Table of contents:
- 1 FP Markets demo account: Test your Forex trading with the FP Markets demo account!
- 1.1 Does FP Markets offer a demo account?
- 1.2 IS THERE A MINIMUM DEPOSIT FOR THE DEMO ACCOUNT?
- 1.3 FP MARKETS DEMO ACCOUNT – HOW TO OPEN AN ACCOUNT!
- 1.4 Do I need to install any software?
- 1.5 BEGINNERS CAN TEST CHARTING FUNCTIONS
- 1.6 FOREX DEMO – ADVANTAGES EVEN FOR EXPERIENCED TRADERS
- 1.7 What types of accounts are available at FP Markets?
- 1.8 WHAT CHANNELS CAN CUSTOMER SUPPORT BE REACHED THROUGH?
- 1.9 CHANGE FROM DEMO TO LIVE ACCOUNT
- 1.10 Gain an overview of the trade offer
- 1.11 FP MARKETS ACCEPTS DIFFERENT PAYMENT METHODS
- 1.12 CAN I ACCESS THE TRADING PLATFORM VIA TRADING APP?
- 1.13 Conclusion: gain helpful experience with demo accounts
FP Markets demo account: Test your Forex trading with the FP Markets demo account!
FP Markets is a Forex and CFD brokerage firm with its headquarters in Sydney. The Australian broker has several years of experience in the market and presents its clients not only with a compelling trading proposition, but also with different account types. To enable interested customers to familiarise themselves with trading, an FP Markets Forex demo is also part of the broker’s services. Before trading CFDs on Forex, shares, crypto currencies and other asset classes begins, experience can be gained with the processes and functions via a demo account.
- free demo account
- fast registration
- Try out the trading environment without risk
- Demo for MT4
Does FP Markets offer a demo account?
FP Markets’ Forex and CFD trading offer is aimed at a broad target group. Therefore, the broker’s offer also includes different account types. There are two Forex account models, the Standard Account and the ECN Raw Account. However, before real bets are made via the live account, traders can familiarise themselves with the trading environment via the demo account. A demo account is also among the services offered, which should prove advantageous not only for beginners.
The FP Markets demo account is a useful tool for gaining initial experience with the trading platform. Even if you already have some experience in trading securities, you still need to be well prepared for CFD trading. It is not only important to understand how the investment product works. It is also of interest to know about the chances and risks of the leverage effect.
With a live account with FP Markets, traders can trade on major international stock exchanges. The trading offer is impressive with a selection of around 10,000 instruments from various asset classes. You can get to know the quite comprehensive trading offer via the demo account. The demo account is available after prior registration, which can be implemented via the FP Markets website. All in all, it does not take much time to open the demo account.
IS THERE A MINIMUM DEPOSIT FOR THE DEMO ACCOUNT?
A key difference between a live account and a demo account is that trading via a demo account is only done with virtual amounts. The demo account has a virtual balance and does not have to be capitalized with real money by the user. There is no minimum deposit for the FP Markets Demo Account. This is different for the other account types available from the broker. If you choose the standard account, you must make a minimum deposit of 100 AUD or the equivalent in other currencies. For the account type ECN Raw, the minimum deposit is 200 AUD.
Since the demo account is not used to trade with real money, traders cannot lose it if a position develops unfavorably. It is advantageous if a broker provides the demo account with sufficient virtual capital, so that higher stakes are possible. Finally, the demo account is also a useful way for financially strong traders to test CFD trading. Even though there is no risk of losing real money via the demo account, it is advisable to choose the amount of stakes according to your personal investment goals.
Note: When choosing a suitable demo account, you should make sure that the range of functions offered is as close as possible to the live account. The provision of real-time quotes can also prove useful when using the demo account.
FP MARKETS DEMO ACCOUNT – HOW TO OPEN AN ACCOUNT!
A demo account offers a good platform to test your own strategies and to get to know the trading conditions. In order to use the FP Markets demo account for the above-mentioned aspects, registration is required in advance. The corresponding online form for opening an account can be found on the broker’s website. The form can be filled out conveniently and without much effort online. At the top right of the FP Markets website, the “Open Demo Account” button is presented, which takes you to the registration page. The first step is to fill in the following information:
- First name
- E-mail address
- Country of residence
- Phone number
It is also necessary to decide on a trading platform. You can choose between IRESS, MetaTrader 4 and MetaTrader 5, where the trading account is managed in a certain base currency. A base currency must also be selected during registration for the FP Markets Test Account. The list of Base Currencies includes a total of five currencies, including EUR, AUD, GBP, USD and SGD.
To complete the registration details, all you need to do now is select an account type. The account models are Standard and Raw. It is certainly advisable to study the conditions and services of both account types beforehand. This way, the demo account can be used to test the account type that is to exist on the live account.
Do I need to install any software?
