Adam Rosen - Lead financial writer
LegacyFX offer a demo trading account to allow new and experienced traders alike to practice trading stocks, commodities, Forex, crypto, ETFs, CFDs, indices, futures and bonds in a virtual environment using practice non real money on the LegacyFX trading platform, using live financial data from global markets all over the world. LegacyFX demo accounts allow traders to get used to the LegacyFX trading tools before trading with a live LegacyFX trading account. A LegacyFX demo trading account allows new and experienced traders test a trading strategy in a safe environment before opening their trades to risk of loss on live financial markets.
LegacyFX demo accounts give users the opportunity to test out a variety of different financial products and markets within a simulated trading setting. The most significant distinction is that you won't run the risk of losing any money when using a LegacyFX demo account, allowing you to explore and experiment without fear of financial repercussions.
When you sign up for a LegacyFX demo account, you will get instant access to a virtual version of the LegacyFX online trading platform, in addition to a pre-determined balance of between 10,000 and 150,000 US Dollars in fictitious LegacyFX demo funds.
A LegacyFX demo account allows for the simulation of real-world trading conditions without the use of actual funds. When you sign up for a LegacyFX demo account, you will be given fictitious funds that can be used to practise trading financial instruments like stocks, Forex, crypto, commodities and more. Users who are new to the LegacyFX platform will have their first introduction to the ever-changing world of the financial markets.
If you are interested in trading on the Forex, stock or cryptocurrency market using LegacyFX, you should know that it is strongly recommended that you begin by opening a LegacyFX demo account. LegacyFX demo accounts, will allow traders to practise their international trading skills in a simulated but risk-free setting, often using live financial market data.
LegacyFX demo accounts are typically provided with $10,000 or $150,000 worth of virtual money that can be used to practise trading on the foreign exchange market. If you exhaust all your LegacyFX demo trading funds, your LegacyFX demo balance can often be reset by contacting LegacyFX customer support.
If you are an experienced trader, you can use LegacyFX demo accounts to test out new trading strategies and tools with the peace of mind that any mistakes you make while experimenting on the LegacyFX trading platform, won't cost you any real money.
You will have access to more than 200 different markets when you open an LegacyFX demo trading account, including stocks and shares, global stock indexes, ETFs, CFDs, fiat currencies, commodities, and cryptocurrency markets.
You will be able to familiarise yourself with the behaviour of the various financial markets that LegacyFX offers through the use of a LegacyFX demo account. You will have the ability to set alerts on markets that you want to keep an eye on through the dashboard on LegacyFX, which will allow you to react immediately to any price volatility that may occur.
When starting out on the LegacyFX trading platform newer traders are blown away by the possibility of massive price fluctuations in the market. some financial instruments have a lower level of volatility in comparison to other assets, which can clearly be seen using the LegacyFX technical analysis charting tools. LegacyFX tools will show Forex and crypto assets for example can be far more volatile than assets such as stocks or commodities.
You should be able to understand, through the use of the LegacyFX demo account, that volatility is a double-edged sword. Using volatility, you may make or lose a lot of money very quickly; however, you also run the risk of losing everything on a single bad trade. This is why a LegacyFX demo account is important for new traders.
LegacyFX demo accounts allow you to become familiar with the functionality of the platform as well as the terms and conditions of the broker's trades.
The LegacyFX demo account is essential for learning how to place orders, configure the various types of LegacyFX charts for technical analysis, discover the various contract sizes, and determine the high risk margin used based on the leverage, among other things. Trading with leverage is considered very high risk. A CFD trade is speculation on price movement using borrowed money from LegacyFX, without owning the underlying asset. Using CFD leverage allows traders to trade at a greater amount than there deposit to LegacyFX. But using leverage is only for experienced traders due to the high risk of loss.
LegacyFX offer MT5, Desktop platform, Web platform, Tablet & Mobile apps demo trading accounts to retail traders.
LegacyFX demo accounts provide real-time quotes from all markets as well as a simulated LegacyFX portfolio that can be used to practise trading under real-world conditions. Price action, chart figures, support and resistance lines, and the correlations between different currency pairs are all able to be analysed using the LegacyFX demo trading platform.
You will observe that when researching the potential for making a profit using the LegacyFX trading platform, if you do not adhere to stringent rules regarding risk management, you run the risk of quickly losing all of your money.
Trading with a real LegacyFX account enables one to gain a more concrete understanding of the necessity of maintaining discipline in order to effectively control risk when trading live markets with LegacyFX. When using a LegacyFX demo account, discipline may appear to be unnecessary, and the placement of stop losses may be interpreted as something that prevents you from making a profit on LegacyFX. Despite this perception, maintaining discipline and using stop losses on the LegacyFX correctly is critically important.
Even if you are successful in making money with a LegacyFX demo account, it does not guarantee that you will become a successful trader. In order to comprehend and effectively manage the psychological component of trading on LegacyFX, you will need to first gain experience in the real world. Your first "real" LegacyFX account ought to be opened with a sum of money that is on the lower end of the spectrum, that you can afford to lose.
LegacyFX demo trading can give investors a fanciful sense of self-assurance and make them more prone to making mistakes in real trading. Traders also have a propensity to take more risks with LegacyFX virtual currency than they would with real money, which can result in excessive spending on LegacyFX or the loss of potential profits.
Cut your losses quickly! This proverb is correct, but in reality, putting it into practise trading on LegacyFX, can often be extremely challenging. When it comes to trading, one of the most difficult tasks is not locating profitable entry points but rather determining when it is appropriate to exit a position in LegacyFX. When the psychological component comes into play, experience and a clear understanding of trends is a must on LegacyFX.
You won't need to set up separate LegacyFX demo accounts and live accounts for forex trading, stock trading, crypto, commodities, indices, CFD trading on LegacyFX because you can switch between LegacyFX live and demo accounts once you have registered and verified your ID. Both LegacyFX demo and live trading accoutns on LegacyFX have the same user-friendly and straightforward trading platform.
Demo accounts from LegacyFX allow users to engage in risk-free practise of CFD trading as well as spread betting. Both CFD and Spread betting on LegacyFX make use of leverage, which enables you to obtain complete market exposure with just a modest initial investment on your part. While doing so might multiply your profits, it also multiplies the dangers you face.
There is not a significant distinction to be made between a LegacyFX paper trading account, a LegacyFX trading simulator, and a LegacyFX demo trading account. All of these terms refer to the same kind of simulated trading platform that LegacyFX offers, but they are referred to by different names.
LegacyFX demo accounts are a convenient and straightforward method for getting accustomed to the various market orders and dynamics of the LegacyFX online trading platform.
LegacyFX demo trading, does not provide a 100% accurate representation of actual live trading on LegacyFX and so it is likely that semi-experienced traders will fare better by trading with a live LegacyFX account will a smaller balance once they have learned the basics. The minimum deposit required to open a LegacyFX account is 500 USD.
When you place a trade using a LegacyFX demo account, you won't encounter any lags or re-quotes at any point during the process as it is simulated. LegacyFX may re-quote your order if the markets are moving quickly and there is a lot of volatility with a live LegacyFX trading account. The term "slippage" refers to the situation in which a LegacyFX order is carried out at a less advantageous price.
Trading using a LegacyFX demo account is very similar to trading using a LegacyFX real account; however, the price feed is very different when using the LegacyFX demo account. LegacyFX demo accounts typically have fixed spreads, which means that if you open a real LegacyFX trading account when there is a high level of volatility, the spreads may widen and your LegacyFX costs may increase.
