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How to Open Oanda Demo Account?
Abstract：As the methods of forex trading gradually evolve, more and more people are starting to trade foreign exchange . Among them, there are inevitably some forex trading beginners who do not know how to trade forex properly and lack a mature trading system. It makes them incur losses in trading. Finding opportunities in the market becomes a barrier for novice traders. Many brokers set up demo trading to encourage users to participate. Demo trading faces the same market fluctuations as live trading; the only difference is that the money in the account is virtual, while other operations are the same. The main purpose is to help novice traders become familiar with how forex trading works, try different trading strategies, and improve their trading skills.
What is Demo trading？
As the methods of forex trading gradually evolve, more and more people are starting to trade foreign exchange . Among them, there are inevitably some forex trading beginners who do not know how to trade forex properly and lack a mature trading system. It makes them incur losses in trading. Finding opportunities in the market becomes a barrier for novice traders. Many brokers set up demo trading to encourage users to participate. Demo trading faces the same market fluctuations as live trading; the only difference is that the money in the account is virtual, while other operations are the same. The main purpose is to help novice traders become familiar with how forex trading works, try different trading strategies, and improve their trading skills.
Advantages and Disadvantages of Demo Trading
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How to Open Oanda Demo Account？
There are many brokers on the market that provide demo trading. Oanda’s advantage is that it provides demo account trading with three different trading tools, such as the Oanda official trading platform, TradingView trading platform and Mt4 trading platform. Users can choose the trading tools that suit them according to their own needs. The following uses Oanda as an example to explain how to open a demo account.
Step 1: Go to the Oanda official website and find the demo account option.
Step 2: After selecting the country/region of registration (note that some countries are not supported), fill in the required information as prompted on the screen.
Step 3: Once you fill in the information and the following interface appears, your demo account is successfully created. We can see that Oanda provides users with three trading platforms (Oanda, TradingView, MT4) along with corresponding download links for different devices. After registering a demo account, users can choose three trading platforms according to their preferences. Below, I will explain how to conduct demo trading using the Oanda official trading platform.
Step 4: We will use the Oanda Web Platform for a demo trading demonstration. After opening the Oanda official trading platform, you will see the following screen. Users can click on the Dashboard to simulate Transfer, Withdraw, and Deposit operations. We can see that the demo account provides $100,000 in virtual funds. If demo trading users want to open a live trading account, they can click on Open Live Account on this screen to open a live account.
The image below shows the specific details of the demo account, where users can view the usage of their account funds and the rate of return.
Step 5: Click on Trade to enter the trading interface, where you can choose your preferred trading instruments. The demo account also offers various technical analysis indicators for users to choose from. Users can use the demo account to learn how to better utilize these technical indicators.
As shown in the image below, the Oanda demo account also provides a technical analysis section. Novice traders can learn some trading knowledge here to improve their trading skills. Investors can also find answers to their trading questions in this section.
Click on Preferences in the trading interface to customize the trading settings. Users can adjust the settings according to their own needs.
Users of the demo account who want to view news can click on Market Pulse in the trading interface. This section provides recent news commentary, helping users deepen their understanding of the market and improve their trading skills.
The demo account also offers investors three different trading interfaces. Users can choose and set their preferred interface according to their needs.
Step 6: Once users are familiar with the entire trading interface, they can select trading instruments to begin trading. For example, they can choose the EUR/USD currency pair and freely place buy and sell orders. The demo account also provides options for setting stop-loss and take-profit levels. If users do not have time to monitor the market constantly, they can set stop-loss and take-profit levels according to their trading plan.
Conclusion
As a comprehensive service broker, Oanda provides users with diversified services. The demo account is valuable to every novice investor, but when we are successful in demo trading, we must not Overconfidence. There is a difference in the trading mentality between real trading and demo trading, and mentality will affect an investor's trading decision-making. I hope that investors will make more use of demo trading in the future to improve their trading knowledge, optimize their investment system.
FAQ
How to add virtual assets to my account？
1.Sign in to your demo account
2.Click on DEPOSIT
3.From the deposit to list, select a sub-account.
4.From the Select payment method list, select Add virtual funds
Can I add real money to my demo account？
You cannot add real money to the demo account. If you want to trade with real money, you can open a live account on the official website.
Is the price information of the demo account the same as that of the real account？
In order to ensure that the demo trading is effective, the price of the demo account is the same as the real account.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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