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Demo accounts are simulated trading accounts that contain virtual money and attempt to mirror live market conditions. They allow traders of all skill levels to practise trading without risking real money. Beginner traders may use them to get familiar with the trading platform, while intermediate and advanced traders may use a demo account when they want to test out more complicated strategies before they start trading with real money.
In this article, we will talk about why people may use demo accounts, the benefits of using a demo account. We will also explore international brokerage Exante’s demo account feature and how it compares to those on the market by reviewing the account parameters and functionalities.
There are many reasons traders use demo accounts. Traders of all levels may use one to compare different brokers that provide their own in-house trading platforms. By testing the free demo accounts of different brokers, traders can get a feel for what they prefer using and the conditions and features offered by each platform. This can help them make a more informed decision on which broker to work with.
Traders may also use demo accounts to test out their skills and new strategies they want to implement. Using a demo account eliminates the risk of losing capital, as the currency is virtual. The risk-free environment allows traders to increase their confidence while improving their trading skills.
Demo accounts often also attempt to mirror live market conditions. There may be some delay in retrieving live market data depending on the broker and their trading platform, but they offer a good space for traders to practise trading their preferred instruments.
The benefits of using demo accounts
The core benefit of using demo accounts is that signing up for one is generally free, and traders only need to sign up to get started using one. Demo accounts are also a risk-free environment in which traders can continually test out their strategies and make any necessary adjustments before trading with real money.
Some background on Exante
Before looking at the parameters of Exante’s demo account, it is essential to introduce the brokerage for context.
Exante.eu is a brokerage that was created by professionals for professionals. With its headquarters in Malta, it has offices in the UK, Hong Kong, and Cyprus, and it has obtained local licensing in these locations as well. It is compliant with local laws and MiFID-II, which is the European Union’s financial regulatory framework to ensure transparency and integrity in financial services.
The broker offers an impressive range of over 600,000 instruments available for trading across over 50 global markets spanning from the United States to Europe and Asia-Pacific. Their product offering includes Stocks and ETFs, Currencies, Funds, Options, Bonds, Metals, and Futures. They also offer an in-house trading platform that is available on mobile and on desktop, and the platform offers sophisticated charting tools and integration with their own FIX API for advanced trading strategies.
The parameters of Exante’s demo account
Exante’s demo account is free of charge, and those who register with the broker automatically open the account. The demo offers traders 1 million euros in virtual currency to practise their trading skills and try out different strategies.
Unlike the live account, the demo trading account does not require verification of user identity. Exante also makes it clear that market data funnelled to their demo accounts are delayed by at least 30 minutes, whereas live account users can access real-time market data. Finally, traders trading on demo naturally do not bear any profit or losses.
A review of the demo account’s functionalities
Exante’s demo account has all the capabilities of their live account and traders trading on demo can access the broker’s full range of 600,000+ instruments on offer. This means traders can place orders and monitor their trades just as they can on live.
Traders can also use a dedicated bond screener module to find and compare global bonds on offer, or they can simply search up instruments by category and ticker. When it comes to monitoring their results, they can access different reporting formats on their trading terminal, including a Summary of orders placed, an overview of their portfolio, a margin report on their margin utilisation, and a trade blotter which shows past trades and transactions executed.
Exante’s sophisticated trading terminal also extends to having six different tools related to quotes and quote-tracking. For those who are eager to understand market movements in-depth, they can customise price chart placements, pinning the charts of their preferred instruments on their terminal. They can also learn about market depth and utilise an option board, as well as set up price alerts. On top of that, users can learn more about markets with a Time & Sales module, which displays information concerning completed trades for chosen instruments.
Finally, Exante’s demo account users who run out of virtual funds can also visit the Settings page in the Client’s area to create a new sub account with default settings. This gives users what is essentially an unlimited number of attempts at testing out their strategies no matter the outcome of their simulated trades, which is a clear benefit for those looking to sharpen their trading skills.
Conclusion
In short, the Exante platform offers a remarkable depth of knowledge for demo account users. Those who want to learn more about price chart movements can do so easily. They can also go beyond the basics and gain substantial information on larger market movements and identify patterns within different global markets. For those looking for a new trading experience that offers breadth and depth, Exante’s demo account is a good place to start.