The needs of traders can sometimes differ considerably, not least due to the experience gained in trading so far. FP Markets’ offering is customer-oriented when choosing a trading platform. There are three different trading platforms to choose from. MetaTrader 4 is available for Windows and Mac OS X. Those who choose MT 4 when registering for the FP Markets Demo can start trading after successfully downloading and installing the software.
In addition to MetaTrader 4, MetaTrader 5 offers another option. If you have a PC with a compatible Windows operating system, you can use the MT 5 trading platform. The two listed trading platforms are popular for online trading with Forex and CFDs. In addition, the IRESS trading platform can also prove to be an interesting alternative. The IRESS trading platform is available for Windows and Mac. The functional range of IRESS includes almost 60 technical indicators and more than 50 drawing tools.
For traders who have not yet gained experience with the listed trading platforms and are not sure which of the platforms best suits their own requirements, the demo account may prove helpful. For the decision making process, it is certainly not only the range of functions that is decisive, but also the user-friendliness of the user interface.
BEGINNERS CAN TEST CHARTING FUNCTIONS
The foreign exchange market also presents interesting opportunities for private investors. It is not unusual for beginners to focus on promising major pairs. On the other hand, specialized traders often show interest in trading exotic currency pairs. An effective strategy is also important when trading Forex. A look at the historical exchange rate provides information about the price development of the past weeks, months or years. With the help of chart analysis, the historical price development can be examined. Of course, provided that the user is familiar with tools such as indicators, drawing tools and other functionalities.
A demo account can also prove its worth under this aspect. There are different chart types such as line chart and candle stick chart, which reveal certain information about the price. The presentation of the price trend in the line chart is simple and is therefore also popular with beginners. Which charting functions are available depends on the respective trading platform. Some trading platforms offer the possibility to place a trade directly from the chart.
A demo account can support the preparation for trading. Traders can learn how to open and close a position. In addition, technical analysis tools can also be tried out. Those who rely on fundamental analysis for price analysis should make sure that there is the possibility to access important financial news.
FOREX DEMO – ADVANTAGES EVEN FOR EXPERIENCED TRADERS
The FP Markets demo account can bring advantages not only for beginners. Market events can change quickly, so it is sometimes necessary to adjust your current strategy. The demo account can also be used to test strategies. Therefore, opening such an account is part of the preparation for trading for many experienced traders. It is not uncommon for a demo account to be used in parallel with a live account, so that the strategy can be tried out without risk via the test account before it is used via the live account.
The fact that demo accounts have a limited duration is relatively common in the market. However, users usually have the option of requesting an extension via customer support. Especially beginners want to familiarize themselves with the trading environment at their leisure, so a longer runtime is required for extensive testing.
If you have any questions about the FP Markets Demo and the planned runtime, you can contact customer service through various channels. There is no risk of loss via the demo account, which is a clear advantage when testing new strategies. There are numerous strategies for currency and stock trading, so traders must first gain an overview.
What types of accounts are available at FP Markets?
At FP Markets, interested traders will find not only different account models, but also different types of accounts. Customers can also open multiple live accounts with the Australian broker. When opening an account, you must specify whether you wish to open an individual account or a joint account. In addition, corporate accounts and corporate trustee accounts can also be opened with FP Markets. It is also possible to register for a sole trader account.
Overall, the registration process for a live account does not appear to be particularly time-consuming. In addition to personal details and the selection of the desired trading account, a questionnaire must also be filled out. Verification is also required for a live account. Once the account is verified and funded, you can start trading Forex and CFDs. It quickly becomes apparent that opening a live account requires slightly more effort than registering for an FP Markets Demo Account.
Anyone who registers for a live account with FP Markets as a new client must answer a questionnaire to determine whether the financial products offered are appropriate for the client. In doing so, the broker is complying with the legal requirements of the relevant supervisory authority. Opening a live account is therefore accompanied by a kind of suitability test.
WHAT CHANNELS CAN CUSTOMER SUPPORT BE REACHED THROUGH?
A good customer service can also prove its competence with questions about the demo account. FP Markets operates internationally, which is not only evident from the language selection on the website. Customer Service is multilingual and can be reached through various contact channels. Customer service can be contacted by phone or e-mail. In addition, the live chat also presents a way to contact customer service during service hours.
The contact options at a glance:
- Live chat
FP Markets presents information about the product range via the website. The provision of information is successful, thanks in part to the clear menu navigation. In addition, the FAQs provide useful information about the services. The FAQ section contains different categories, which makes searching easier. Important information is also provided via the quick selection at the bottom of the website.
The Broker has received several awards in the past years, also for convincing customer service. FP Markets’ customer support is not only helpful with questions about opening an account, but also for any concerns about the product range. E-mail addresses can be found on the website, which can be used for specific enquiries such as account opening or technical assistance.
