, you can eliminate all such risks with it.
You must use the IC Markets demo account to avoid resorting to a trial and error approach. Many traders take this unwanted risk knowingly. They think it will help them learn the process with minimum losses. But, if you start trading on a trial and error basis, there is a chance that you may lose all the funds with one click.
Therefore, learning the trading methods with real money always causes more losses than you can predict. So, to learn properly without losing a single dollar IC Markets demo account is a perfect way.
While using the demo account to learn the strategies and methods, you must also keep a trading journal. It helps the traders to maintain a diary of regular events.
In addition to the risk-free learning, a trading journal will let you pinpoint strengths and weaknesses made in demo trading before shifting to a live trading account. Therefore, you can use the maximum out of your demo trading.
Features
IC Markets demo account lets you trade stocks, commodities, currencies, and other assets. It offers all those assets along with the advanced Meta Trader. Its demo trading comes with no hidden charges and is completely free with unlimited virtual cash. The IC demo account is the ideal way to learn the technical aspects of trading, like technical analysis and fundamental analysis.
(Risk warning: Your capital can be at risk)
What is the demo account?
We can understand a demo account as a mockup account of the real trading account. It is what the trading brokers offer with virtual money. So, we can presume that the main purpose of a demo account is to mimic the real account.
The funding with virtual money is useful for the users in many ways. But it primarily enables them to test different strategies. The demo account allows you to practice with money that is not real, but it offers a new trader an overview of the entire trading portfolio.
A demo account is an essential selling factor for all online trading brokers. No broker can hope for a better customer base without offering a demo account first. Once the customers start switching to the live accounts, we know that the brokers can charge fees for their services. Though it depends on the account type, a customer would always want to experience a trial of all the features before finally starting to pay.
The brokerage firms offer a demo account that’s loaded with fictional funds. It enables them to practice trading without the danger of any loss by providing a training ground. The virtual money in the account helps simplify the learning process by removing the fear of losing real money.
For example, Forex trading is a risky process as the market is volatile. In such cases, newcomers need to learn the market before trading. So, the simplest way to start learning forex trading is with a demo account.
Newbie traders can test their abilities without risks, but that does not sideline the experienced ones. They can also use a demo account to evaluate the suitability of a platform and see the effectiveness of their strategies.
It enables them to apprehend how to use the technical tools to evaluate markets without putting their money at risk. They can also read the charts, analyze market movements, and set stop losses. If they develop such skills, it will help them in the long run when they invest real money.
Demo accounts are representation accounts that most brokers like IC Markets offer to their customers nowadays. The virtual money that a trader gets in them can be used to get a clear map of the entire trading process. Moreover, you can also understand the requirements that a newbie trader needs to fulfill before setting up a live account.
The popularity of a demo account was absent before the prevalence of online trading. It has become one of the sought-after ways to attract customers now. Moreover, the brokers market it as a trial method. The best part is that users can experience all the features without paying any commissions or charges.
Another benefit a customer can get is the possibility to trade risk-free. We know that risks are inherent to trading, and higher risks mean more rewards. But, demo trading lowers the risks to the maximum possible extent. It can also act as a product that focuses on traders with insufficient money.
The uses of a demo account in general aspects are also vast. Institutions use it to teach the basics of investing in stocks and other assets. So, it becomes a tool that lets you get familiar with the broker’s trading platform. Wherein it also provides a sense of how the market functions. But, a new trader must not forget that the simulated results may not relate to actual results always. So, it would be best if the trader does not get overconfident if she wins consecutively.
Conclusion: Free and unlimited demo account is available on IC Markets!
A demo account is evidently the best way to begin trading. IC Markets understands its significance; hence it offers a user-friendly demo account best suited for beginners as it requires only a few easy steps to set up. However, all traders can make use of it effectively and can use unlimited virtual cash to learn more and uplift their trading game. Now, IC Markets is a broker that offers a completely free demo account without expiry. Therefore, we can conclude that it can serve as your ideal trading partner.
(Risk warning: Your capital can be at risk)
FAQ – The most asked questions about IC Markets demo account:
Are there any charges for IC Markets demo account?
No, IC Markets offer you free demo trading. So, you can use the virtual funds without worrying about paying any additional fees.
Is there a loss of real money while trading on a demo account?
No, demo accounts offer you virtual money for practicing. It does not require you to fund it with real money. So, you are safe from losing your hard-earned money. Also, the funds alone are fictional, so you get to experience all the features without any risks.
When does the IC Markets demo account expire?
Various brokers cap the duration of a demo account at around 30 days. However, unlike them, you can use the demo account without worrying about the expiry with IC Markets.
Can I make a withdrawal from IC Markets demo account?
No, a trader cannot withdraw from the IC Markets demo account. Only traders who want to master trading strategies should use a demo account. It has only virtual funds. Traders can use these virtual funds to plan and strategize their trading moves. The broker does not allow traders to withdraw from the demo account.
Can I lose real money while trading on an IC Markets demo account?
No, you have virtual funds on the IC Markets demo accounts. You can use them for practice. Furthermore, no actual money is necessary to begin trading. As a result, dealers won’t have to spend their hard-earned funds. Since the money you receive is fictitious, you can use all the functions without taking any risks. This demo account must be tried out by novice investors. And practice trading strategies until you become ready to trade on a real account.
What are some features available on the IC Markets demo account?
Traders can access the same features on the IC Markets demo account as on the live account. Both trading accounts are indistinguishable. However, there is one difference. Traders can fund their live trading accounts with real money and trade for real. It is impossible on a demo account. But you can still use all the tools and technical indicators on the demo account.
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Last Updated on January 27, 2023 by Arkady Müller
