5 best demo account for Trading Apps
People are so busy nowadays that we prefer to multitask. Thankfully, we have entered the technological age that will allow us to work on the go. This is why owning a mobile device is so crucial for almost anyone.
As traders, it is only natural for us to want to check our charts from time to time. But how do you expect to do this if you can’t bring your desktop with you wherever you go? Luckily, trading apps exist. These apps allow you to bring your charts with you wherever you go.
Now you may be thinking that there are so many trading apps to choose from. In this review, you will read about the 5 best demo accounts for trading apps. All the information here will help you decide on which broker has the right trading app for you.
#1: IQ Option
IQ Option is a Cyprus-based broker that is owned by IQ Options Europe Ltd. Since 2014, IQ Option has grown and now has more than 77 million registered accounts from 178 countries. They are also proud of their monthly trading volume of 393 million dollars.
This particular broker offers up to 25 forex pairs, both major and minor, and stocks of famous brand names like Disney, Zoom, GameStop, Twitter, eBay, and many more. But these are not the only assets available on IQ Option’s platform. Below is a list of cryptocurrencies, commodities, and ETFs that are tradeable with IQ Option’s trading app.
- Ethereum Classic
- Binance Coin
- Bitcoin Cash
ETF or Exchange Traded Fund
- S&P Oil & Gas Explor & Product
- Energy SPDR
- UltraPro Short QQQ
- Materials Select Sector SPDR
- S&P Metals & Mining ETF
- Utilities SPDR
- Dow Jones Industrial Average ETF
- US Real Estate ETF
- MSCI Japan ETF
- S&P 500 ETF
- Consumer Discretionary SPDR
- Gold Miners ETF
- UltraShort S&P500
- 20+ Year Treasury Bon ETF
- Ishares Russel 2000 ETF
- Core MSCI Emerging Markets
- MSCI Emerging Markets ETF
- QQQ Trust, Series 1
- MSCI Mexico ETF
- ETFMG Alternative Harvest
- Crude Oil WTI
- Crude Oil Brent
Their trading app features a multi-chart layout which makes it easier for clients to keep track of the assets they are trading. The trading app also has a ton of tools and analysis alerts that will help you manage your trades properly.
IQ Option’s free practice account comes equipped with $10,000 in virtual funds. You will also be given full and unlimited access to their trading app and its tools. Just simply download the application on the Google Play Store or Apple App Store and register using your email. Once you’ve opened an account, you can start practicing on their trading app.
When it comes to their customer support, they are available 24/7 via email or social media. You can find them on Twitter, Facebook, Telegram, and Instagram. If you prefer to speak with someone in your native language, they have a different telephone number for different countries. Below is a complete list of the countries and their corresponding contact number.
- Indonesia – 001 803 3216 0102
- Macau – 0800 504
- Colombia – 01800 519 0167
- Nigeria – +23 41 227 91 63
- Brazil – +0800 878 3257 or +55 61 3550 0638
- UAE – 800 032 0891
- Mexico – +52 18 002 889 985
- Thailand – +66 2 104 07 95 or 1800 013 228
- Singapore – +65 3163 7458 or 800 321 1244
- India – 000 800 040 13 61
- Argentina – +54 115 173 7455
- Vietnam – 121 020 156
- Saudi Arabia – 800 850 0621
- South Africa – +27 87 550 21 61
- Chile – +56 442 045 012
- Taiwan – 00 801 491 442
- Hong Kong – 800 931 703
It is important to note that traders from the Czech Republic, Portugal, United Kingdom, Spain, Netherlands, Romania, Italy, Germany, Australia, Canada, Russia, Belgium, Israel, Japan, Turkey, and the United States of America are not eligible to create an account with IQ Option.
This specific broker has over 1.5 million registered accounts from more than 150 countries worldwide. Since 2012, BDSwiss has branched out and created group companies like BDSwiss Holding plc, BDS Markets, BDSwiss GmbH, and BDSwiss LLC.
BDSwiss offers five different asset classes to help diversify your portfolio. This is also great for newbie traders who are looking to practice on their trading app because you will gain exposure to different kinds of assets.