LegacyFX Demo Account: Yes
🤴 LegacyFX is Used By: 1,000
⚡ LegacyFX is Regulated by: Vanuatu Financial Services Commission (VFSC) license number 14579
💵 What You Can Trade with LegacyFX: Forex, Commodities, Indices, Stocks, Cryptocurrency, CFDs
💵 Instruments Available with LegacyFX: 200
📈 LegacyFX Inactivity Fees: No
💰 LegacyFX Withdrawal Fees: varies
💰 LegacyFX Payment Methods: Bank Wire transfer, Debit cards, Visa, MasterCard, Neteller, Skrill, Cryptocurrency,
💰 LegacyFX Account Base Currencies: USD
LegacyFX Risk warning : Your capital is at risk
IC Markets Demo Account: Yes
🤴 IC Markets is Used By: 180,000
⚡ IC Markets is Regulated by: Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
💵 What You Can Trade with IC Markets: Forex, Majors, Energies, Metals, Agriculturals,
💵 Instruments Available with IC Markets: 232
📈 IC Markets Inactivity Fees: No
💰 IC Markets Withdrawal Fees: No
💰 IC Markets Payment Methods: Credit Cards, VISA, MasterCard, Debit Cards, Visa, MasterCard, Bank Transfer, PayPal, Neteller, Neteller VIP, Skrill, Poli, Cheque, BPAY, UnionPay, FasaPay, QIWI, RapidPay, Klarna, Electronic wallets (eWallets), Broker to Brokers, Thai Internet Banking, Vietnamese Internet Banking,
💰 IC Markets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, HKD, NZD
IC Markets Risk warning : Losses can exceed deposits
Roboforex Demo Account: Yes
🤴 Roboforex is Used By: 10,000
⚡ Roboforex is Regulated by: RoboForex Lid is regulated by Belize FSC, License No. 000138/7, reg. number 000001272
💵 What You Can Trade with Roboforex: Forex, Minors, Majors, Exotics, Indices, Metals,
💵 Instruments Available with Roboforex: 100
📈 Roboforex Inactivity Fees: No
💰 Roboforex Withdrawal Fees: Yes
💰 Roboforex Payment Methods: Credit cards, VISA, MasterCard, JCB, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, Skrill, Perfect Money, AdvCash, BPAY, China UnionPay, FasaPay, CashU, WeChat Pay, ecoPayZ, AstroPay, Sofort, Giropay, Poli, Wepay, iDEAL, Payoneer,
💰 Roboforex Account Base Currencies: USD, EUR, XAU
Roboforex Risk warning : Losses can exceed deposits
AvaTrade Demo Account: Yes
🤴 AvaTrade is Used By: 200,000
⚡ AvaTrade is Regulated by: Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI)
💵 What You Can Trade with AvaTrade: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals, ETFs, IPO, Bonds,
💵 Instruments Available with AvaTrade: 1000
📈 AvaTrade Inactivity Fees: No
💰 AvaTrade Withdrawal Fees: No
💰 AvaTrade Payment Methods: Credit cards, VISA, MasterCard, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, WebMoney, Payoneer,
💰 AvaTrade Account Base Currencies: USD, GBP, EUR, JPY, AUD
AvaTrade Risk warning : 71% of retail CFD accounts lose money
FP Markets Demo Account: Yes
🤴 FP Markets is Used By: 10,000
⚡ FP Markets is Regulated by: Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Financial Services Authority (St. Vincent and the Grenadines)
💵 What You Can Trade with FP Markets: Forex, Minors, Majors, Exotics, Indices, Metals,
💵 Instruments Available with FP Markets: 100
📈 FP Markets Inactivity Fees: No
💰 FP Markets Withdrawal Fees: No
💰 FP Markets Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, BPAY, POLi, PayPal, Neteller, Skrill, PayTrust, NganLuong VN, Fasapay, Broker to Broker, OnlinePay China, Directa24, Klarna, PayTrust88, Payoneer,
💰 FP Markets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, HKD, NZD
FP Markets Risk warning : Losses can exceed deposits
NordFX Demo Account: Yes
🤴 NordFX is Used By: 10,000
⚡ NordFX is Regulated by: Cyprus Securities and Exchange Commission (CySEC), License No: 209/13
💵 What You Can Trade with NordFX: Forex, Majors, Metals,
💵 Instruments Available with NordFX: 50
📈 NordFX Inactivity Fees: No
💰 NordFX Withdrawal Fees: No
💰 NordFX Payment Methods: Bank Transfer, Neteller, PerfectMoney, WebMoney, FasaPay, CashU, Payza, QIWI,
💰 NordFX Account Base Currencies: USD, EUR
NordFX Risk warning : Losses can exceed deposits
XTB Demo Account: Yes
🤴 XTB is Used By: 250,000
⚡ XTB is Regulated by: Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comision Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa
💵 What You Can Trade with XTB: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Pennystocks, Energies, Metals, Agriculturals, ETFs,
💵 Instruments Available with XTB: 4000
📈 XTB Inactivity Fees: Yes
💰 XTB Withdrawal Fees: No
💰 XTB Payment Methods: Credit cards, MasterCard, Maestro, Visa, Debit cards, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, Skrill, Poli, Paysafe, Payoneer,
💰 XTB Account Base Currencies: USD, GBP, EUR
XTB Risk warning : 76% - 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Pepperstone Demo Account: Yes
🤴 Pepperstone is Used By: 89,000
⚡ Pepperstone is Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217
💵 What You Can Trade with Pepperstone: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, Energies, Metals,
💵 Instruments Available with Pepperstone: 100
📈 Pepperstone Inactivity Fees: Yes
💰 Pepperstone Withdrawal Fees: No
💰 Pepperstone Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, BPAY, POLi, UnionPay, FasaPay, QIWI, Payoneer,
💰 Pepperstone Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, HKD
Pepperstone Risk warning : CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
XM Demo Account: Yes
🤴 XM is Used By: 10,000,000
⚡ XM is Regulated by: Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
💵 What You Can Trade with XM: Forex, Stock CFDs, Commodity CFDs, Minors, Majors, Exotics, Equity Indices CFD, Energies CFD, Precious Metals
💵 Instruments Available with XM: 1000
📈 XM Inactivity Fees: Yes
💰 XM Withdrawal Fees: No
💰 XM Payment Methods: Credit cards, Debit cards, Bank Transfer, Electronic wallets (eWallets), Moneta, ABAQOOS, PRZELEWY24, Neteller, PerfectMoney, WebMoney, UnionPay, FasaPay, CashU, Payza, QIWI, SOFORT, Giropay, Payoneer, Skrill,
💰 XM Account Base Currencies:
XM Risk warning : CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor
accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford
to take the high risk of losing your money.
eToro Demo Account: Yes
🤴 eToro is Used By: 20,000,000
⚡ eToro is Regulated by: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Australian Securities and Investments Commission (ASIC)
💵 What You Can Trade with eToro: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals, ETFs,
💵 Instruments Available with eToro: 2000
📈 eToro Inactivity Fees: Yes
💰 eToro Withdrawal Fees: Yes
💰 eToro Payment Methods: Credit cards, VISA, MasterCard, Maestro, Debit Cards, Bank Transfer, PayPal, Neteller, Skrill, WebMoney, Giropay, eWallets,
💰 eToro Account Base Currencies: USD
eToro Risk warning : 51% of retail investor accounts lose money when trading CFDs with this provider.
FXPrimus Demo Account: Yes
🤴 FXPrimus is Used By: 10,000
⚡ FXPrimus is Regulated by: Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Vanuatu Financial Services Commission (VFSC)
💵 What You Can Trade with FXPrimus: Forex, Minors, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals,
💵 Instruments Available with FXPrimus: 130
📈 FXPrimus Inactivity Fees: No
💰 FXPrimus Withdrawal Fees: Varies
💰 FXPrimus Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, Skrill, Payoneer, SafeCharge, TrustPay, EmerchantPay, Bitcoin, UnionPay, FasaPay, Giropay,
💰 FXPrimus Account Base Currencies: USD, GBP, EUR, SGD, PLN
FXPrimus Risk warning : Losses can exceed deposits
easyMarkets Demo Account: Yes
🤴 easyMarkets is Used By: 142,500
⚡ easyMarkets is Regulated by: Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI)
💵 What You Can Trade with easyMarkets: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, Energies, Metals, Agriculturals, Options,
💵 Instruments Available with easyMarkets: 200
📈 easyMarkets Inactivity Fees: No
💰 easyMarkets Withdrawal Fees: No
💰 easyMarkets Payment Methods: Credit cards, MasterCard, Maestro, American Express, JCB, Astropay, Debit cards, Bank Transfer, SOFORT, GiroPay, iDeal, Bpay, Electronic wallets (eWallets), Skrill, Neteller, WebMoney, UnionPay, WeChatPay, FasaPay, STICPAY,
💰 easyMarkets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, CNY, CZK, HKD, ILS, MXN, NOK, NZD, PLN, SEK, TRY, ZAR
easyMarkets Risk warning : Your capital is at risk
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