How to Open a Forex Demo Account From MT4 Platform
The Forex demo account to learn forex trading with is the MT4 demo forex account. To open a new practice account for practice trading, a trader can do this directly from their Forex platform. Below using the MT4 software, on the top left corner: click File then click 'Open an Account' button key as displayed below.
Open Free Forex Demo Account MT4 Software - MT4 Demo Account
Once you click on this link you'll be taken to your forex currency broker web site where you can register for MT4 demo account details of a Forex practice account.
Next step is to fill the following MetaTrader 4 demo account registration forms displayed below, the required data 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 MT4 Demo Practice Account
Once you fill MetaTrader 4 practice account opening 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 FX log in credentials of the free demo FX account you just opened are sent as an email which will pop up in your email inbox as shown on below.
Demo Sign Up Details Sent to E-Mail Address - Open MT4 Demo Account
Once you receive the demo account login details, you can now then login into the MT4 trading platform & begin to access the financial forex market & practice trading on this demo practice account.
The link to also download the MetaTrader 4 platform is also provided along with the sign in & password details upon registration of the MT4 demo account so that you can download the MT4 Software, if you haven't downloaded it.
Procedure for installing MetaTrader 4 platform, is covered in our previous MT4 practice guide course before this one: How to install MetaTrader 4 platform.
How to Sign in to Demo Forex Trading Account
To sign in to your MT4 forex demo: Open MT4 forex platform and at the tops left corner of MT4 click 'File' then click Login as shown below:
Log in to Forex Trading Practice Account in MT4 Software - MT4 Demo Guide
The following pop up widow will popup prompting you to enter your forex demo account login details and password. Enter the forex login details as shown & illustrated below and save the information by checking the 'save account information' button key so that there is no need to retype the next time you want to login.
Sign in To Forex Demo Account
Enter details as below & sign in
Log in to Practice Forex Demo Account - MT4 Demo Account Guide
You'll then be logged in to MT4 demo account as shown below:
Example of How Forex Demo Account Looks on MetaTrader 4 - MT4 Forex Demo Account
Once you have opened free practice trading account you can then begin to practice the following:
- How to place forex orders
- How to open forex charts & place technical indicators
- How to analyze Forex charts
- How to monitor profits & losses
- How to navigate MT4 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 currency price movements will reflect the true forex market movement.
Practice Demo versus Live FX Trading Account
The forex practice demo 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 and 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 demo practice forex account then they can open a live forex account & start 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 trading strategies which will be used to generate trading signals for forex trading. The forex trader will then test these trading strategies on the Forex demo account that they will have opened to test if these trade strategies are profitable. Once the trade strategies are profitable on the forex demo account and a trader starts to make consistent profits on their Forex practice demo trading account then they can consider opening a real Forex trading account.
