I will explain the demo account of iFOREX, which is popular due to the abundance of stocks handled and the ease of high-leverage trading.
iFOREX also offers a demo account, but it’s actually not easy to use.
In conclusion, in order to use the demo account, you need to open a real account first.
You want to check the trading environment of iFOREX, but you need to open real account first.
Opening a demo account for iFOREX is a hassle, but it’s not without its utility value.
In this article, I will explain the following along with the reasons for that.
This article describes the following:
- How to utilize iFOREX demo account
- Characteristics of iFOREX demo account
- Notes on iFOREX demo account
- How to open iFOREX demo account
- Features and benefits of iFOREX demo account
- What is the purpose of using the iFOREX demo account?
- Precautions when using the iFOREX demo account
- iFOREX Demo Account Specifications
- How to open iFOREX demo account
Features and benefits of iFOREX demo account
iFOREX offers a demo account.
Really tradeable account that is not demo accounts is commonly called “real account”.
When you open a demo account, equity is set in advance.
No need to deposit.
Just open it and you can start trading immediately.
- Easy registration, no need to submit identity verification documents
- Equity is prepared and you can trade immediately without deposit
- Trading is possible in almost the same environment as the production
- The rate etc. are the same as the actual production and are reflected in real time
- Products such as currency pairs and CFDs offered are the same as real account
- Anyone can use it for free
- No risk of losing your money
What is the purpose of using the iFOREX demo account?
The demo account can be used for the following purposes.
- Check the trading environment of broker before opening a real account
- Forex beginners practice trading
- Try trading currency pairs and CFDs that you haven’t traded before
- Test EA (Automatic Trading Tool)
Check the trading environment
Regarding the first point of checking the trading environment, you can check the following points by actually trading with the demo account of the forex broker.
- Is the information on the official website correct, such as spreads?
- Is there any suspicious point about fluctuations in spreads and prices depending on the time of day and products?
- Is it easy for orders and payments to pass, or is it slippery?
The demo environment of each broker is provided “almost” the same environment as the real account.
You can check the approximate usability with the demo account.
However, as mentioned at the beginning, iFOREX can only open a demo account after opening a real account.
iFOREX demo account is not suitable for confirmation before opening a real account.
Forex beginners practice trading
The demo account has almost the same environment as the real account, so you can practice trading in a real rate environment.
Even if you are not a beginner, you may use it as a place to practice, such as trying out newly learned methods.
This seems to be useful in iFOREX as well.
After deciding to use iFOREX and opening a real account, it is possible to practice using the demo account before start real trading.
Try trading currency pairs and CFDs that you haven’t traded before
This is what I do, sometimes I try to trade currency pairs and CFDs that I don’t usually trade.
I can do it with a real account, but since trading of unfamiliar products often loses at first, I use a demo account for verification.
This also applies to iFOREX.
iFOREX is famous for having many products, but it is risky to suddenly use your money on a real account to try various trades. Let’s verify using a demo account.
Test EA (Automatic Trading Tool)
EA (Automatic Trading Tool) can be used in MT4 and MT5, a demo account may be used for testing in a real environment (called “forward test”).
Some paid EA’s do not work with demo account, so it is limited, but it is super dangerous to suddenly try EA that you have not used yet with real account, so you need to verify with demo account first.
This is not the case for iFOREX.
This is because iFOREX doesn’t allow to use EA.
MetaTrader is not available on iFOREX.
iFOREX has its own trading tools, but no EA runs on that platform.
Precautions when using the iFOREX demo account
In this way, anyone can open a demo account for free and it is a trading environment that can be used easily, but there are cautions when using it.
- Strictly not exactly the same environment as a real account
- Withdrawal is not allowed
- Deposit is not allowed
- Demo account cannot become real account
- Lack a feeling of tension
Strictly not exactly the same environment as a real account
Demo account is said to be “almost” the same environment as real account, but it is not exactly the same environment.
If you want to check the usability of a real account strictly, it is best to try using a real account even with very small margin.
Withdrawal is not allowed
Of course, even if you make a profit, you cannot withdraw.
Of course, you cannot withdraw the margin that is set automatically when you opened the demo account.
Deposit is not allowed
You cannot deposit to the demo account.
Even if your margin balance becomes zero during trade verification, you cannot deposit and increase your margin.
In this case you will have to open a demo account again.
In addition, some brokers will increase the margin of the demo account on an application basis.
Demo account cannot become real account
If you like the trading environment and want to continue trading with that broker, you need to open a real account again.
In that case, please note that the account number and the server name to login to MetaTrader will also change.
Lack a feeling of tension
This is the most important point.
The demo environment is not your own money, so you can trade as much as you want.
Even if you trade in a high lot that you would never normally do and lose a lot, there is no shock.
There is no point in practicing trading or verifying the method if you trade completely differently than usual.
Those brokers who practice and verify trading should keep in mind this part.
Otherwise, you will be doing the same trade, and you will lose in the real account.
iFOREX Demo Account Specifications
iFOREX demo account is offered the same specifications as real account.
For more information on iFOREX account types, see the separate article, “iFOREX Account Type Review“.
How to open iFOREX demo account
From here, I will explain the procedure for opening a demo account for iFOREX.
As mentioned at the beginning, you need to open a real account first.
Open a real account in iFOREX
Open an account from the official iFOREX website.
Please refer to the separate article “How to open an iFOREX account” to open an account for the procedure for opening an account, necessary identity verification documents and submission method.
＼Just 3 minutes!!／
Deposit into iFOREX real account
After opening a real account, deposit money into your account.
You can deposit as much as you like.
For the explanation of the iFOREX deposit method and procedure, see the separate article “iFOREX deposit method recommended“.
After depositing, contact support and apply a demo account
Once you’ve made your deposit, contact support and ask them to open a demo account.
You can contact us by phone or email, but email is convenient.
Please contact and follow the support instructions.
iFOREX trading platform
iFOREX does not support MetaTrader and offers iFOREX’s own trading platform.
There is a web version and a mobile app version, both of which are simple and easy to use.
Especially for mobile app, unlike MT4 / MT5, you can even deposit and withdraw.
Of course, you can use it with a demo account, so please install it.
The iFOREX mobile app is summarized in another article “iFOREX mobile app is very easy to use“.
As you can see, using the iFOREX demo account is a bit cumbersome.
Personally, if you have to make a deposit anyway, I recommend you to try it with a real account with very small amount.
＼Open for Free!／