Virtual capital as another decision criterion
Especially from the perspective of professional traders, a demo account only makes sense if it is equipped with as much capital as possible for testing.
However, some traders already manage with virtual capital in the amount of 1,000 euros, so it is very dependent on the respective customer, which virtual balance is considered sufficient. In practice, the virtual assets with which the demo account is equipped, usually range between 1,000 and 100,000 euros. However, in most cases it is possible to replenish the virtual credit balance after it is used up and after consulting with the customer service.
The more real, the better
Basically, regarding the demo account, you can remember that the more they reflect the real trading environment, the better these test accounts are. This includes, among other things, that the demo account ideally includes real-time quotes. This is the only way you can actually train 1:1 and subsequently understand how your activity would play out in practice when trading currency pairs. In addition, it is also important that the demo account has chart functions, such as different charts, trading strategies and also trading signals in Exness mt4 are displayed. When it comes to the demo account, the more functions that can be used later on the real trading platform, the better it is. If you want to use the MetaTrader 4 or MetaTrader 5 as a platform, for example, the functionality of the platform in demo and live mode is absolutely identical. Only additional tools offered by brokers such as ActivTrades or GKFX, such as the SmartOrder 2 plugin or the MT4 Booster from GKFX, are not available on the demo accounts. These can only be used on a live account. If you are looking for an MT4 broker, we have summarized the largest brokers for you in our MetaTrader broker comparison.
How should the demo account be used?
In our opinion, a demo account is indispensable especially for newbies starting out in Forex trading. However, many beginners do not even know how to use such a test account in the first place. Therefore, we would like to give you some tips that will help you to use the demo account as extensively and sensibly as possible.
Familiarize yourself with the design
The first tip related to the use of the demo account is relatively simple, as it simply involves you taking 15 minutes once to familiarize yourself with the design. In the second step, you can then try out some of the features by simply clicking on the appropriate buttons. Nothing can happen in this sense anyway, because - as already mentioned - you are only trading with virtual money anyway. Even if you were to accidentally generate a trade order for 10,000 euros, it would only be a simulated trade. So don't be afraid to try it out, because you can't do anything wrong on the demo account.