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 try out trading the financial markets is to open a free demo account. Below is a step-by-step guide on how to do that with XTB, including additional tips on how to get your virtual trading off to a good start. In this article, we’re going to cover the following points:
Simply click the link found HERE to head directly to the XTB demo account registration page and sign up for risk-free, virtual trading.
If you want to find out more about the broker first, then there is also a link to the demo account on the XTB home page.
From the home pages of the site, the demo account is accessed by hitting the white ‘demo’ button, which appears in the top right-hand corner.
You’re required to input an email address and declare your country of residence. The last question is so that the broker can confirm which regulatory body you will be protected by. For example, if you select ‘United Kingdom’ you will come under the umbrella of the Financial Conduct Authority (FCA).
The tick-boxes are also part of the regulatory onboarding. Authorised brokers can only provide demo accounts to clients who agree to terms relating to such aspects as personal data sharing.
XTB, like other regulated brokers, is obliged to obtain a certain degree of ‘know your client’ data from all of their clients. This is so the broker can track your activity and demonstrate to the regulators that it is treating its clients appropriately.
After clicking on ‘submit’, you’ll be taken to a page where the broker asks for some personal details.
Completing these required fields is an indication that you are likely to be registering with an authorised broker.
Following this stage, you can then begin to build your account profile.
If you’re new to trading, being asked to select between platforms might appear to be a bit forward. The truth is that at this stage of the process it becomes a bit ‘suck it and see’. Indeed, demo account trading is about giving you hands-on experience of trading the markets.
You can always adjust your preferences at a later date. At this stage, it’s simply a way to get things moving.
Both of the platforms on offer at XTB are first class. If it helps, the below summary of the two platforms on offer might help you with your initial choice.
Completing the selection process relating to account type can actually help you develop an understanding of your personal trading aims.
Standard — A great choice for those who are new to trading
Professional — A more advanced product suited to those who have traded before
After hitting submit to register your details, you’ll be taken to the below screen.
We opted to trial the xStation platform as it is unique to XTB. Once logged on, the welcome page looked like the one below — a hint of quite how exciting the xStation demo account is.
The demo account is available in desktop or mobile app format. Each has an attractive aesthetic and intuitive feel. Markets can be dragged and dropped from the Market Watch monitor, and powerful charting tools are close to hand.
Default trading settings are set at one-click trading. Experimenting with a few markets, it’s possible to quickly build a virtual portfolio.
Whichever monitor you are using can be maximised and minimised at a click of a button. This is a really useful feature, which helps you gain familiarity with all the workings of the platform.
There are also a host of training courses, which are made freely available. They come in written and video format, and many of them are pitched at beginners.
The xStation interface is one of the best in the market. It has the feel of being designed by traders, for traders.
Trying it on demo mode is well worthwhile, even if just to see what using the leading technology feels like.
Behind the scenes, there is even more going on and more reasons to try an XTB Demo account, including:
The great thing about the Demo account at XTB is that you can enjoy a trading experience very much in line with live trading. This extends to the Market Analysis, Calendar, News and Education tools. All of these are really useful trading tools and available on the demo account.
You can follow real-time market developments. Adapt your trading strategies accordingly, learn how to place orders to buy and sell. Positions, and the profits or losses associated with them, can be tracked using real prices — in the same way as if you were using a real trading account.
Registering for the account is easy to do. Another plus point is that the XTB demo account does not have a set time-limit on it. But if your account is dormant for 30 days, it will close down and require reactivation.
One of the great aspects of demo account trading is that it’s 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 small size. With the absence of a minimum account balance, that is certainly possible to do at XTB. Even then, do keep in mind that virtual trading is a big step away from live trading.
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