There are 51 forex pairs that can be traded on BDSwiss’ platform. This includes the seven major currency pairs as well as some minor and exotic pairs. Clients can also trade shares of well-known companies in the United States of America, the United Kingdom, Germany, France, Netherlands, Switzerland, and Spain.
Here is a list of the other tradeable asset classes on BDSwiss’ trading application.
- AUS 200
- ESP 35
- EUR 50
- FRA 40
- GBR 100
- GER 30
- HKG 50
BDSwiss’ mobile trading app allows you to trade efficiently and promptly. With the number of useful tools and cutting-edge services, their application has been dubbed as the best trading app two years in a row.
To start practicing on BDSwiss’ mobile trading app, all you have to do is download the application from the Google Play Store or Apple App Store and sign up with your full name, country of residence, contact number, date of birth, email address, and password.
You will be given a virtual fund of $10,000 and access to all the tools and features that their mobile application has. You also have the option to freely add virtual funds by contacting their customer service representatives. Just email them with the amount you want to add and they will take care of the rest.
BDSwiss’ website supports more than 20 languages, including Polish, Chinese, Swedish, Italian, Dutch, Russian, Filipino, Malay, Vietnamese, and many more. Traders from South Africa, Cyprus, Congo, Belgium, India, and the United States of America are not accepted by this specific broker.
Plus500 is known as the leading online Contract for Difference or CFDs trading platform. This Israel-based broker, with its 13 years of experience, has provided cutting-edge trading services to clients from over 50 countries. This company is also famous for introducing the well-known cryptocurrency, Bitcoin, to the CFD market.
Clients have the option to trade any of the 60 currency pairs offered by Plus500. Here, you will find seven of the major currency pairs, along with some minor and even exotic pairs. When it comes to the stocks they offer, they have shares from countries all over the world like Australia, the USA, Germany, France, Italy, Japan, Singapore, and many more. You will find some famous companies like Pfizer, Alibaba, Tesla, and Twitter.
But these are not the only tradeable assets on Plus500’s trading application. You can choose to practice trading cryptocurrencies, indices, or commodities. Check out the list below for all the tradeable assets on Plus500’s platform.
- Bitcoin Cash ABC
- USA 30 Wall Street
- USA 500
- Japan 225
- Crypto 10 Index
- US-TECH 100
- ASX 200
- USA 2000
- Germany 30
- Singapore 25
- Swiss 20
- China A50
- VIX Volatility Index
- Hong Kong 50
- France 40
- Europe 50
- UK 100
- Sweden 30
- Real Estate Giants Index
- Spain 35
- Germany Mcap
- NYSE FANG+ Index
- Italy 40
- Poland 20
- Norway 25
- Hungary 12
- Greece 25
- Austria 20
- Cannabis Stock Index
- Natural Gas
- Brent Oil
- Live Cattle
- Lean Hogs
- Low Sulphur Gasoil
- Feeder Cattle
- Heating Oil
Plus500’s mobile trading platform is available for download from the Google PlayStore or Apple App Store. You will be given full access to their tools and products when you sign up for a demo account. The demo account comes with unlimited virtual funds, so you can practice trading without risking real money.
If you encounter any problem or you have any questions, their customer service representatives are ready to help you anytime. You can reach them via email or live chat on their website or platform. The downside is despite their platform supporting 32 languages, clients don’t have the option to contact them via telephone.
Plus500 is not available for traders from the Philippines, Cayman Islands, France, Pakistan, Brazil, Egypt, Indonesia, India, Thailand, Cameroon, Canada, Zimbabwe, Nigeria, Core D’Ivoire, Belgium, Iran, and the United States of America.
Anyone who knows anything about trading has heard of eToro. This broker with an extensive global reach caters to 20 million clients from more than 100 countries around the globe. This number continues to grow each day. That is how well known this company is.
With over 200 ETFs and 49 currency pairs to trade, this platform is sure to give traders maximum exposure to the different asset classes. They also offer a wide variety of stocks belonging to different industries and exchanges. Some of the industries that you can find are technology, consumer goods, services, financial, healthcare, and basic materials. Refer to the list below for the available indices, commodities, and cryptocurrencies of eToro’s trading application.
- Bitcoin Cash
- Ethereum Classic
- Binance Coin
To start trading with eToro’s virtual portfolio, all you have to do is download their application on the Google Play Store or Apple App Store and sign up with your email. You could even use your Apple, Facebook, or Google account to register to eToro.
