When you’re just learning how to trade, it’s extremely important to find a way to practice your trading skills without risking too much money at once. Many brokers actually give you a tool to do that, and it is called a demo account. These accounts operate just like real ones, but here you trade with virtual money. An Australia-based broker, Admiral Markets is one of the best choices when it comes to demo accounts, and we’re about to explain how to open your own account for simulated trading.
What is Admiral Markets
Admiral Markets is a reliable and relatively old international broker that’s regulated by FCA and ASIC, so it’s considered pretty secure and transparent. The broker allows you to trade Forex pairs, futures, a couple of cryptocurrencies, and other assets via a user-friendly and convenient interface. The deposit you can start trading with is just $1, the maximum leverage is 1:500, and the spreads start from zero pips. There are three different types of standard accounts and also a demo option.
Types of demo accounts
When you open your own Admiral Markets demo account, there are two options. You can choose one of the available trading platforms: MetaTrader 4 or MetaTrader 5. Both of them are useful, simple, and suitable for novice traders. However, MT4 is better for beginners. If you’re just learning how to trade, you should start with this platform. And if you’re an experienced trader who just wants to test a couple of strategies, MT5 seems like a more suitable choice.
How to use a demo account
If you really want to use your demo account to the fullest, here are some useful tips. FIrst of all, do not be afraid to experiment: use different combinations of indicators and their settings, that’s what a demo account is for. Don’t forget to explore the market and look for interesting new possibilities to trade: it’ll help you when you start trading with real money. Finally, make sure to analyze your performance, find mistakes, and remember successful strategies.
How to open a demo account
Creating a demo account is simple. Just go to the official website of the broker, create a free account, and verify your identity. Once you have an account, enter it, find the Open demo account option, and choose it. You’ll have to specify what type of account you want, and then you’ll be given access to the demo server where you can customize your preferred currency and other settings.