Pepperstone Demo Account
Pepperstone offer demo accounts across three Forex trading platforms:
- MetaTrader 4
- MetaTrader 5
In summary of the Pepperstone demo accounts, 3 simple steps will provide novice traders with the opportunity to trade up to $50,000 in virtual funds. First, the broker will be required to fill out a simple application for, with their email address and password. Secondly, traders will need to select from the cutting edge platforms that Pepperstone offers. Finally, you can begin to trade with up to $50,000 in virtual funds. This is done in tandem with real market pricing over the next 30 days. If traders want to use the demo account for longer than 30 days, they can request another 30 day period, or recreate another account.
Traders looking to open up a demo account, can do so with ease through Facebook, LinkedIn or even Google. Due to the regulations of ASIC and the FCA, there is no need to worry about transference of data as well as its security.
Pepperstone has two demo accounts on offer, it would be recommended to use the account type that one intends to trade with in the future. The two options for demo accounts are; (a) Pepperstone Standard account operates with no commission and spreads starting from 1.0 pips (b) Pepperstone Razor account features spreads from 0.0 pips but does take a $7 per lot traded commission.
The Pepperstone demo account is apt for two types of people. Those who are new to trading and want to complete a simple registration process and access an account with many great trading features. The Pepperstone demo account can also be used advantageously for those traders who have recently moved brokers and want to become accustomed to the features and graphics of Pepperstone.
IC Markets Demo Account
Like Pepperstone, IC Markets offers the most popular forex platforms:
- MetaTrader 4
- MetaTrader 5
Upon arrival at the IC Markets home page, traders will be directed to choosing between instantaneous trading or the option of “try a free demo.” Upon clicking the demo option, brokers will be required to fill out a basic registration form, including country of residence, phone number and email address. Upon submitting to a handful of terms and conditions, IC Market brokers are able to select parameters for their demo account. For further details of such parameters, see below.
Brokers who choose to use the IC Markets demo account will have a variety of platforms and leverages to choose from. IC Markets offers demo accounts through the MT4, MT5 and cTrader platforms. This is coupled with leverage amounts including; 1:1, 1:25, 1:50, 1:100, 1:200, 1:400, and 1:500.
IC Markets offered two different accounts, (a) ECN Account as well as a (b) Standard Account. The main difference between an IC Markets true ECN account and standard account is the fact that the standard account does not charge commission, although the spreads on a standard account are slightly higher.
Brokers are reminded that they should choose the demo account, that they are likely to trade with in the future. For more details, you can view the complete review of IC Markets or the additional details on the demo account of the CFD provider here.
CMC Markets Demo Account
CMC offers two Australian demo account trading platforms:
- CFD Next Generation platform
- MetaTrader 4 platform
CMC’s dynamic approach to demo accounts, has brokers reaching for something new. Although it may take them a little longer to get used to the platform as well as its ins and outs, it can become greatly beneficial to brokers trading strategies down the line.
A CFD demo trading account with CMC Markets provides practicing brokers, up to $10,000 in virtual cash with no expiry date. There is no need for credit card information and finally the registration process is so swift, traders can begin using the service within seconds. However it should be noted that the CMC Markets demo account does not display prices of CFDs.
The CMC demo account can be accessed at all times, even after opening a live trading account with the broker. Traders can continue testing out strategies, by adding more funds at any time through the ‘Payments’ tab.
Plus500 Demo Account
Similarly to the brokers above, Plus500 offers a demo account that can be used over an unlimited amount of time with an unlimited amount of funds at the traders disposal. Registering the demo account is quite simple, all that’s required by a trader is to click on ‘Demo Mode’ in the ‘Select Account Mode’ window. Further, the transition between a demo account to their live account is quite easy on the Plus500 brokerage site.
Plus500 offers a unique feature, in that when the funds in a virtual account go below a certain level, they are automatically reinstated by the system to the original starting amount ($10,000). It is integral that brokers understand one of the main differences between a demo account and a live account. When trading with a demo account, virtual funds do not affect market trends and live trading, however with a live account each move a broker makes, can be felt by traders globally.
eToro Demo Account
The eToro practice account operates in a slightly different manner to that of other Forex Brokers. Registering for an eToro account is quite simple, following the same concrete steps as any brokerage registration. However upon accessing your ‘eToro account’ landing page, traders will have the realisation that their account balance sits at $0.
Traders are able to operate both their live account and demo account through the same profile, ensuring switching between accounts is swift and simple. This allows for the quick transitions when attempting to implement strategies from a virtual account to a live account.
eToro allows traders to trade with $100,000 worth of virtual funds, without the danger of losing any of their capital. It should be noted, that to gain full access of the virtual tools on offer by eToro, traders need to populate their profile. The social trading environment that eToro champions allows for traders to copy other traders by analyzing their performance and statistics. eToro’s strategy allows for novice traders to not only get a grasp of the trading environment but encourages them to learn from fellow traders, both strategically as well as their mistakes.
