Forex Capital Markets, popularly known as FXCM, is an international online broker dealing in forex and CFDs trading. The broker first opened its doors in 1999 and is now owned by Jefferies Financial Group.
FXCM is an advanced broker equipped with features like proprietary Trading Station and MT4 trading platforms, mobile trading, demo account, and innovative tools for trading indices and commodities. In this FXCM review, we will discuss the demo account feature in detail.
How to Create a FXCM Demo Account
A demo account is a desirable component in any online forex broker, for it allows traders to familiarize themselves with the features and functionalities. Besides, they can test the trading instruments listed, various trading platforms and learn to apply trading strategies.
The demo account option is open to all regardless of their trading expertise. Traders trading with other brokers can try this before switching to it, while existing FXCM traders can use it to stay updated with the latest additions.
Key things that a trader can learn through demo trading are placing orders, trying spreads and variables, and the potential rate of return. In short, traders can have real trading experience without even investing real money. Traders can create a demo account with FXCM in a few simple steps, including:
- Access the broker’s official website
- Click on the Open Demo Account
- Enter your details (name, email address, mobile number, residential address, and currency option)
- Opt for frequent updates about the FXCM products/services
- Choose to receive educational trading materials
- Select the Trade Now option
- Use the clickable link to access the web-based platform or scan the QR code to download the mobile app
Upon signing up with the FXCM demo account, traders will receive $20,000 in virtual money to spend on trading forex and CFDs.
FXCM Demo Account Types
Since CFDs are complex trading instruments, traders must leverage the provision of a demo account. The ultimate benefit of using the FXCM demo account is to enjoy risk-free forex and CFD trading without suffering any real loss.
It is more of a practice account using which traders can sharpen their trading skills and prepare themselves for the live trading scene. Demo account features might vary with the FXCM trading options and platforms chosen.
FXCM MT4 Trading Demo Account
- Trade any automated expert adviser (EA) like scalping EA
- Trade at 0.01 lots
- Scale-out trade positions
- Access free MT4 apps (indicators, EAs, scripts)
FXCM Forex Trading Demo Account
- Real-time buy and sell prices
- Virtual money worth $20,000
- Available online 24/5 for trading
FXCM Demo Account Features
A demo account exhibits features intended to boost the trader’s trading competency, such as real-time analysis of currency markets and price action. The all-in-one market simulator is designed specifically for live forex and CFDs trading and spread betting.
|Fully-digital, easy, and fast registration
|Limited funds and trading period
|Accessible via web or iOS, or Android app
|Real trade conditions may differ
|Risk-free trading environment
|Less frequent order slippage and re-quotes
|Integrates all the features of a live account
|Tighter spreads in fast markets
|Virtual money to test and trade various tools
|Lead to poor trading habits like overtrade
Is FXCM A Good Broker?
Yes. FXCM is a reliable forex broker, for it is well-regulated by the UK Financial Conduct Authority and other jurisdictions of operation.
What Is The Difference Between A Demo And A Live Trading Account?
In contrast to a live trading account, a demo trading account allows you to trade with simulated money and make virtual profits.
Can I Withdraw Money From The FXCM Demo Account?
No. Profits are not real in demo trading.
Does FXCM Offer A FREE Demo Account?
Yes. Signing up is free.
What Is The Minimum Deposit For A Live FXCM Account?
European Union (EU) and non-EU traders need to deposit a minimum of $300 and $50 respectively for a live FXCM trading account.