HYCM Demo Account

 

A HYCM Demo Account Review

 

How to set up a HYCM Demo Account – Step by Step

 

To register for, and set up a demo account with HYCM, traders can follow these steps:

 

  1. Traders can navigate to the HYCM website and click on the ‘Open an account’ banner.
  2. The trader will be redirected to an online application that requires the provision of the trader’s First and Last name, email address and mobile number.
  3. Upon completing this, the trader can click ‘Next’ and a new page will load.
  4. Next the trader must provide their country of residence, date of birth, street name and number, city and the postal code before clicking ‘Next’.
  5. The trader will be taken to the next step in registration where they can select their preferred trading platform, the type of account, the leverage, and their account base currency.
  6. As soon as the trader clicks ‘Next’ they will be asked to answer two question and are then allowed to set a password.
  7. When this step has been completed, the trader will be taken to their client portal where they can access the option of opening a demo account by clicking on ‘My Demo Accounts’ and ‘Create Demo Account’.
  8. The trader will be redirected to a new online form where they can choose their trading platform, account type and base currency.
  9. After making the necessary selections and submitting the form, the trader will have access to their demo account to explore HYCM’s offering, or to practice trading.
  10. The trader’s demo account credentials will be emailed to them in order to access their HYCM account through either of the platforms that HYCM offers.

 

Trading can be a very intimidating task for beginners without prior knowledge, skill, or experience in trading and through the provision of demo accounts, brokers provide a comprehensive and risk free environment for beginner traders.

A demo account is often referred to as a practice account due to it providing traders with the ability and freedom to explore the broker’s offering without running the risk of incurring losses through the provision of virtual money with which to practice trading.

Beginner traders can use demo accounts to familiarize themselves with a live trading environment, where they can build up their trading skills by actively participating in trades and develop their own trading strategies.

Demo accounts are not merely intended only for beginners, but it provides more advanced traders the opportunity to explore what HYCM has to offer.

 

HYCM Demo Account Features

 

The HYCM demo account features will depend on the trading platform that the trader uses, whether MetaTrader 4 or MetaTrader 5, in conjunction with the demo account.

In other words, the demo account features can be accessed through the trading platform and will depend on HYCM’ offering with regards to asset classes, financial instruments, spreads, leverage, and so on.

 

To gain access to the demo account, the trader has to download the trading platform to either of the following:

  • Desktop – MS Windows, Linux, or Mac OS
  • Mobile – Android smartphone or tablet, iOS iPhone, or iPad

 

Should the trader wish to use the Web Trader for either trading platform, access will be provided from the download page for each trading platform, respectively.

As soon as the trader has downloaded their trading platform, they can use the login details provided on the account verification page to log into the trading platform and they will have access to their HYCM demo account.

 

Pros and Cons

 

PROS CONS
1.      Demo account sign up fully digital 1.      Full registration required to access the demo account registration

 

FAQ

 

What is the difference between a demo and live trading account?

A demo account provides the trader with a practice account that can be used to practice trading in a risk free environment.

Demo accounts are often suited for beginners who need to build up experience with trading as well as advanced traders who would like to test their trading strategies and explore the offering of a broker before registering a live account.

 

Does HYCM offer a demo account?

Yes.

 

Can I convert my demo account to a live trading account with HYCM?

Yes.

Full registration is required in order for traders to access demo account options, to convert to a live account, traders will have to provide some additional information and required documentation such as proof of ID and proof of residence.

 

Which live trading accounts does HYCM offer?

  • Fixed Account – minimum deposit of $100, spreads that start from 1.8 pips and zero commissions charged on trades.
  • Classic Account – minimum deposit $100, spreads that start from 1.2 pips and zero commissions charged on trades.
  • Raw Account – minimum deposit of $200, raw spreads from 0.2 pips and commissions of $4 per round.

 

What are the available deposit currencies for a live trading account?

  • USD
  • EUR
  • GBP
  • AED
  • RUB, and
  • CAD

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