FXpro Demo Account – pros and cons

fxpro demo account

Forex FXpro demo account, which is a full simulation of a trading account in a working stock market. With its help players can practice trading without losing their budget and start working on a prepared real account.

FxPro Demo Account Review

FX Pro was founded in 2006. The broker has offices in London and Limassol. To date, the company has more than 200 employees. The client base has about 260 000 users from 170 countries. Every second about 7 000 deals are made on the platforms. According to Finance Magnates, a prestigious financial research resource, the organization is among the 10 best brokerage companies in the world that provide retail banking services.

FxPro provides an opportunity to open an FXpro demo account on the MetaTrader4, MetaTrader5 and cTrader platforms. The maximum leverage for such accounts is 1:500, and the maximum deposit size is limited to 500,000 units in any of the currencies available for opening a trading account, except for the South African Rand.

The broker does not limit the number of FXpro demo accounts opened by one client, as well as the term of their use.

Fxpro brings together several companies with 13 years of successful experience. The organization has the maximum number of licenses and permits for brokerage activities among the others. Also, the advantages of Fxpro include the average speed of execution of orders of less than 11.06 msec. This information is confirmed by reviews of real traders trading through the broker. It is unnecessary to mention that all trades are directly transferred to the interbank market after such statements. That’s why those who trade on the news and small timeframes should take a closer look at Fxpro.

How to create a FxPro demo account

When FXpro demo account registration, traders have the option to choose a regulator that will monitor their interests: CySEC or FCA.

To FXpro demo account registration at the brokerage site, take a few minutes and follow the steps

1. Click on “Create account” button;

2. Complete a template form with your username, e-mail address and password;

3. Pass the qualification testing, answering the basic questions about the principles of Forex market functioning.

At the end of FXpro demo account registration the trader is offered to set up a trading account. Within this procedure you need to select the type of account, the currency of deposit and the amount of leverage. The maximum leverage is 1:500. After completing FXpro demo account registration, the user is automatically redirected to the personal cabinet. Now you can replenish the deposit, install the trading platform and start trading.

A FXpro demo account can be opened by clicking the appropriate option in the ‘FxPro cTrader – Open Demo Account’ menu or by clicking the ‘Account Bar’ button.

MetaTrader 5

cTrader – Open Demo Account’ menu option or by pressing the ‘Account Bar’ button as shown below:

When opening a FXpro demo account you will need to specify

The following personal information:

  • Name – your full username
  • Email – (where the login information will be sent to
  • account information)
  • Country – the country of residence;
  • Phone number – mobile or landline phone number
  • phone number
  • Deposit – the amount of the deposit (this is a ‘virtual’ deposit) to be used for the ‘Demo account
  • Currency – currency that will be used for the FXpro demo account – currency that will be used as the base
  • Leverage – the necessary leverage.

After filling in all the fields, to continue click on the green button ‘I Agree – Create Account’-‘I Agree – Create Account’.

When you click ‘I Agree – Create Account’ button, FxPro cTrader will process your information

and proceeds to the ‘Sign In to FxPro cTrader’ window, where you’ll be prompted to enter

FXpro demo account registration information sent to your email. After you have entered your FXpro demo account registration information, click on

Sign In” button to connect to your newly created FXpro demo account.

FxPro demo account platforms

The international broker FxPro at the moment is one of the best forex brokers on the stock market. However, questions concerning the help in choosing a trading account began to come in frequently. The right choice of account is really important because it largely determines profitability of trading according to the chosen strategy.

For clients FxPro broker offers 5 types of accounts:

  • MT4 instant account with floating spread
  • MT4 Fixed – account with fixed spread
  • MT5
  • cTrader
  • FXpro demo account

They are enough for any trader, regardless of the strategy, to focus on trading and market analysis.

FxPro offers its clients several advanced platforms and flexible account types. You can trade both on classic cTrader, Metatrader 4 and Metatrader 5 and on the proprietary FxPro Trading Platform based on FxPro Edge.

MT4

All trading accounts work on the principle of no dealing operations. This means that there are no intermediaries between you and the market – deals go instantly to the liquidity providers. Correspondingly, less delay in execution means better prices and no requotes and slippages.

