Description of RoboForex broker demo accounts. In this article we describe how they work, what their advantages are and how to open one.
One of the essential tools that every investor should use at the beginning of their career as a trader is the demo account offered by most online brokers, a type of account that will allow you to learn to invest safely without risking your money in the process, but not only that, it also has other advantages that we will describe in this article.
Today it is time to analyze the demo account of RoboForex, a Forex and CFDs broker founded in 2009 that offers its clients 5 different types of real accounts and a demo account (DEMO) for each of the account types it offers.
In this article, we will see all the features of the RoboForex demo account and the advantages of using this powerful tool, especially if you are a beginner. We will also see step by step how to open a demo account with this online broker.
More information about RoboForex broker and its brokerage services for Forex and CFD in the following guide: RoboForex broker review
|RoboForex ||-ECN/STP broker from Cyprus specialized in Forex and CFD |
-Regulated by organizations such as CySEC
-Variable and tight spreads
|Visit Broker Website|
What is a demo account?
Before going into details about the RoboForex demo account, let’s define what a DEMO account actually is.
When we talk about a demo account, we are referring to a type of account in which we can trade under the same trading conditions as you would in a real account, but with virtual money, that is, both the losses and the profits that you obtain in these accounts will be unreal and non-widrawable.
This type of account is also known as simulated account, or paper trading, since in some way it is like a simulator, in which you can try both new strategies and modifications to an already established one, without any risk.
It is said that demo accounts emerged as a tool with high added value that some brokers devised due to the impossibility of offering welcome bonuses that would attract the attention of their clients, but as time went by, this tool became so popular that today most brokers have incorporated it into their catalog of services.
Advantages of a demo account
The main reason why demo accounts became so popular is basically because of the sheer number of advantages that they offer to traders.
Among all its benefits we can mention the following:
- In a demo account, the trader is able to design and test new strategies, and even perfect the ones he or she already uses regularly, without putting their capital at risk.
- It also allows you to familiarize yourself with the trading platform of the broker you are going to use, master it completely before risking your money, and in this way take advantage of its full potential.
- It allows you to monitor your trading and develop a better understanding of your strengths and weaknesses without having to risk real money.
- It helps to know first-hand the broker’s conditions, as well as their way of working.
RoboForex demo account features
We have already seen the possibilities that a demo account provides, now, it is time to see each of the features of the RoboForex demo account.
RoboForex account for simulated trading has the following features:
- Simple and fast opening process. Only full name, email, and phone number are required as personal information to open the account.
- Totally free and without restrictions on use, with the exception that if it is not used for a long time it can be archived.
- It operates under actual market conditions.
- Available for any account type and trading platform offered by RoboForex, including R Stocks Traders.
- You will be able to switch between the demo account and the real account whenever you need to.
- The entire range of products offered by RoboForex is available in the demo accounts.
- Possibility to choose the level of leverage and the starting balance (between $1,000 and $1,000,000) with which you want to start practicing.
After knowing all the features that the RoboForex demo account involves, we can move on to see how we can access it.
How to open a demo account with RoboForex
Opening a demo account with RoboForex is a fairly simple and straightforward process, but we will still describe it step by step in the following points.
Taking into account that the process of opening a demo account at RoboForex for each of its accounts is practically the same, we have decided to make this guide using the Pro account and the Metatrader 4 platform as an example:
Step 1: Access the web and locate the opening link.
The first step is to visit the official website of the RoboForex broker: https://roboforex.com/
On the main page you go to the top menu and click on “Trading”, and then select the option “Demo Account”.
Then a page will appear with some features of the RoboForex demo account, and also an “Open Demo Account” button that we will press to start the process.
Remember that to simplify this guide we have only done the process with the MT4 Pro Demo account, but you can do it with the one you think is most convenient.
Step 2: Fill in the account opening form
Once the opening process has begun, the system will redirect you to a page that contains the registration form, which consists of two parts.
You must fill in the first part with some personal information such as:
- Full name
- Mobile phone
After that, just click on “Register” to continue with the process.
The second and last part of the form is the one that collects the technical data to create a demo account that fits your preferences.
For example, you will need to select the trading platform (MetaTrader 4, MetaTrader 5, cTrader, or R StocksTrader) on which you want to open your demo account, then the account type, the leverage level, and finally the starting balance (between $1,000 and $1,000,000).
After clicking the “Register” button, the trader will be met with the following screen and can now select +Add Account.
Now appears a page showing the different types of accounts that we can open at RoboForex. There we select the trading account category (Real, Demo, CopyFX Trader, and Contest), trading platform (MT4, MT5, cTrader, and R StocksTrader), account type (MT4 ProCent, MT4 Pro, MT4 ECN, MT4 Prime, etc), account currency, maximum leverage, and password.
Step 3: Access data and download of the trading platform
After completing the last part of the form, if everything went well, you will see a view like this:
As you can see RoboForex confirms that your demo account has been successfully registered, in addition to showing you the access data to it. This data will also be sent to you at the email you used for registration.
It is important that you save this information so that you can access your demo account at any time.
If we go back to the view where the account data is and look a little further down, you will see that you have the option to download the platform in which you are going to use the demo account.
If we click on “Download terminal” the link will redirect you to the page where you can download the version of the platform that you chose in the process of opening the demo account.
Just click “Download” and the download file will be saved on your PC.
Step 4: Setting up the demo account in Meta Trader
Actually, it is not strictly necessary to download the trading platform, since you have the possibility to trade completely online through the WebTrader version, but for you to see the complete process, we will show the configuration in the desktop version.
Having completed the previous step, the next step will be to install and then configure the platform in order to start practicing with the demo account.
The installation process is the same as any other software, you double click on the downloaded file (the installer).
We click on the “Next” button.
And then wait for the installation to finish.
Finally, we click on “Finish” and the installation process will be completed.
If everything went well, the platform should start automatically after the process is finished.
First of all, a view will appear in which you must select the broker, which in this case is RoboForex.
After selecting the broker, the next thing is to connect the trading terminal with the account that we created earlier, that is, the RoboForex demo account.
For this you will need the data provided by the broker itself in the email.
As you can see in the following image you will have three options available:
- Open a demo account
- Open a live account
- Connect to an existing account
In our case, since we already have the account created and we have the credentials and the access server, we only have to select the last option (Connect to an existing trading account) and enter the data.
If you entered the data correctly, the trading terminal should communicate with the RoboForex demo server, and this means that you can already start using the demo account for risk-free trading practice.
And that’s it, through this process that we have described you will be able to create a demo account with RoboForex and take advantage of all its advantages. If you want to start the process or see more information you can visit the broker’s website:
In any case, if you have any questions, or have any suggestions, or comments, do not hesitate to write it below. On the other hand, if you think that the article has helped you, we will be very happy if you share it on your social networks so that it can reach other traders who may need this guide.