How to Open a Forex Demo Account from MT5 Forex Platform
The Forex demo MT5 account to learn forex trading with is the MT5 demo forex trading account. To open a new practice account for practice trading, a trader can do this direct from their Forex trading platform. Below using the MT5 Forex Platform, on the top left corner: click File then click 'Open an Account' button key as displayed below.
Open Free Forex Demo Account MT5 Platform - MT5 Demo Account
Once you click on this link you'll be taken to your forex broker web site where you can register for MT5 practice MetaTrader 5 account details of a Forex practice account.
Next step is to fill the following MT5 practice MT5 account registration forms displayed below, the required information is:
- Your first name
- Last name
- Country
- City or town
- Phone number
- E-mail address.
After filling these MT5 practice MT5 account opening details on the form below, click the open trading practice MetaTrader 5 account button.
Demo Registration - How to Open MT5 Practice Demo Account
Once you fill in the MT5 demo account registration form and complete this step, you will then receive confirmation details of your online trading demo login and password details as shown and illustrated below. A copy of these Forex login credentials will also be sent to your e-mail address.
MetaTrader Forex Demo Account Registration Confirmation
The forex login details of the free practice MT5 account you just registered for which are sent as an email will appear in your in-box as shown on screenshot below.
Demo Sign Up Details Sent to E-Mail Address - Open MT5 Demo Account
Once you receive the demo MT5 account login details, you can now then login into the MT5 platform and start to access the financial forex market & practice trading on this practice account.
The link to also download the MT5 Platform is also provided along with the sign in & password details upon registration of the MT5 practice MT5 account so that you can download the MT5 Software, if you haven't downloaded it.
Procedure for installing the MT5 Forex Trading Platform, is covered in our previous MT5 practice tutorial lesson before this one: How to install MT5 Platform.
How to Sign in to Demo Account
To log in to your MetaTrader 5 forex trading demo: Open MetaTrader 5 Forex Trading Platform & at the tops left corner of MT5 click 'File' then click Login as shown below:
Log in to Forex Trading Practice Account on MT5 Software - MT5 Demo Guide
The following pop up widow will popup prompting you to enter your forex demo MT5 account login details and password. Enter the forex login details as shown below and save the information by checking the "save MT5 account information" button so that there is no need to retype the next time you want to login.
Log in to Forex Practice Account
Enter details as below & sign in
Log in to Practice Forex Demo Account - MetaTrader 5 Demo Account Guide
You will then be logged in to MetaTrader 5 practice MetaTrader 5 account as displayed below:
Example of How Forex Demo Account Looks on MT5 - MT5 Forex Demo Account
Once you have opened a free practice trading MetaTrader 5 account you can then begin to practice the following:
- How to place forex orders
- How to open forex charts & place technical indicators
- How to interpret Forex charts
- How to monitor profits & losses
- How to navigate the MT5 Forex Trading Platform interface
While practicing all the above, the money used is virtual currency, meaning a forex practice trader will practice using virtual money but everything else including forex price movements will reflect the true forex trading market movement.
Practice Demo versus Live FX Trading Account
The forex practice practice trading MT5 account only difference to the live forex MT5 account is the deposit, with a demo forex MetaTrader 5 account a trader cannot deposit or withdraw money but with the real forex MetaTrader 5 account a trader can deposit & withdraw money and all the forex trades will be transacted using real money and profits can be withdrawn & losses will be deducted from the deposited amount.
Forex traders should use this demo practice trading MT5 account to test out their forex strategy & practice forex trading until such a time that they can trade the forex market profitably. Then when they learn how to make a profit on their practice demo Forex MT5 account then they can open a live forex account & begin trading the real forex trading market.
Once a beginner trader registers for the free practice trading MT5 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 trader will then test these forex trading strategies on the Forex demo MT5 account that they will have opened to test if these trade strategies are profitable. Once the forex trade strategies are profitable on the forex practice MT5 account and a trader starts to make consistent profits on their Forex practice demo trading MT5 account then they can consider opening a real Forex trading account.
