There are many reasons to have a practice account and I strongly suggest you to create one if you haven’t got one forex automation. Virtual Money, a Demo Account is loaded with virtual money, so that you can experience trading without risking your real money and savings! Test your Scripts and Expert Advisors, before running a script or an expert advisor on a real account it is recommended to test it on a Demo Account to check that the behaviour is as expected.
Why NOT a Demo Account ? Despite the existence of some differences there is no real reason not to open a Demo Account, so read further and see how easy it is to open one. Required Information To open a Demo Account you will be asked to enter some personal information like, Name, Surname, Contact Details. No Credit Card or Bank Details are requiredm as mentioned before, Demo Accounts are FREE! Complete the fields with your details. Leverage is indeed the leverage used in your trading, defining leverage is out of the scope of this article, however leverage is the ability to control more money than the one on the account, if you are a new trader use the default 1:100, which means that if your account is 5.
Unfortunately you will have to agree to subscribe to the newsletter to continue but I haven’t noticed any spam from them so it is fine. Now that you have created a Demo Account you can start trade and test your strategies and MQL code. You don’t know what is MQL? We will get there in the next article.