How to Open a Forex Demo Account from MetaTrader 5 Forex Trading Platform
The Forex demo MT5 account to learn forex trading with is the MetaTrader 5 demo forex trading account. To open a new demo account for practice trading, a forex trader can do this directly from their Forex trading platform. Below using the MetaTrader 5 Forex Trading Platform, on the top left corner; click File then click "Open an Account" button as shown below.
Open Free Forex Demo Account MetaTrader 5 Platform - MetaTrader 5 Demo Account
Once you click this link you will be taken to your forex broker website where you can register for MetaTrader 5 demo MT5 account details of a Forex practice account.
The next step is to fill the following MetaTrader 5 demo MT5 account opening form shown below, the required information is:
- Your first name
- Last name
- Country
- City or town
- Phone number
- E-mail address.
After filling these MetaTrader 5 demo MT5 account opening details on the form below, click the open trading demo MT5 account button.
Demo Registration - How to Open MetaTrader 5 Practice Demo Account
Once you fill the MetaTrader 5 demo MT5 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 Forex Demo Account Registration Confirmation
The forex login details of the free practice trading MT5 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 - Open MetaTrader 5 Demo Account
Once you receive the demo MT5 account login details, you can now then login into the MetaTrader 5 platform and start to access the financial forex market and practice trading on this demo practice account.
The link to also download the MetaTrader 5 Forex Trading Platform is also provided along with the login and password details upon registration of the MetaTrader 5 demo MT5 account so that you can download the MT5 Software, if you haven't downloaded it.
The procedure for installing the MetaTrader 5 Forex Trading Platform, is covered in our previous MetaTrader 5 demo tutorial lesson before this one; How to install MetaTrader 5 Forex Trading Platform.
How to Login to Demo Account
To login to your MetaTrader 5 forex trading demo; Open the MetaTrader 5 Forex Trading Platform and at the top left corner of MetaTrader 5 click "File" then click Login as shown below:
Login to Forex Trading Practice Account on MT5 Software - MetaTrader 5 Demo Tutorial
The following popup 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.
Login to Forex Trading Demo Account
Enter details as below and login
Login to Practice Forex Trading Demo Account - MetaTrader 5 Demo Account Tutorial
You will then be logged in to the MT5 demo MT5 account as shown below:
Example of How Forex Demo Account Looks on MT5 - MT5 Forex Demo Account
Once you have opened a free demo trading MT5 account you can then start to practice the following:
- How to place forex 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 5 Forex Trading 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 forex price movements will reflect the true forex trading market movement.
Practice Demo versus Live FX Trading Account
The forex practice demo trading MT5 account only difference to the live forex MT5 account is the deposit, with a demo forex MT5 account a forex trader cannot deposit or withdraw money but with the real forex MT5 account a forex trader can deposit and withdraw money and all the forex 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 MT5 account to test out their forex trading strategy and 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 demo practice Forex MT5 account then they can open a live forex trading account and start trading the real forex trading market.
Once a beginner trader registers for the free demo 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 trading MT5 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 MT5 account and a forex trader starts to make consistent profits on their Forex practice demo trading MT5 account then they can consider opening a real Forex trading account.