You will be given a value of $100,000 in virtual funds and full access to all the products offered and tools found on their trading application. One main feature of the eToro trading application is the social feature. This allows you to interact with other clients to get a second opinion or even helpful advice from fellow traders.
eToro’s trading application is ideal for newbie traders because of its easy-to-use interface. It’s fairly easy to get used to their platform because of how straightforward it is. It even comes with a help desk that will surely answer most of your queries. Keep in mind that their help desk accepts queries anytime during weekdays only.
This application supports multiple languages, including English, Spanish, Italian, German, Russian, Chinese, French, Arabic, Polish, Dutch, Norwegian, Portuguese, Swedish, Czech, Danish, Romanian, Vietnamese, Thai, and Finnish. eToro does not accept traders from Macao, Iran, Turkey, Madagascar, Japan, Canada, Hong Kong, New Zealand, Singapore, India, and Saudi Arabia.
Libertex is known as the trading arm of Indication Investments Ltd and has been operating since 1997. To date, Libertex offers its services to more than 2 million clients from 11 countries around the globe. With over 20 years of experience, this particular broker has won more than 30 prestigious awards for both their proprietary platform and their services offered.
This broker’s trading app is not only user-friendly, but it also has over 200 risk management tools that are sure to come in handy for traders who are looking to hone their skills.
You can practice trading shares of some of the well-known corporations like Microsoft, Apple, Facebook, Tesla, Amazon, Google, and Coca-Cola. Major, minor, and exotic pairs are also available. Indices, metals, commodities, and cryptocurrencies are also tradeable on Libertex’s trading app. Below is a list of these assets.
- Dow Jones
- NASDAQ 100
- S&P 500
- RUSSELL 2000
- US Dollar Index Future
- MEX BOLSA Index
- Volatility Index
- EURO STOXX 50
- Spain 35
- Italy 40
- FTSE 100
- Russia50 Index
- CAC 40
- China A50
- Hang Seng Index
- Nikkei 225
- Vietnam Index
- Israel 35
- Chile Index
- Coffee Robusta
- Coffee Robusta Cash
- Brent Crude Oil
- WTI Crude Oil
- Henry Hub Natural Gas
- Heating Oil
- Light Sweet Crude Oil
- Bitcoin Cash
- Bitcoin Gold
- Synthetix Network Token
- Binance Coin
- Enjin Coin
Libertex’s trading app is available on the Apple App Store, Google Play, and Huawei AppGallery. To open a demo account, all you have to do is register by typing in your email address and come up with a unique password. Once you have verified your email address, you can start trading with €50,000 virtual funds.
If you need more information or you have any concerns or queries, Libertex’s customer service representatives can be contacted via email and telephone (+35722 025100). You also have the option to send them a message on their Facebook and Twitter accounts.
Their website supports eight languages: English, Spanish, French, Italian, Dutch, German, Polish, and Portuguese, and their services are available to all traders from the European Economic Area or EEA.
What is a trading app demo account?
A demo account basically gives you access to try out the services offered by a certain broker. Of course, since it’s free, you’re only provided virtual cash to use and experiment however you like. You’ll most likely be given access to their trading applications that enable you to trade on the go.
Depending on your broker’s trading app, the services you’ll experience might vary. However, you will most definitely be able to trade using your virtual cash and do basic charting using the built-in charting software of the trading app. Assets available for the demo account are, more often than not, the same for the live accounts. Other services might include having access to social or copy trading, news updates on different assets, and technical and fundamental analysis and corresponding research.
Keep in mind that some brokers offer a time limit to using their demo accounts, and some would have unmodifiable cash balances for your virtual portfolio. Most brokers, however, do not implement a one demo account per person policy. This means that you can create multiple accounts for your different strategies or if you simply wish to start over.
Why should you use a trading app demo account?
Using a demo account has a lot of benefits, and these benefits beginners and veterans alike. Since opening a demo account is usually hassle-free, you won’t be spending any of your hard-earned cash to practice trading or to employ a new strategy. A few clicks are all that it takes for you to enter the world of trading so that there is a higher chance for you to be profitable the moment you put in real money.
Demo accounts simulate real-time trading conditions. This means that you will experience realistic profits and losses through your trades. Commission and spreads together with margin and leverage are all calculated in your demo account so that you can review these to see if you have learned or if your strategy is good enough. Since margin and leverage can make or break your account, it’s really optimal to practice it with a demo account.
Given that your broker will provide tutorials, beginners can learn the basics while everyone else can discover what the platform can offer. Since charts are part of the features of most trading apps, you can mix and match available indicators for you to find what trading strategy suits you. If passive investing is your thing, copy trading is also an option that is available. Demo accounts also allow you to test out copy trading for you to gauge the best portfolios out there.
Some brokers even hold a contest for their demo account users in which the best performing demo accounts would win cash prizes that would be directly credited to their accounts. From this, without spending a single cent, you are able to explore your options as to which of the brokers you have tried has the best trading application.
Advantages and Disadvantages of using a trading app demo account
The best thing about proprietary trading applications is their ease of use. With their user-friendly interface, you don’t need to have a hard time learning how their software or app works. Upon logging in, everything you would need is either on the primary screen or in a drop-down box found on your application.
Your watchlist, portfolio, orders, charts, and details about these are easily found and accessed. Since each trading app is specifically designed to suit the needs of a broker’s clients, there won’t be any more complications upon entering the desired asset you want to trade. Details of your order and assets are specifically arranged to be easily understood even by beginners.
Overall, proprietary trading applications hosted by the broker are usually simpler to use than the more common and popular MetaTrader applications, but they also have their own downsides. Traders that are used to using MetaTrader might find it underwhelming once they change their trading applications.
Former MetaTrader users would most likely have lesser options when it comes to ordering types and charting. Though trading applications would offer customization for the technical analysis aspect of trading, they would most probably not offer customization for the interface, which is a big factor for veteran traders. Having the ability to adjust each tab on your main screen sometimes leads to bigger profits and lesser losses as everything you want can be accessed directly from your primary interface.
Their desired assets and asset classes might not be offered by their new broker as well. Another significant difference is most likely the lack of trading bots or having to create a new one that could be used for the new trading application. Without MetaTrader’s MQL programming language, new trading bots might have to be made and developed, which would require additional time and effort.
How to trade using a trading app demo account
Basically, trading would be different between the trading apps available. Although there are similarities between one another, it is best to explore what each trading app has to offer and how to execute trades for your particular broker.
Usually, upon logging in, you’ll come across your watchlist that contains the stocks that you are paying close attention to. You can add specified assets here, but you must know which assets are being offered by your broker to avoid missing out on possible investments.
There would also most likely be a tab that would contain the charts that would help you on your trading journey. These charts usually come with default indicators, but some applications allow you to customize these to your liking. Timeframes can be adjusted for these, and you can choose between minute, hourly, daily, weekly and monthly charts. Further customization of these timeframes and indicators depends on the software you’re using.
A trading tab could also be accessed where you can view pending and executed orders. Depending on your broker, you can change and edit pending orders in case you change your mind or if you made an error. A history of your past trades, as well as the assets you currently have, are also noted in the history and portfolio tab, respectively.
When you enter orders, be sure to double-check the asset you would like to trade, the adequate lot size, the desired price, and the ideal order type. You must also check the set leverage and margin to avoid any errors. Once all these are set, you can enter the trade, and it would appear if your order is filled, partially filled, or unfilled.
Tips and Tricks
Each trading app is different. That is why it’s important to explore what each trading app has to offer using the demo account. Some interfaces are more advanced, while most are basic. It would be up to you as to which you find better for your style of trading. Since demo accounts are free, you could test each one out without any repercussions.
Another important factor in choosing a broker with an ideal trading app is their lack of bugs and the efficiency of how your application functions. Other brokers that offer trading platforms other than their own sometimes neglect the development of their proprietary trading applications since software like MetaTrader functions better, and these are what most of their clients use.
Most mobile trading apps offer alert services for when a price of an asset reaches a certain price. This would lead to more accurate trades if used correctly.
While some brokers would offer trading applications for both mobile and PCs, it would be better if you choose a broker that would provide both. Some features are not available for the mobile version. Your PC’s trading station could also act as a backup should the broker’s mobile app experience downtime.