How to Open a Forex Demo Account From MetaTrader 4 Platform
The Forex demo account to learn currency trading with is the MetaTrader 4 demo Forex account. To open a new demo account for practice trading, a trader can do this directly from their Forex trading platform. Below using the MetaTrader 4 platform, on the top left corner; click File then click “Open an Account” button as shown below.
Open Free Forex Demo Account MetaTrader 4 Platform
Once you click this link you will be taken to your currency broker website where you can register for details of a Forex practice account.
The next step is to fill the following form shown below, the required information is:
- Your first name
- Last name
- City or town
- Phone number
- E-mail address.
After filling these details on the form below, click the open trading demo account button.
Demo Registration - Online Trading Practice Account
Once you fill the form and complete this step, you will then receive confirmation details of your online trading demo login and password details as shown below. A copy of these details will also be sent to your email address.
MetaTrader FX Demo Account Registration Confirmation
The details of the free practice trading account you just registered for that are sent as an email will appear in your inbox as shown on the screenshot below.
Demo Registration Details Sent to E-Mail Address - Currency Trading Practice Account
Once you receive the login details, you can now then login into the MetaTrader 4 platform and start to access the financial exchange market and practice trading on this demo practice account.
The link to also download the MetaTrader 4 platform is also provided along with the login and password details upon registration so that you can download the MT4 Software, if you haven't downloaded it.
The procedure for installing the MetaTrader 4 platform, is covered in our previous lesson before this one; How to install MetaTrader 4 platform.
How to Login to Demo Forex Trading Account
To login to your MetaTrader 4 FX trading demo; Open the MetaTrader 4 platform and at the top left corner of MetaTrader 4 click “File” then click Login as shown below:
Login to Forex Trading Practice Account on MT4 Software
The following pop up widow will pop up prompting you to enter your login details and password. Enter the details as shown below and save the information by checking the “save account information” button so that there is no need to retype the next time you want to login.
Login To Forex Trading Demo Account
Enter details as below and login
Login to Practice Forex Trading Demo Account
You will then be logged in as shown below:
Example of How Forex Demo Account Looks on MT4 Platform
Once you have opened a free demo trading account you can then start to practice the following:
- How to place trading orders
- How to open charts and place technical indicators
- How to analyze Forex charts
- How to monitor profits and losses
- How to navigate the MetaTrader 4 interface
While practicing all the above, the money used is virtual currency, meaning a demo trader will practice using virtual money but everything else including currency price movements will reflect the true market movement.
Practice Demo versus Live Account
The practice demo trading account only difference to the live account is the deposit, with a demo a trader cannot deposit or withdraw money but with the real account a trader can deposit and withdraw money and all the trades will be transacted using real money and profits can be withdrawn and losses will be deducted from the deposited amount.
Traders should use this practice trading account to test out their strategy and practice currency trading until such a time that they can trade the currency market profitably. Then when they learn how to make a profit on their demo practice Forex account then they can open a live account and start trading the real foreign exchange market.
Once a beginner registers for the free demo trading account the next step is to learn the Forex trading platform as well as learn Forex trading systems and trading strategies which will be used to generate trading signals for trading. The trader will then test these strategies on the Forex demo trading account that they will have opened to test if the strategies are profitable. Once the trading strategies are profitable on demo trading and a beginner starts to make consistent profits on their FX practice account then they can consider opening a real Forex trading account.