If you want to try out trading without risking your money, you should open a forex XM demo account. It’s free to open and requires no verification, although you need to provide some personal information. It’s also possible to open as many accounts as you want, although you cannot deposit or withdraw money. Unlike a real account, the XM demo account will close after 30 days of inactivity.
To open an XM demo account, you need to verify your email and telephone number. Once you verify your email and phone number, you’ll get an email with a link to your XM demo account. You can use the email to download the demo account trading platform. You can also use it to test your forex trading strategies.
XM’s trading platform offers a variety of investment tools to help you make better decisions. This platform includes a market analysis tool, which allows you to make better trading decisions. You can also use the free XM demo account to evaluate XM’s features. This is a great way to get a feel for how the broker works before opening an account.
Another advantage of using an XM demo account is its unlimited duration. While most brokers limit this to 30 days, this brokerage allows you to use the demo account as long as you want. In fact, you’ll only have to close the account after 120 days unless you’re active in it.
A forex XM demo account can be a great way to get started on the forex market. It offers dummy money and multiple order placement options, which can help you understand the trading platform better. In addition, the XM demo account comes with a wealth of trading tools, including market analysis tools for beginners.
In order to use an XM demo account, you must have an account with an MT4 platform. MT4 users can use this on the Internet. Then, simply log in with your login details and password, and select the XM-demo account from the menu. This will then allow you to try trading strategies before investing your money in the real account.
A demo account is essential for all traders. Although trading is a simple activity, it can be confusing to newbies. Besides, unfamiliar terminology can make it difficult to understand. To overcome these challenges, you should practice patience. Not every trader has the patience to maintain calm during the trading process.
XM customers can use a demo account parallel to their real account, which makes it easy to test different strategies and find out which ones work best. Once you find the ones that work, you can apply them to the real account. When you’re ready, you can download the MetaTrader 4 software and start forex trading on your demo account.
It’s also useful to use a demo account as a learning tool. It allows new traders to familiarise themselves with the platform and analyse market conditions. It also allows them to evaluate their potential by trading with virtual money, which simulates both profits and losses. In addition, the fact that they’re not risking their real money is a big advantage.