The AskTraders Analyst Team features experts in technical and fundamental analysis, as well as traders specializing in stocks, forex, and cryptocurrency.
One of the best ways to start trading the markets is to open a free demo account. To begin your trading journey in a risk-free manner, Pepperstone is certainly a fantastic choice with a professional set-up. In this article, we’re going to cover the following points:
Click the link found HERE to navigate to the Pepperstone demo account sign up page.
You'll notice the left-hand bar gives an overview of the four steps required to set up a live account. The good news is that setting up a demo account requires completing just ‘step one’. It’s an effortless process and can even be done by piggy-backing off your Google or Facebook profiles.
The next stage involves ticking the boxes that the broker needs you to complete for regulatory reasons. That is a good thing and one of the signs to look out for to indicate that you are onboarding with a reputable broker.
First, you have to declare you are over 18 years of age and agree to Pepperstone's policies.
Then complete the personal information section. The standard rules about password criteria apply and keeping that information secure will mean that only you can access your account.
Your account is now ready.
One of the good things about Pepperstone is it offers clients, even those on demo accounts the chance to run their trading on a choice of platforms. The options include:
All of these third-party platforms are held in high regard. They are available in WebTrader, Desktop Download and mobile App format.
After selecting the platform of your choice, you'll be taken to a new screen confirming your balance of £50,000 virtual capital with which to trade.
It's possible to set up your account in up to nine other base currencies, if that is your preference.
Then click on ‘Platform Type’ (in this case cTrader) and then ‘Account Type’.
In terms of demo accounts, the account type is not a deal-breaker. It is possible to set off and trade on the one that catches your eye. Given that this testing process has real value, it is, however, a good idea to give some thought to what account you'll ultimately use to trade.
Pepperstone offers three account types:
Many traders will already be familiar with MT4/MT5, so our demo-run is going to take advantage of cTrader. Clicking through and trying what is offered by the Pepperstone site itself is also a good idea.
It describes the features of cTrader as:
“Intuitive design that replicates an institutional trading environment – perfect for those getting into trading.”
There's no need for FOMO, as it's always possible to adjust your profile to try out one of the other two platforms whenever you like. The broker also offers a handy overview of the different features associated with each one. Its summary analysis allows you to go into as much detail as you like.
Once you are through to the demo account, there are options to save passwords and a direct route to putting on your first trade.
As with most platforms, the process of booking a trade involves selecting a market.
The above example is the EURUSD currency market. A buy trade here will buy euros and sell US dollars. Depending on the subsequent changes to market dynamics, our demo trade will show a profit or loss based on the continuously moving market prices.
A real plus point for the Pepperstone cTrader demo account is that it allows you to test some of the more advanced functions. The cTrader automate function is a service offered to those looking to trade their own automated systematic programs.
There is also the Copy Trading area of the site where you can take a more hands-off approach. Copy Trading involves applying the trading signals of other (more experienced traders) and applying them to your account.
The demo account allows trading with virtual funds and it also provides an opportunity to become familiar with the admin side of things. The cTrader platform at Pepperstone does an excellent job of making such processing user-friendly. It also keeps it tucked away so as not to get in the way of actual trading.
It is a fantastic and professional set-up, where you can use a plethora of technical analysis indicators and open and close positions with a single click. The platform also has a mobile app that you can use via iOS or Android.
The Pepperstone demo account is only active for 30-days. Such restrictions are increasingly becoming the industry norm as brokers adopt good housekeeping practises.
The time provided is easily enough to get to grips with the cTrader platform. There is also the option of opening a new account with a different email address if more time is needed.
It's a wonderful blend of intuitive functionality and super-powerful software. The institutional-grade platform is a great way to test out trading and a good choice if and when you decide to fund the account and trade real funds.
Some of our testers found there was a delay between signing up and receiving the email with the required log-ins to the cTrader account. The Pepperstone Support Team explained that as cTrader is a third-party product, so that might sometimes occur.
The staff at Pepperstone have racked up a host of industry awards for customer service and the problem was promptly fixed. While slightly inconvenient, gaining access to the impressive cTrader platform was undoubtedly worth the wait.
One of the great aspects of demo account trading is that it is risk-free. Do bear in mind though that the switch to trading real funds can play tricks on your ‘trading psychology'. One top tip is that when that time comes, start trading in a small way.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .