How to open LiteFinance Demo (Virtual) trading account?
Do you know the difference between a demo account and a live account? Here is everything you need to know about LiteFinance's Demo accounts.
What is the difference between a demo account and a live account?
Demo accounts are great for getting clients acquainted with the Forex market. This type of account does not require prior deposits, but profits from trading operations cannot be withdrawn. The operating conditions of the demo account are similar to those of the real account: the same trading procedures, the same quotation rules, and the same opening parameters.
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How to open a demo account?
Click on your name in the “Client Profile” above and make sure that the demo trading mode is enabled, then visit the ” Metatrader ” section. Click the “Open Account” button and select Account Parameters from the drop-down list.
To fund a demo account created from a client profile, click on your name on the first line and make sure you have demo trading mode enabled, then go to the ” Transactions ” block. Next, click “Deposit” in the lower right corner of the page, enter the USD deposit amount, and click “Deposit”.
Open LiteFinance’s Demo Account
LiteFinance’s various account types
LiteFinance Global LLC offers CLASSIC and ECN types of trading accounts, both of which are based on market execution.
Different types of trading accounts correspond to different servers; therefore you cannot change the account type. The only way, is to open a new account on another server of the customer’s profile. You can transfer funds from the old account to the new account in the ” Metatrader ” section of the client profile.
LiteFinance also offers Islamic accounts for Muslim traders.
Islamic accounts do not charge accounts with overnight fees for open positions. This type of account is suitable for customers who cannot conduct monetary transactions involving interest payments due to their religious beliefs. Another widely used name for this account is the “Swap Free Trading Account”.
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How to recover the password of the demo account?
The automatic password change option is available if you have opened a demo account through your client profile (the profile you register with LiteFinance). To change a trader’s password, log in to the client profile, visit the ” Metatrader ” section, and click “Edit” in the “Password” column for the corresponding account. Enter the new password twice in the window that opens, you can change it without knowing the current trader’s password.
Additionally, after opening a new account, LiteFinance will send an email to the customer’s email with the account’s login and password attached.
If you open a demo account directly through the trading terminal and the letter containing the registration details has also been deleted from your e-mail, you must open a new demo account. You cannot recover or change your password through a demo account not opened through “Customer Profile”.
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What leverage does LiteFinance offer?
Clients of LiteFinance can use the following leverage sizes, depending on their account type:
- In CLASSIC account, 1:1 to 1:500;
- In ECN accounts, 1:1 to 1:1000;
You can choose the leverage size when opening a trading account. After that, you can make changes via the “Client Profile” using the corresponding options in the ” Metatrader ” section.
You do not need to close positions or close pending orders for this process.
Credit leverage is the ratio of deposits to allocated borrowed funds: 1:100, 1:200, 1:500, 1:1000.
Credit leverage of 1:100 means that your trading account should have an amount that is more The amount required is 100 times less.
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