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 - MetaTrader 4 Demo Account
Once you click this link you will be taken to your forex currency broker website where you can register for MetaTrader 4 demo account details of a Forex practice account.
The next step is to fill the following MetaTrader 4 demo account opening form shown below, the required information is:
- Your first name
- Last name
- City or town
- Phone number
- E-mail address.
After filling these MetaTrader 4 demo account opening details on the form below, click the open trading demo account button.
Demo Registration - Online Trading Practice Account - How to Open MetaTrader 4 Demo Account
Once you fill the MetaTrader 4 demo account opening 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 Forex login details will also be sent to your email address.
MetaTrader FX Demo Account Registration Confirmation
The forex login 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 - Open MetaTrader 4 Demo Account
Once you receive the demo account login details, you can now then login into the MetaTrader 4 forex trading platform and start to access the financial foreign 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 of the MetaTrader 4 demo account 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 MetaTrader 4 demo tutorial 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 forex 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 - MetaTrader 4 Demo Tutorial
The following pop up widow will pop up prompting you to enter your forex demo account login details and password. Enter the forex login 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 - MetaTrader 4 Demo Account Tutorial
You will then be logged in to the MT4 demo account as shown below:
Example of How Forex Demo Account Looks on MT4 Platform - MT4 Forex Demo Account
Once you have opened a free demo trading account you can then start to practice the following:
- How to place forex trading orders
- How to open forex charts and place technical indicators
- How to analyze Forex charts
- How to monitor profits and losses
- How to navigate the MetaTrader 4 platform interface
While practicing all the above, the money used is virtual currency, meaning a forex demo trader will practice using virtual money but everything else including currency price movements will reflect the true forex market movement.
Practice Demo versus Live Account
The forex practice demo trading account only difference to the live forex account is the deposit, with a demo forex account a trader cannot deposit or withdraw money but with the real forex account a forex 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.
Forex traders should use this demo practice trading account to test out their forex trading 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 forex account and start trading the real foreign exchange market.
Once a beginner forex trader 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 forex trading strategies which will be used to generate trading signals for forex trading. The forex trader will then test these forex trading strategies on the Forex demo trading account that they will have opened to test if these trading strategies are profitable. Once the forex trading strategies are profitable on the forex demo trading account and a forex trader starts to make consistent profits on their FX practice demo trading account then they can consider opening a real Forex trading account.