How to Open a Forex Demo Account from MetaTrader 4 Platform
The Forex demo account to learn forex trading with is the MetaTrader 4 practice forex trading account. To open a new demo account for practice trading, a trader can do this direct from their Forex trading 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 Platform - MT4 Demo Account
Once you click on this link you will be taken to your forex currency broker web site where you can register for MetaTrader 4 practice account details of a Forex 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 filling these MT4 practice account opening details on the form below, click the open trading demo account button.
Demo Account Registration - How to Open MetaTrader 4 Demo Practice Account
Once you fill the MetaTrader 4 demo account opening form and complete this step, you will then receive confirmation details of your online trading demo login and password credentials as illustrated and illustrated below. A copy of these Forex sign in credentials will also be sent to your e-mail address.
MetaTrader Forex Practice Account Registration Confirmation
The FX log in details of the free demo FX trading 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 Trading Account Sign Up Details Sent to E Mail Address - Open MetaTrader 4 Demo Account
Once you receive the demo account login details, you can now then login into the MetaTrader 4 platform and start to access the financial forex market & practice trading on this practice account.
The 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 MetaTrader 4 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 MetaTrader 4 platform.
How to Sign in to Demo Account
To login to your MT4 forex trading 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 Forex Trading Practice Account on MT4 Software - MT4 Demo Guide
The following popup widow will pop up prompting you to enter your forex demo account login details and password. Enter the forex 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 Forex Practice Account
Enter details as below and sign in
Log in to Practice Forex Demo Account - MetaTrader 4 Demo Account Guide
You will then be logged in to the MT4 demo account as shown below:
Example of How Forex Demo Account Looks on MT4 - MT4 Forex Demo Account
Once you've opened free practice 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 and losses
- How to navigate MT4 software 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 currency price movements will reflect the true forex market movement.
Practice Demo versus Live FX Trading Account
The forex practice practice account only difference to the live forex account is the deposit, with a demo forex account a trader cannot deposit or withdraw money but with the real forex account a trader can deposit & withdraw money & all the trades will be transacted using real money & profits can be withdrawn & losses will be deducted from the deposited amount.
Forex traders should use this practice trading account to test out their trading strategy & practice forex trading until such a time when they can trade the currency market profitably. Then when they learn how to make profit on their practice practice forex account then they can open a live forex trading account & begin trading the real forex market.
Once a beginner trader registers for the free practice trading 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. Trader will then test these forex trading strategies on the Forex demo trading account that they will have opened to test if these trade strategies are profitable. Once the forex trade strategies are profitable on the forex demo account and a trader starts to make consistent profits on their Forex practice practice trading account then they can consider opening a real Forex trading account.