You can view the full eToro account review or click on the link below to open a free demo account.
AxiTrader Demo Account
AxiTrader offers a free, 30 day trial, allowing traders to test out the platform MetaTrader4 in a safe educational environment with virtual funds. Without putting capital at risk, brokers will have access to real time execution speeds and spreads.
AxiTrader offers $50,000 worth in virtual funds, to be employed through whichever strategy a broker chooses. The MT4 demo account replicates the a live trading environment, which is unique and dynamic. Traders can follow these three easy steps to get going with their demo account through AxiTrader:
AxiTrader does offer an extension to the 30 day demo account, however traders will need to discuss this with an account manager. The demo account can be made permanent by opening a live account with AxiTrader. Upon doing so – the demo account will remain accessible.
GO Markets Demo Account
GO Markets offers a similar Demo Account to its competitors, with $100,000 virtual funds to be deployed upon accessing the demo account. Go Markets encourages brokers to understand that all results in the training facility are hypothetical and if a trader is looking to understand more about the industry – they should look into MetaTrader guides.
Go Markets provides traders with a wider array of reading materials, rather than simply understanding the ins and outs of a virtual trading environment. Go Markets demo account operates in tandem with the following programs; First Steps in Forex, Next Steps, and Inner Circle, aiding traders understanding of the markets.
You can view the full review of GOMarkets or open a demo account with the buttons below.
ForexCT Demo Account
ForexCT demo account users will have $100,000 in virtual cash at their disposal. To attempt trades, and manipulate strategies in an attempt to become accustomed with the interface prior to trading in a live account. Although the demo account provides a substantial amount of funds, there is a clear lack of educational resources that traders should be aware of.
The ForexCT demo account does not offer the Forex eBook, as well as the online tutorial and daily market reports. For many novice traders, these tools may be essential when getting used to the Forex industry, so without them the ForexCT demo account may be useless.
Traders who can obtain educational support from other resources, will be able to take advantage of the demo account, with contract size from 10,000 and spreads from 2 pips.
IG Group Demo Account
The IG Group’s demo account attempts to give traders the opportunity to feel how different markets and different products work. With this demo account, traders have $200,000 worth of virtual funds to explore and experiment with confidence.
IG allows access to 16,000 markets through their demo trading account including indices, Forex, shares and commodities. The IG demo account does operate differently to the live trading account in some aspects which are important to take into account.
- Trades made through a demo account are not subject to slippage, interest and dividend adjustments.
- Trades may be rejected in a demo account if there are insufficient funds to open them.
- If there are insufficient funds to cover margin and running losses, the demo account will be closed.
View our complete IG demo page or you can open a free demo account by clicking on the link below.
The Global Prime Forex demo account is known for its flexibility to the traders needs and background. Demo accounts are the perfect tool when traders are looking to familiarize themselves with a new broker or perhaps adapt to the financial services industry.
Global Prime’s demo account enhances this experience by allowing traders to open a virtual account that suits them, their abilities and their background. By allowing for traders to determine the amount of virtual currency deposited into their demo account, as well as the currency and their level of expertise – traders are able to transfer their practice into a real live account in a swift manner.
One point of note for traders looking to register with a Global Prime demo account is that after an inactive period of 30 days, the demo account will be closed by Global Prime.
View the complete review of Global Prime or visit their website to open a free demo account.
The ThinkForex virtual account offers brokers up to $50,000 in virtual funds. These funds are sufficient in a traders journey to refine their skills and ply their trade prior to jumping into the real trading universe.
The ThinkForex demo account lasts for 30 days, therefore it is integral for traders to use the review your trades function with a dedicated account manager that allows them to gain tips and recommendations improving on their mistakes and enhances their strengths.
Demo accounts can be opened in all three account types that are offered by the broker; (a) Standard Account, (b) Pro Account and (c) VIP Account. Think Markets does recommend that traders don’t compare results obtained in the demo account to results from live trading, as live trading takes into account liquidity and market depth.
ThinkForex offers demo accounts both for MetaTrader 4 and MetaTrader 5, and should be considered as a viable option when thinking about demo accounts.
You can view a comprehensive review of ThinkForex for more details or open an Australian forex demo account.
Using Forex Demo Accounts Effectively
An online Forex Demo account Australia offers aspiring and experienced traders the opportunity to make a true assessment of the value of any contemplated trading-related task. Online trading is unique in offering the ability to test strategies and tactics, evaluate indicators and observe prices in a real-time trading world.
