How to Open a Demo Account from MT4 Software
The demo account to learn forex trading with is the MetaTrader 4 demo account. To open a new demo account for practice trading, a trader can do this direct from their Forex platform. Below using MT4 platform, on tops left corner: click File then click "Open an Account" button as displayed below.
Open Free Forex Demo Account MetaTrader 4 Software - MT4 Practice Account
Once you click on this link you'll be taken to your currency broker website where you can register for MetaTrader 4 practice account details of a practice account.
Next step is to fill the following MT4 demo account registration forms shown below, the required information is:
- Your first name
- Last name
- Country
- City or town
- Phone number
- E-Mail address.
After entering in these MetaTrader 4 practice account sign up details on the form below, click register demo account button.
Demo Account Registration - How to Open MT4 Demo Practice Account
Once you fill the MT4 demo account sign up form & complete this step, you will then receive confirmation details of your online demo login and password credentials as illustrated and displayed below. A copy of these Forex sign in credentials also will be sent to your e-mail address.
MetaTrader Forex Practice Registration Confirmation
The log in details of the free demo FX account you just signed up for that are sent to you as an e mail will popup in your inbox as displayed on the image below.
Demo Account Sign-Up Details Sent to E Mail Address - Open MetaTrader 4 Practice Account
Once you as a trader receive the demo account login credentials, you can now then login into the MT4 platform & start to access the financial market and practice trading on this practice account.
Link to also download the MT4 software is also provided along with the log in and password details upon registration of the MT4 practice account so that you can download the MT4 Software, if you haven't downloaded it.
The procedure for installing MetaTrader 4 platform, is covered in our previous MT4 practice tutorial lesson before this one: How to install MT4 platform.
How to Log in to Demo Account
To sign in to your MT4 demo: Open MetaTrader 4 software and at the top left corner of MT4 click "File" button key then click Login as shown below:
Log in to Practice Account on MT4 Software - MT4 Demo Guide
The following popup widow will pop up prompting you to enter your demo account login credentials & password. Enter the login details as shown and illustrated below and save the information by checking 'save account information' button so that there is no need to retype the next time you want to log-in.
Log in to Practice Account
Enter details as below and sign in
Log in to Practice Forex Demo Account - MT4 Demo Account Guide
You'll then be logged in to the MT4 demo account as illustrated below:
Example of How Demo Account Looks on MT4 - MT4 Forex Demo Account
Once you've opened free demo account you can then start to practice the following:
- How to place orders
- How to open charts and place indicators
- How to interpret charts
- How to monitor profits & losses
- How to navigate MetaTrader 4 software 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 moves will reflect the true market movement.
Demo Practice versus Real Account
The practice practice account the only difference to the live account is the deposit, with a demo account a trader cannot deposit or withdraw money but with the real account a trader can deposit & withdraw money & all the trade transactions will be transacted using real money & profits can be withdrawn & losses will be deducted from the deposited amount.
Forex traders should use this practice account to test out their trading strategy and practice forex trading until such a time when they can trade the currency market profitably. Then when they get to learn how to earn profit on their practice practice account then they can open a live account and start trading the real market.
Once a beginner registers for the free practice account the next step is to learn the Forex platform as well as learn Forex systems & trading strategies that will be used to generate signals for forex trading. Trader will then test these forex strategies on the Forex demo account that they will have opened to test if these trade strategies are profitable. Once the trade strategies are profitable on the demo account and a trader starts to make consistent profits on their Forex practice practice account then they can consider opening a real account.
