Do you want to join the forex market but don’t have much experience and knowledge? Are you afraid of risks when trading with real money? Do you want to test your trading strategies and methods before putting them into practice? If the answer is yes, then the Demo Exness account is the perfect solution for you. Let’s learn more about this account type with EX Trading in the article below.

What is an Exness Demo?

Demo Exness is a type of virtual account that allows you to trade forex on the Exness platform with available virtual money. You can register for an Exness demo account for free without needing to verify your identity or provide any personal information. You can choose the account type, leverage, currency, and virtual amount to start trading.

The demo helps you get acquainted with the Exness interface, features, and tools, as well as learn how to analyze the market, place orders, manage risks, and control profits. You can test different trading strategies and see your results in real market conditions. You can also use the demo to test the performance of trading robots or signal providers.

Advantages of demo accounts

Exness Demo Account has many advantages as follows:

• Helps you get acquainted with the trading platform, technical analysis tools, indicators, trading orders, and other features of Exness.
• Helps you practice trading skills, test the effectiveness of trading strategies and methods, and improve trading psychology and risk management.
• Helps you monitor market fluctuations, and update news and economic events that affect the prices of currency pairs.
• Helps you compare Exness’s trading conditions with other brokers, such as spreads, leverage, swaps, margin calls, stop-outs, and different account types.

Limitations of Exness demo

The Demo Exness account is a useful tool for you to practice forex trading without worrying about risks. However, demo accounts also have some limitations as follows:

• Does not accurately reflect the liquidity, slippage, requote, and delay status of the real market
• Does not allow you to withdraw or transfer funds from a demo account to a real account
• Does not entitle you to receive offers, promotions, bonuses, or customer support from Exness
• Spreads widened sharply when news was announced
• Exness operates in the GMT+0 time zone which is different from many exchanges in the GMT+2 time zone
• The distance for placing stop loss and take profit orders is still limited

Therefore, you should not rely too much on the trading results on the Exness demo account but need to switch to a real account when you have enough confidence and experience.

How to open an Exness demo account

To open an Exness demo account, you just need to follow these steps:

• Visit the official Exness website: Exness.com

• Click the “Register” button in the upper right corner of the screen.

• Fill in the necessary information such as email, password, country, and phone number.
• In the referral code section, fill in “14294088″ to receive staff support every time you contact.

• Then, click the “Register” button.

• You will receive a confirmation email from Exness. Click the link in the email to activate your account. Select the test account section.

See more: Create Exness Account: Instructions for on your phone

• Log in to your account on the Exness website. Click the “Open trading account” button in the upper right corner of the screen
• Select the account type as “Demo”, select the trading platform as “MetaTrader 4” or “MetaTrader 5”, select currency as “USD”, select an initial virtual amount from 1 to 100,000 USD, and select leverage from 1:2 to 1:2000. Then, click the “Open account” button.
• You will receive an email informing you of the account number, password, and server of your Exness demo account. You need to save this information to log in to the trading platform.

How to use the Exness demo account

To use the DemoExness account, you need to download and install the MetaTrader 4 or MetaTrader 5 trading platform on your computer or phone. You can download it from the Exness website or other websites.

After installation is complete, you need to follow these steps:

• Open the MetaTrader 4 or MetaTrader 5 trading platform.

• Click on the “File” menu and select “Login to Account” >> Select demo account

• Enter the account number, password, and server of your demo account. Then, click the “Login” button.
• You will see a list of currency pairs available for trading in the “Market Watch” window. You can drag and drop currency pairs onto the chart to view prices and technical analysis.
• To place a trade order, you can right-click on the chart and select “New Order” or press F9. Select “Market Execution” or “Pending Order”. Then enter the number of lots, set stop loss take profit if desired, and click the “Sell” or “Buy” button.
• To monitor trading orders, you can view the “Terminal” window at the bottom of the screen. You can edit, cancel, or close trading orders by right-clicking on them and selecting the corresponding options.

Compare test Exness with real Exness account

Demo and real Eness are two different account types of Exness. Demo is a virtual account, while real Exness is a real account. To use an Exness demo account, you only need to register with your email and password, no need to verify your identity or deposit Exness funds. To use Exness Official, you must complete identity verification, select an account type, deposit funds, and withdraw funds via supported payment methods.

Demo and real Exness have in common that they both allow you to trade forex on the Exness platform with the same features and tools. However, demo and real Exness have important differences:

• Demo has no risk of losing money, while real accounts have the risk of losing money.
• Demo Exness has no real profits, while real accounts have real profits.
• Demo does not influence psychological factors. Real accounts are influenced by psychological factors.
• Demo has no trading costs, while real accounts have trading costs.

Notes when using the Exness demo

Exness Demo is a useful tool to learn and test forex trading. However, you also need to keep in mind a few things when using it:

• You should choose the amount of virtual money and leverage appropriate to your capital level and risk level when trading for real. From there you get the most realistic feeling.
• Demo trading should be done with a serious and disciplined attitude. Similar to real trading, to practice your skills and spirit.
• Demo Exness trading should be done for a reasonable period The time is not so short that there is not enough data to evaluate. However, it is not too long so as not to become delusional or depressed.
• Use a demo account as a preparation step before moving to real trading. However, you should not rely on it too much. Because real trading will have many different factors that a demo account cannot reproduce.

See more: Exness Bonus Program Opens Profitable Opportunities for Traders

Conclude

The Demo Exness account is a useful tool for you to practice forex trading without worrying about risks. However, you also need to pay attention to the limitations of the demo account and should not blindly apply the trading results on the demo account to practice. You should switch to a real account when you have enough knowledge, skills, and confidence to trade forex successfully