New traders are prime beneficiaries of a Forex demo account Australia as a way to learn the basics of order entry and exit, test brokers’ server reliability and customer service before they open a live account. Loads of forex brokers and CFD trading providers offer these products and services for a beginner but indeed they are suitable for all investors. View the key demo forex account details below or view our international demo account forex trading page.
Key Forex Demo Account Australia Benefits
1. Developing Familiarity and Comfort with Forex Trading Software
Many Forex brokers have what are known as proprietary trading platforms, along with industry-recognised platforms, such as MetaTrader 4 and 5. Demo accounts teach traders to evaluate these platforms, learn the similarities and differences betwixt platforms and gain a comfort level in executing the tasks typical of Forex trading. Familiarity with one or two platforms will easily transfer to any others.
2. Learning to Gauge the Ebb and Flow of the Currency Markets
This benefit of demo accounts cannot be over-stated. The skill of determining when it is prudent to trade and when it is better to leave the markets alone is a key skill for successful trading. A couple of weeks of observation will reveal when the market is active and what trading strategies best suit a trader’s location. Peak price activity in the Forex market is during the hours that the London session and the New York session overlap, a four-hour period of time that for Australian traders, takes place in the wee hours of the morning. Trading at this time without giving up sleeping will require limit orders, stops and take profit orders. There is another active trading period based on Sydney time that is better suited to market entries and exits for Australian traders.
3. Getting Used to Full-Time Trading
Many new traders need to actually feel what it is like to be actively trading currency. Until those feelings are experienced and understood, no amount of technical knowledge will prevent poor trading decisions based on faulty logic, or for that matter, a complete absence of logic. How losing and winning trades affect the thought process and trading decisions is the chief benefit of discovering trading preferences and risk comfort levels, learning which currency pairs to follow, which pairs to avoid and other important aspects of self-discovery. Another factor that becomes more important when full-time forex trading is spreads as the brokerage fees add up. This is why it’s so important to find a low spread forex broker to suit your needs.
4. Understanding The Maths Behind Forex
Most, if not all, Forex demo account Australia brokers include a profit/loss calculator in their trading demos. Forex math is not extremely complex, but trying out various trade sizes and seeing the effect of price changes on a trading account balance provides vast assistance in determining trade size for a new trader. This simple tool that automatically performs profit/loss calculations takes the mystery out of the concept of leverage that for Australian traders, can reach levels of 400:1, meaning that a $1 change in a currency pair will equal $400 in the trading account. Profit/loss calculations will also influence the choice of a broker and the amount of risk capital needed to fund an account.
5. Testing Broker Technology
This somewhat mundane element of a Forex trading business cannot be neglected. Any experienced trader who has felt the panic of having trades active without a connection to their broker knows exactly how important it is to be able to rely on being connected when it matters. Everything from a trader’s computer, to his or her internet connection and the compatibility between all the technology involved, needs to undergo testing.
Setting Up a Valid Forex Demo Account Australia
Forex brokers often provide demo accounts with $100,000 of simulated funds, which is all well and good if that will be the amount dedicated to funding a trading account.
It is critical, almost beyond description that a demo account is set up to mimic as closely as possible the conditions that will be encountered in real-time trading. If only $5,000 dollars will be devoted to Forex trading, a quite feasible amount for beginners, find a demo account that permits specifying the size of that demo account. It does not assist in any way to practice trading for $100 per pip if the maximum tolerable level of risk is $10 per pip. With a $5,000 account trading at $100 per pip, a relatively common 10-pip move against a position would represent a $1,000 loss; 20 percent of available trading funds can disappear in minutes. Other aspects that should adhere to the probable true nature of trading activities should receive attention, too. Trade size for an Australian trader wanting to trade the New York/London session overlap must select a level of risk that accommodates their sleep or risk insomnia.
Finally, establishing a realistic trading simulation will identify mental trading issues, both good and bad. Experimentation through a simulated account reveals psychological tendencies, such as exiting a profitable trade too early or allowing a losing trade to escalate too long. Understanding the probable responses to good and bad trading fortune is exceptionally valuable to making valid trading decisions during the heat of battle. The main thing to be learned in this regard is that the market was there prior to your involvement and got along just fine without you. This is a humbling realisation, but one that every trader must experience if they are going to trade successfully and for the long term.
Demo accounts will never fully prepare you for what will happen when you begin to trade for actual money, but the preparation demo accounts like ForexCT do provide is similar to what a footy player achieves practising goal kicks on the oval prior to a game, or what a golfer accomplishes on the practice green prior to around.
A Forex demo account Australia is valuable to the extent that many successful long-term traders continue to use one or more regardless of how many real trades they have made. They appreciate the ability to test trading concepts, strategies and tactics in order to prove the worth of those concepts, strategies and tactics before risking real money. Most of the best Fx brokers in Australia offer demo accounts so try one out before you start trading.