- How to open XM’s Demo account with Virtual money
- Why use Demo but not Real account?
- New to Forex trading?
- Learn Forex Trading – Common Terms
- 5 Forex Trading Tips for beginners
- Why you should use XM’s Demo account first?
- Why XM uses MT4?
How to open XM’s Demo account with Virtual money
In order to open practice account you need to follow this link, fill in the form and click “Open” button.
You will received the details required to log into MT4 or MT5 account to the email which you will indicate in the form.
In order to open practice account from your mobile device you need to download mobile MetaTrader4 or MetaTrader5 first.
You can download the platform for Android and the one for iPhone from XM Official Website.
After installing mobile apps of MT4 and MT5, you need to fulfill the following actions:
- Log into the platform MT4 or MT5.
- Click “Menu” icon in the upper left corner of the terminal.
- Choose “MetaTrader Demo Account” and click “+” on the appeared page.
- Click “Open personal demo account” and on the appeared page in the line “Find a broker” enter JustForex.
- Choose JustForex-Demo server.
- Fill in the appeared form and click “Open account”.
After that you will be shown the details of your account you need to remember them and click “Finish”.
Why use Demo but not Real account?
The forex market has an average turnover of USD 3.8 trillion per day.
This huge potential attracts hundreds of thousands of people who dream of making big bucks here.
However, real forex trading is no child’s play and requires unwavering support, which only a reliable and conscientious forex broker can offer.
Of course, you can benefit from the forex trading tips that XM will offer.
However, if you are a new trader, you can test the waters by first opening a forex demo account of XM before foraying into the exciting world of forex trading online.
If you are anxious about forex trading online, XM’s answer to that is a Forex Demo Trading Account with XM.
It provides you with the much needed initial confidence to start real forex trading online.
New to Forex trading?
Learn Forex trading from the experts.
XM has a team of professionals, who have years of experience in helping people with Forex trading.
You simply need to register with XM and the world of Forex trading is thrown open to you.
To learn Forex trading without any risk, you can simply open a demo account with XM.
The following discussion will introduce you to some common terms used in currency trading online.
Learn Forex Trading – Common Terms
Before you begin currency trading online, get familiar with the lingo:
- Spot Trading
When one currency is bought by making payments in a different currency for immediate delivery, as opposed to future delivery, the exchange is termed as FX spot trading. The typical time-frame for settlement of a Foreign Exchange Spot trade is two business days from the day of trade.
You will come across the term forward contract when you trade forex. It implies a non-standardized pact between parties to trade an asset at a specific time in future at a price fixed on the day of agreement.
- Market Order
The trade execution made by you for buying a currency is called a market order. When you click a button completing the process of buying a lot of currencies, a “market order” is said to be placed.
- Stop-Loss Order
This feature reduces the risk of large losses. By putting a stop-loss order in place, you specify the limiting value of profit or loss at which you would prefer to stop forex trading.
This is the currency value at which you would want to buy or sell a currency.
This is the currency value at which you actually buy or sell the currency.
The gap or difference between the bid and offer values of a currency.
Pip is the last (4th) decimal of the currency exchange rate. The Japanese Yen, and any related currency that is traded against the Japanese Yen are the exception. In these cases, the pip is the second decimal value of the exchange rate
In order to help you learn forex trading, XM offers several education and forex training programs.
Once you grasp the basics of currency trading online and have tried your hands on XM’s convenient demo account, you can still take small steps.
Reduce the capital risked in the market.
Begin with XM’ss Cent trading account, which requires a very small minimum deposit to start forex trading.
5 Forex Trading Tips for beginners
Here are some forex trading tips that will help you execute your transactions in a responsible manner:
- Forex trading online without analysis and study of the market is equivalent to gambling with your hard earned money.
- It is always wise to trade through a forex demo account before you go live. It pays to get accustomed to the trends of the market and the trading platform.
- When you are unsure of making a move on a currency, take cues from the market trends to make a responsible and informed decision. Trends are formed over longer periods of time and are more reliable compared to short term “noise” fluctuations.
- It is important to choose a timeframe appropriate for your trading psychology. Some people are patient movers while other people might want to make a shift in position intermittently.
- Among the most important forex trading tips is to not let your emotions affect your trade strategy. This might lead you down the painful path of overtrading and over-leveraging. Cautious and careful investments can lead you away from this path.
XM’s education corner also has a lot to teach you if you are just getting stated in the online investment market.
Why you should use XM’s Demo account first?
The benefits offered by XMss forex demo trading account are:
1. Free of Cost
When trading forex, XM’s demo accounts are the most convenient place to begin, because they are free of cost.
Simply register for a forex demo account with XM and you are ready to check out whether forex trading online is for you.
2. Free of Risk
The primary reason for offering XM’s clients the forex demo account facility is to minimize their losses.
Many new traders are apprehensive about making mistakes in forex trading online.
XM believes that these initial mistakes should not discourage new traders.
They should be able to learn and try out forex trading tips and tricks before risking their money.
3. Introduction to Features
The trading platforms provided to the clients of XM have a large array of options for analytics and order-management.
While trading through a forex demo account of XM and exploring the action in the FX market, they become familiar with the functions and specialties of different tools.
Forex demo accounts provide the much need exposure to forex trading online to help new traders develop their own forex trading tips and strategies.
Just like every Olympic swimmer begins from a knee-deep pool and formulates a plan to overcome larger areas, XM’s clients enjoy the freedom to splash around in a virtual trading account before starting to race in the real trading market.
Why XM uses MT4?
XM’s Meta Trader4 Platform is a very efficient and stable platform and has a track record of fractionally small downtime due to loss of connection or technical problems.
This allows the forex trader to feel comfortable that technical issues will not interfere with trading.
The XM’s MetaTrader4 Platform has all the functions that a forex trader could wish for, yet the platform never feels confusing or cluttered and the interface is intuitive and easy to get the hang of, even for beginners.
XM’s MetaTrader4 is the most popular forex trading platform currently available at XM.
XM’s MetaTrader4 platform connects unlimited traders around the world to the forex market and has quickly gained recognition as the premier MetaTrader4 Platform.
XM’s MetaTrader4 also delivers the real time data feed and market prices.
The choice of both professionals and newbies alike, XM’s MetaTrader4 offers a secure, stable and advanced connection to the market forex interbank.