I will explain the demo account of FXGT, which is a popular broker that allows to trade cryptocurrencies with 1:500 high leverage.
By opening a demo account, you can practice trading and check the actual trading environment in FXGT.
If you have any doubts about the trading environment, it is a good idea to try a demo account before opening a real account.
This article describes the following:
- How to utilize FXGT demo account
- Characteristics of FXGT demo account
- Notes on FXGT demo account
- How to open FXGT demo account
- Features and benefits of FXGT demo account
- What is the purpose of using the FXGT demo account?
- Precautions when using the FXGT demo account
- FXGT Demo Account Specifications
- Hot to open FXGT demo account
Features and benefits of FXGT demo account
FXGT offers a demo account.
Really tradeable account that is not demo accounts is commonly called “real account”.
When you open a demo account, equity is set in advance.
No need to deposit.
Just open it and you can start trading immediately.
- Easy registration, no need to submit identity verification documents
- Equity is prepared and you can trade immediately without deposit
- Trading is possible in almost the same environment as the production
- The rate etc. are the same as the actual production and are reflected in real time
- Products such as currency pairs and CFDs offered are the same as real account
- Anyone can use it for free
- No risk of losing your money
What is the purpose of using the FXGT demo account?
The demo account can be used for the following purposes.
- Check the trading environment of broker before opening a real account
- Forex beginners practice trading
- Try trading currency pairs and CFDs that you haven’t traded before
- Test EA (Automatic Trading Tool)
Check the trading environment
Regarding the first point of checking the trading environment, you can check the following points by actually trading with the demo account of the forex broker.
- Is the information on the official website correct, such as spreads?
- Is there any suspicious point about fluctuations in spreads and prices depending on the time of day and products?
- Is it easy for orders and payments to pass, or is it slippery?
The demo environment of each broker is provided “almost” the same environment as the real account.
You can check the approximate usability with the demo account.
Forex beginners practice trading
The demo account has almost the same environment as the real account, so you can practice trading in a real rate environment.
Even if you are not a beginner, you may use it as a place to practice, such as trying out newly learned methods.
Try trading currency pairs and CFDs that you haven’t traded before
This is what I do, sometimes I try to trade currency pairs and CFDs that I don’t usually trade.
I can do it with a real account, but since trading of unfamiliar products often loses at first, I use a demo account for verification.
Test EA (Automatic Trading Tool)
EA (Automatic Trading Tool) can be used in MT4 and MT5, a demo account may be used for testing in a real environment (called “forward test”).
Some paid EA’s do not work with demo account, so it is limited, but it is super dangerous to suddenly try EA that you have not used yet with real account, so you need to verify with demo account first.
If you have programming knowledge and skills, you can also develop your own EA using a dedicated language called MQL that runs on MetaTrader.
If you want to test your own EA, you will use demo account.
Precautions when using the FXGT demo account
In this way, anyone can open a demo account for free and it is a trading environment that can be used easily, but there are cautions when using it.
- Strictly not exactly the same environment as a real account
- Withdrawal is not allowed
- Deposit is not allowed
- Demo account cannot become real account
- Lack a feeling of tension
Strictly not exactly the same environment as a real account
Demo account is said to be “almost” the same environment as real account, but it is not exactly the same environment.
If you want to check the usability of a real account strictly, it is best to try using a real account even with very small margin.
Withdrawal is not allowed
Of course, even if you make a profit, you cannot withdraw.
Of course, you cannot withdraw the margin that is set automatically when you opened the demo account.
Deposit is not allowed
You cannot deposit to the demo account.
Even if your margin balance becomes zero during trade verification, you cannot deposit and increase your margin.
In this case you will have to open a demo account again.
In addition, some brokers will increase the margin of the demo account on an application basis.
Demo account cannot become real account
If you like the trading environment and want to continue trading with that broker, you need to open a real account again.
In that case, please note that the account number and the server name to login to MetaTrader will also change.
Lack a feeling of tension
This is the most important point.
The demo environment is not your own money, so you can trade as much as you want.
Even if you trade in a high lot that you would never normally do and lose a lot, there is no shock.
There is no point in practicing trading or verifying the method if you trade completely differently than usual.
Those brokers who practice and verify trading should keep in mind this part.
Otherwise, you will be doing the same trade, and you will lose in the real account.
FXGT Demo Account Specifications
FXGT allows you to open up to 6 demo accounts.
I found a statement on another site that it is limited to one account for one currency, but it is incorrect.
I actually tried it, I can create multiple demo accounts in the same currency.
FXGT offers only one account type.
Demo account has same spec as real account.
Refer to separated article, “FXGT Account Type” to know the specs and conditions of FXGT real account.
Hot to open FXGT demo account
From here, I will explain the procedure for opening a demo account in FXGT.
FXGT requires user registration first to create a demo account.
After registering, you will be able to login to the FXGT portal site.
Login to the portal and create a demo account.
If you already have a real account, you can create an additional demo account from the portal.
Click “CLIENT REGISTER” on FXGT top page.
Register your information
Register your information.
Confirm email address
After registration, you will get an email.
Open it and confirm your email address to activate your user id.
Login to FXGT portal
Login to FXGT portal, then click “TRADINC ACCOUNTS” – “Open Trading Account” to open demo account.
Open a demo account
Select “DEMO ACCOUNT”.
Account base currency
Select account currency.
There are same as real account.
You can change leverage setting later.
Demo account has been opened
This completes the demo account opening.
The login ID (MT5 account number) and password are displayed on the screen.
The same content has arrived by email.
Normally the FXGT demo account server server name is “FXGT-Demo”.
Please check the name of the server to connect your MT5 account.
How to Install and Login to MetaTrader
If you haven’t installed FXGT MT5 yet, please refer to “FXGT MT5, How to Install and Login” for PC version of MetaTrader, and for mobile app, refer to “How to Install MT4/MT5 Mobile App” and install MetaTrader.
After installation, you can login to MetaTrader by using login ID, password and server name that was informed by email.
When you login, the margin is already set, so you can trade with demo account now!
Make good use of the demo account to get used to trading and verify the trading environment.
I recommend that you make sure before opening a real account.
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