LMAX Demo Account
How to set up a Demo Account – Step by Step
To register for, and set up a LMAX demo account, traders can follow these steps:
- Navigate to the LMAX website and click on ‘Demo Account’ banner on the homepage.
- The trader will be redirected to a new page where they have to select ‘Apply Now’ under the ‘Apply for a Demo Account’ heading.
- The trader will be redirected to an online application form where they need to fill in their title, given names, surname and email address.
- As soon as the trader has entered their email address, they must click on ‘Verify’ to have a verification sent to their email address which must be entered on the application before being able to proceed.
- After having entered the verification code, the trader can select whether they would like to receive marketing information and proceed to click on ‘Next’.
- The next part of the application allows the trader to choose a username and password along with specifying the account currency of their demo account. After completing this part, the trader can click on ‘Submit Application’.
- The next page will require the trader to log in with the credentials they registered on the previous page and once logged in, the trader will have access to the demo account from where they can utilize it.
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 LMAX has to offer.
LMAX Demo Account Features
The LMAX demo account features will depend on the trading platform that the trader uses, in this case the LMAX Web-based trading platform, in conjunction with the demo account.
Pros and Cons
|1. Demo account sign up fully digital||1. None noted|
|2. Sign up is quick and hassle-free|
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 LMAX offer a demo account?
Can I convert my demo account to a live trading account with LMAX?
All that you have to do is complete additional information along with providing proof of ID and proof of residence. This can easily be done from the Client Portal/Secure Area.
Which live trading accounts does LMAX offer?
- LMAX Global Account which can be used by professional traders, broker dealers, money managers, MT4, and MT5 brokers.
- LMAX Corporate account for corporations.
What are the available deposit currencies for a live trading account?
- USD, and several others.