Today, most trading platforms, including the MetaTrader 5 come with two different accounts: live trading accounts and demo accounts. The MetaTrader 5 demo account was designed to offer traders the opportunity to trade in a risk-free environment in order to test the platform and practice trading.
In the following guide, we’ll provide you with more information about the MetaTrader 5 demo account including the benefits and risks of using it. In addition, we’ve put together a list of all the regulated MetaTrader 5 demo account brokers
Find the best trading platform. You capital is at risk when trading. Be careful.
Benefits of Using the MetaTrader 5 Demo Account
There are many benefits to using a demo account so let us get right to it.
Generally speaking, demo accounts are used by two different types of traders. Most people that open a demo account are beginners that want to practice trading before they start risking their own money, or that want to test the MetaTrader 5 platform to determine if it’s for them.
Furthermore, demo accounts can be used by experienced traders that like the platform and doesn’t need the practice. These people use the platform to develop strategies and test out new trading techniques or charting tools.
There is actually a large misconception that demo accounts are only for beginners and novice traders, but that is not necessarily the case. We know a lot of professional day traders that still use demo trading as a part of their trading routine to this day.
MetaTrader 5 Demo Account Brokers
Many traders choose their brokers based on the demo accounts they offer which is why we put together a list of the best MetaTrader 5 demo account brokers. By clicking one of the links below you will be redirected to the reviews we’ve written about the brokers and there you can learn more about their services. In the reviews, you will also find links that will bring you to the broker where you can register a demo account or get started with a live trading account.
Best MetaTrader 5 Demo Accounts:
Risks with the MetaTrader 5 Demo Account
How can risk-free trading be risky, you might ask. Well, it’s not the trading itself that is risky but the mindset that it can create. Many studies have shown how traders are more prone to taking risks and questionable decisions when they’re not faced with the risk of losing anything. People get careless and this becomes an issue when they start trading for real money.
If you’re unable to change your mindset when switching from a demo account to a regular account, you run the risk of losing unnecessary funds that you wouldn’t have otherwise. This is easily avoided with some common sense and money management skills, but we thought you should know about it anyways.
MetaTrader 4 Demo Account?
Are you planning to start trading forex and not CFDs? Then a MetaTrader 4 demo account might be better for you. And if you want to read more broker reviews we suggest you go to our list of the best CFD brokers. You can also read more about the best MetaTrader 5 brokers here.