What is a MetaTrader 4 demo account? It is actually very simple, a MetaTrader 4 demo account, which can be also called a Forex practice account, is a trading account where you can trade with virtual money. There are many reasons to have a practice account and it is highly recommended to create one if you haven't got one already. In this guide, you will see why you should open a practice account and how to create a demo account to use with MetaTrader 4.
Working on a Forex demo account brings many benefits to the trader. Here are some of the most important ones:
There are some differences between a Forex practice account and a live trading account. The most important ones are:
Despite the existence of some differences, there is no real reason not to open a demo account, so read further and see how easy it is to open one.
To open a demo account, you will be asked to enter some personal information like, name, surname, contact details. No credit card or bank details are required. As mentioned before, demo accounts are free.
You can open multiple free demo accounts with an MT4 broker of your choice.
These days nearly all brokers allow you to open a demo account. They invite you to try their services with the hope that you will then open a live trading account.
If you haven't installed MetaTrader yet, please read our guide How to Install MetaTrader 4 Client Terminal. Once the installation is completed, you will be asked to connect to a server like on the image below.
If you already have a demo account with your broker, you can click Cancel and right-click the Account in the Navigator panel, then select Login to Trade Account. If you wish to create a new demo account instead, click Open an Account.
To create a demo account with a broker, you might have to go to their website and fill some basic registration form. Usually, you will then receive your demo account credentials via email.
You will be given the login, password and server to login to the demo account from the MetaTrader 4 platform.
Now that you have created a demo account, you can start trading and testing your strategies, and MQL code.
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