Recommended dummy accounts for starting out (UK)

Beginner Questions
1

Hello everyone!

I’m a newbie and have been reading through the education section for about 2 weeks now. So far, it’s been really clear and I feel I’m getting a good feel for what’s involved with the process.

I learn best with the ‘try as you go’ approach, so I’d like to start getting familiar with the charting software and how the platforms work. Can you recommend a good trading platform with good dummy/live accounts to get started with?

I am based in the UK if this makes any difference.

Thanks

2 Likes
2

I can suggest to open demo account on MT4 trading platform.

You can open demo account without broker if you do not want to select any broker right now.

Later on if you decide to open demo or lice account you can register with some broker.

Steps to open demo account and to download MT4 you can find here:
Fair enough- here you can find whole tutorial:

3

IG and intertrader have good demo accounts

4

IC Markets of FxPro both have very decent platforms.

I’m in the UK - used both.

5

I have used Pepperstone n IC Markets

6

Pretty much all trading brokers offer a demo account to get started on.

Or open a free account on TradingView, personally they offer the best charting software, and you can paper trade with them to test your knowledge.

1 Like
7

defnitely jump on cTrader first, forget about metatrader

8

Thanks for the suggestions, much appreciated!

9

Quick question wrt IG’s demo account - correct me if I’m wrong but it seems to have a mandatory margin built-in. It uses a tiered leverage system, which has a 1:30 leverage (3.33% margin factor) for position sizes up to $1725, then scales to around 1:6.7 (15% margin factor) above this. There is also no way to specify this as far as I can see.

I wanted to ask whether this is a good thing as a new trader, or whether I should be focusing on using leverage at all, to begin with. What are your thoughts on this, should I get used to using leverage so use a factor which is small like, 1:2?

Thanks

10

New trader, why not 1:1? Then again, I keep hearing trade demo as you would trade your real account. So if you’re set on using leverage, better to do it on demo first.