The main difference of this account is the flexible spread without additional volume commissions regardless of the financial instrument. Using the EURUSD currency pair as an example, the average spread is 1.71 pips. This is less than 50-60% of brokers in the Forex market. The advantage of the account is the rapid execution of orders at a given price. Such account will be suitable for intraday traders-strategists, trading on timeframes from H1 to H4. MT4 Fixed is the account with the fixed spread and execution at a set price. This type of account suits most traders who trade on medium and long positions, as well as pending orders. The fixed spread averages 1.58 pips. Re-quotes are possible on this type of account on instruments with high volatility. MT4 standard account for traders with a deposit of $1000 or more. It is characterized by floating spreads, the size of which depends on the market volatility. These conditions are among the best in the market, both in terms of commissions, and in terms of speed of execution. These programs can be useful for experienced traders with a solid trading strategy.

MT5

The plus side of the new Metatrader 5, is the modern interface and more convenient navigation. Every day more and more scripts, advisors and robots are being developed for MT5 terminal. A significant disadvantage of MT5 at the moment is the incompatibility of some advisors and absence of some indicators, working on MT4. Every day, more and more traders switch to MT5.

MetaTrader 5

This type of account is distinguished by lower spreads compared to ТМ4 accounts, absence of orders execution by Instant Execution system, which excludes the possibility of fixed spreads. The stop-out level on this account is 30-50%. In other words, this type of account would suit traders who do not trade stocks and value high speed of execution with low spreads, but not so much as to pay commission for the executed turnover and to get used to the new terminal. So if you haven’t decided on your trading strategy or technique yet, I advise you to look for yourself on MT5 account.

cTrader

cTrader is suitable for advanced traders trading currency pairs, metals, indices and cryptocurrencies. Shares and futures are not available in this terminal. But there are more tools, indicators and settings than in MT4/5.

This cTrader account from FxPro is a dream for scalpers and experienced traders with large lots. Instant execution with a spread of 0.37 pips will maximize your profit. No restrictions on setting the Stop Loss level will reduce losses to a minimum.

FxPro Demo Account vs FxPro Live Account

A FXpro demo account is ideal for learning. Working conditions on a demo account are identical to working conditions on a real account: the technique of making transactions, procedure of requesting quotes, parameters of an open position are the same as when working on a real account. The fundamental difference between a real and a demo account is that when you make a transaction on a FXpro demo account, you will receive a quote that the terminal has selected from the current data stream of quotes, some of which arrive with a certain delay. When you work with real account you receive a confirmation of market quotation from the company’s dealer. Accordingly, in the first case you receive the confirmation of the price instantly, and in the second case it takes 1-5 seconds (the time of response may increase – depending on the quality of your communication channel). Otherwise, the systems are absolutely identical – in terms of the set of functions, etc.

The main drawback of trading on a FXpro demo account is the lack of emotions. Losing half of your capital in one day on such an account means nothing. But the same loss on the real account will really shake nerves. Emotions are the reason why traders often fail to stick to their strategy or money management. They then trade too anxiously (after a loss) or too risky (after a success).

However, you will not experience these emotions in a FXpro demo account. It’s not real money, and all you can lose is time. Delayed data in the terminal This is not a rule, but some demo accounts do not provide data in real time, but with a 10-minute delay. In 99% of cases this can be found at small brokers. In addition, it happens that unreliable brokers use data from another source on the demo account and the real account. Misrepresentation of results The results obtained on a FXpro demo account are usually close to reality, but not necessarily.

Demo account benefits

When it’s not real money, traders tend to take more risks. This can be avoided by following a sound strategy. A FXpro demo account simulates trading, but prevents you from noticing many important things. For example, on a real account, traders have to deal with price slippage between order submission and trade order execution, which is not present on a trial account. Trading on a test account and a real account is different.

That’s why many novice traders think that a FXpro demo account is a waste of time and literally open a real account right away. We advise beginner traders to spend 3-4 weeks on a Forex Demo account, and only then switch to a real account with minimum amounts, so as not to risk too much. In this way you will learn to better control your emotions and increase your motivation to learn trading, because you will see the real money you earn. In future work you can use a test account together with a real one, for example, to experiment with new strategies, etc.

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Denis Tannen
Denis Tannen / article author
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