The Exness Demo account is a type of account that allows users to experience trading in the financial markets without any risk. When you open a Demo account, you will be given virtual money and you can use this money to practice trading and investing. How to open a demo account on the Exness exchange? Let’s find out in the article below.
What does Demo Account mean?
Trading on a virtual account brings many advantages, such as:
- Try the trading platform, execution speed, spreads and financial products offered by the broker.
- In addition, the virtual account is designed as a real account (interface, charts, markets, etc.) so that you can learn how to observe the market and apply the theory you have learned in practice.
- Order execution, take profits, etc., in the real-time market, hone your trading skills and test the accuracy and effectiveness of your trading strategy.
- Experiment with a variety of strategies and trading styles, choosing the right path for you without risking your real capital.
Demo accounts are extremely useful for new investors at the initial stage of investment practice, helping them master basic skills, learn to improvise and control psychology when the market fluctuates.
In addition, the virtual account is also beneficial for professional investors as it works as a useful tool to help them test new trading methods, new products and new tools.
How to open an Exness Demo account
Step 1. Register as a member
Visit the Exness homepage and click “Open New Account” at the top right corner of the screen.
Register as an Exness member by entering personal information such as country, email and password. Then click “Continue”.
Step 2. Select demo account
From your Members Area on Exness, click “Open a new account”. You will see a list of accounts offered by Exness.
Corresponding to each type of account (with the exception of Standard Cent accounts), there are Demo and Real versions for you. Click on “Try Demo” which suits your needs.
Step 3. Configure new account settings
Here you need to set the following settings:
- Choose a trading account as a demo account
- Choose MT4 or MT5 platform
- Set maximum leverage
- Select currency
- Enter a new account name
- And set a password for the new account
Finally, click “Create an account”. Immediately, the demo account will be set up and you can start logging in and practicing trading.
Technically and functionally, the demo account is a complete copy of the real account, except that the user will trade with the virtual currency provided by the broker. Charts, trading activities, quotes, technical indicators and signals are the same. Therefore, a demo account is an excellent way for investors to familiarize themselves with the markets, test different trading strategies and develop money management skills. It is a great tool to help you prepare thoroughly before trading with real money.
However, some people think that a demo account will not help you get real emotions in the market, so it is impossible to control the psychology. Because psychology when it comes to real money will be very different from the virtual money issued. In this case, Exness offers a desirable solution: the Standard Cent account.
Standard Cent is Exness’ smaller account for those who are just starting out with the market. The minimum deposit requirement is low (from just $1) and the trading volume is also small. Trading with a Standard Cent account will help you have practical experiences, learn to control your psychology, etc., before spending large amounts of money, but the level of risk is much smaller than that of other accounts.