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with the vast majority of brokers who offer their clients foreign exchange or CFD trading, there is now a close link between the trading platform and the demo account provided to clients. Although there are still some Forex brokers who do not offer such a demo account at all, their number is getting smaller and smaller.
In other words, more than 90% of all Forex and CFD brokers have now decided to offer a free demo account, often with no time limit. Since there is a close link between demo accounts and the trading platform, we would like to go into these two topics in more detail in our guide, whereby we would naturally like to focus on the offer of the broker FXCM.
Perks of owning a demo account
The fact that every private person with an Internet connection can now speculate on the development of stocks, commodities or indices, among other things, has to do with the fact that trading is made possible by special brokers. For this purpose, the provider provides its customers with trading software that can be used in the form of a trading platform via PC or mobile devices. Without a trading platform, it would therefore not be possible for clients to place orders or manage their trading account.
This minimum requirement is of course required of clients on every trading platform, including the FXCM brokerage platform. But there are many other features that traders now expect from a professional trading platform. For example, not only are orders forwarded immediately, such as a buy or sell order in forex trading but more and more help is expected from the trading platform. This includes above all tools and special instruments, but also the information and news sector is becoming more and more diverse.
In the overview it is for example the following features, characteristics, and achievements, which a trading platform should have from the view of most traders today:
- Placing of orders
- One-Click Trading
- individual watch lists
- Financial news, real-time prices, and further information
- Extensive tools
- Detailed charts and trading signals available
- individually adjustable trading platform
Available trading platforms with FXCM
In the area of trading platforms, the broker FXCM has decided to offer its clients several options. These are mainly the Trading Station in various versions, as well as MetaTrader 4, which clients can also choose from. The trading platform called Trading Station is provided by CFD Broker in three versions, namely a desktop version, a WebTrader version, and of course, mobile trading is not forgotten, so that the Trading Station is also provided as a Mobile Trader.
Regardless of which version the customer chooses, the trading platform Trading Station contains numerous features and characteristics, such as one-click trading, real-time prices, extensive charts, and automated strategies. The same applies to the alternative trading platform, namely MetaTrader 4, which is already familiar to most customers, as it has been called the leading forex trading platform by most experts for years.
In addition to these two trading platforms, i.e. the Trading Station and the MetaTrader 4, the broker also offers two further trading options, namely the MirrorTrader and the NinjaTrader. While the MirrorTrader is especially used for automated trading, as traders can follow other traders and copy their trades, the NinjaTrader is primarily used for the development of their own strategies and afterward for automated trading.
Lifetime demo account when trading with FXCM
As mentioned in our introduction, the trading platform at each broker is related to the demo account offered. This also applies to the broker FXCM’s offer, as the demo account alone is almost visually identical to the later trading platform, namely the Trading Station.
However, this applies not only to the design but also to the functions, which are already very extensive with the demo account. In our view, it is particularly positive that the demo account offered by broker FXCM is not subject to any time limit. In plain language, this means that you can use the account for as long as you consider it appropriate and necessary.
With a virtual balance of 50,000 USD, you can try trading at your whim and try out your own strategies or try out other trading strategies that are widely used. If you have used up the 50,000 USDplay money, which can happen quickly if there is no time limit, you can arrange to top it up again after consulting customer service. We would also like to mention that the FXCM Broker’s test account is a real demo account, which is due to the fact that the test version can be used immediately after registration, without the customer having to deposit money into their trading account first.
Conclusion on the demo account and the trading platforms
Since our guide is primarily intended to provide information on the demo account, we would like to begin our conclusion with the test account offered by broker FXCM. The demo account is provided for an unlimited period of time, which most new clients will definitely find advantageous.
The virtual balance is completely sufficient, as the demo account is filled with 50,000 USD. If the virtual credit is used up, the customer can easily arrange for it to be reloaded into the demo account. The broker provides various trading platforms, mainly the Trading Station in three versions and the well-known MetaTrader 4. For those interested in copying the orders of other traders and automated trading, FXCM also provides the MirrorTrader and the NinjaTrader.
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