CHANGE FROM DEMO TO LIVE ACCOUNT
Anyone who starts trading via the live account after the functionality of the trading platform has been extensively tested via the FP Markets demo account will be faced with new challenges. Unlike the demo account, trading with the live account involves a risk of loss. When speculating on the stock market with real capital, emotions can be shown, which can lead to rash decisions. These emotions can include greed and fear. Fear can cause a position to be closed early, unlike the strategy used.
If you trade with high leverage, you can make attractive profits if the position develops as predicted. However, the leverage works in both directions and therefore involves a high risk. If a position develops unfavourably, this can lead to heavy losses. Many a beginner first approaches the trade by choosing small amounts and appropriate leverage via the live account.
CFD trading is not suitable for every trader. Whether CFDs prove to be an interesting financial product for your own trading can be determined by testing via the demo account. Traders do not always dare to switch from a demo account to a live account. A demo account should not only be free to use, but also without obligation.
Gain an overview of the trade offer
The trading offer may differ from broker to broker. If you have not yet decided on a suitable broker, you will have to look at different criteria to be able to make a meaningful comparison. The demo account can also provide a way to get an overview of the trading offer. FP Markets’ trading offer includes more than 10,000 underlying securities. The tradable underlyings belong to important asset classes such as
- Foreign exchange
- Raw materials
The broker is specialized in Forex and CFD trading. As for CFD trading, FP Markets presents three different account types. The account models available are Professional, Platinum and Premium. The broker also calls a minimum deposit for CFD accounts. The minimum deposit for the Profi account is 1,000 US dollars and for the Premium account model 50,000 US dollars. The costs of CFD trading are shown in a table, so that the account models can be easily compared with each other in this point.
Crypto currencies are also an issue at FP Markets. However, the offer here is not particularly extensive. Customers can trade Bitcoin against US dollars. In addition, various commodities such as gold and silver can also be traded against currencies such as USD or AUD. Getting an overview of the trading opportunities is important before opening a live account. Finally, the preferred instruments should be available.
FP MARKETS ACCEPTS DIFFERENT PAYMENT METHODS
If you have chosen to have a live account with FP Markets, you can capitalise the trading account once it has been successfully opened. Unlike the demo account, the payment methods for the live account are of interest. The trading account can be funded with funds subject to the required minimum deposit. FP Markets customers can choose from a variety of payment options. In addition to the classic bank transfer, payments can be made using the following methods, among others:
- Credit card
Credit card payments can be made by MasterCard or Visa. If the trading account needs to be capitalized as quickly as possible, this can be done by credit card, for example. In contrast, payments made by bank transfer can take up to three working days. Neteller also offers an option for deposits and withdrawals. The online payment service PayPal is not among the accepted payment methods.
No real profits can be achieved via a demo account, which can be paid out. With the live account this is different, which makes a view of the conditions meaningful. FP Markets charges a fee of AUD 25 per transaction for withdrawals by international bank transfer. There are also payout fees for the Skrill and Neteller payment methods for different currencies. Also, international wire transfers from broker to broker will incur a payout fee of up to AUD 25 if the transaction is not in AUD.
CAN I ACCESS THE TRADING PLATFORM VIA TRADING APP?
Nowadays trading apps play an important role in trading. Through such an app, users can access their trading account to place orders or to get information on current prices. At FP Markets, clients can access the trading platform via apps, whether trading via MetaTrader 4, MetaTrader 5 or IRESS. The MT 4 app is not only available for iPhone and iPad, but also for compatible smartphones and tablets with Android operating systems. In addition, FP Markets’ MT 5 App is also available for mobile devices that meet these requirements.
IRESS Mobile provides a way to access this trading platform via the app. The IRESS App is available for download for iPhone and compatible Android devices. The app provides convenient access to the main functions of the trading platform while on the road. Dynamic quotes can be viewed in real time and the development of the portfolio can be monitored.
Another advantage is that the broker also allows access to the selectable platforms via the trading app. Those who have already familiarised themselves with the functions via the FP Markets demo account should also find it easy to get started via the app’s user interface.
Conclusion: gain helpful experience with demo accounts
FP Markets’ free services also include the demo account, which not only beginners can use to gain rewarding experiences. The FP Markets Forex Demo Account can be used to familiarise yourself with the functionalities of the trading platform and to learn how to use the indicators and drawing tools provided. You can also try out how placing an order works. Registration is required to use the demo account. In the course of the registration process, only a few entries have to be made, so the process takes very little time.
There is no risk of losing real money via the demo account, as the trades are only converted with virtual amounts. The emotional component only comes into play when trading via the live account, when real capital is used. Emotions such as fear can lead to deviating from the strategy. The demo account is helpful as preparation for trading. Those who are already familiar with the functions can operate the trading platform more safely and use the included tools correctly.
FP Markets’ customer service can be contacted via channels such as telephone, live chat and email if there are any questions regarding the offer or account opening. With the MT 4, MT 5 and IRESS trading platforms, the broker offers an attractive list of selectable trading platforms that can be used not only via the desktop. There are also associated apps that customers can use to access the trading platform.