A demo account is your flight simulator. A pilot cannot fly a real plane full of passengers without spending hours in a simulator, and trading is no different. The Eightcap demo account is generally a good option to practice trading in a risk-free environment. Our Eightcap demo account review will prove this.
Eightcap
Regulation: SCIB, ASIC, CySEC and FCA
Min dep:$100
Leverage: 1:30
Spread: Variable
Account type: Standard, Raw, and TradingView account
Assets: Equities, Indices, Futures, Commodities, Crypto
Platform: MT4 and MT5
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What is the Eightcap demo account and how it works
Eightcap’s demo and live accounts have the exact same trading conditions such as price feed, tools etc. The demo account is an essential tool for anyone who looks to get started or test strategies in the financial markets without risking real capital.
Eightcap gives demo account access for 30 days for MT4 platform and 35 days for MT5 platform. You will not be able to access it once it expires. Eightcap is directly integrated with TradingView for both live and demo accounts and allows users to explore the platform, and test trading strategies.
To get a new demo account, go to Client Portal à Trading Accounts àLive/Demo drop-down Demo.
Step-by-step setup of your Eightcap demo account
The Eightcap demo setup procedure is simple and straightforward. Let us see how to open an Eightcap demo account on the MT4 platform.
Opening an MT4 demo account
- Download MT4 and open a demo account from the MT4 platform directly.
- Add your broker manually or select the “Eightcap-Demo” option.
- Ensure “New demo account” is ticked and start configuring your demo account parameters, such as deposit amount range, leverage, account types, currency types, etc.
- Save your demo account credentials and click “Finish”.
- In your “Navigator” window, you can see your demo account along with any other accounts you have opened. You need to double-click on the account you want to use.
- Your remaining demo account balance will be visible under the “Trade” tab.
Key features and benefits of Eightcap demo trading
If you want to analyse the key features of Eightcap’s demo trading interface, you need to compare it with its closest competitors like Trading.com (check Eightcap Vs Trading.com). Here are the key features and benefits of using the Eightcap demo trading:
Realistic simulation
The demo account is generally designed to mirror the trading conditions of a live account, including price feeds. It is crucial to test strategies effectively.
Virtual funds
Eightcap provides a significant amount of virtual currency for trading, allowing traders to choose the amount they prefer.
Limited time-frame
Eightcap’s demo accounts are generally active for 30 days or once they have hit 5000 orders. If you want to extend the period, you need to submit a written request to Eightcap’s customer service.
Why use Eightcap demo before switching to live trading
Using a demo account before switching to Eightcap live trading is essential as it offers a risk-free environment to achieve several critical things.
- Once you start getting consistent results in the demo environment, you can get confidence in making a disciplined transition to a live account as well.
- Using an Eightcap demo account is all about making your mistakes with virtual cash, meaning that you don’t make them with real cash.
- You will get a hands-on experience with Eightcap’s trading platform, its features, and trading strategies after you spend some time practicing.
Conclusion
Eightcap account benefits are adorable. If you are looking for a comprehensive and realistic testing ground for trading, an Eightcap demo account is a wise choice. The Eightcap demo account is excellent for learning trading platforms and testing technical strategies in a realistic price environment.
However, the psychological distance from real-money trading remains the main drawback. Additionally, while other brokers offer unlimited demo access, Eightcap limits it to a 30-day timeframe.
Pro-tip
It is wise to try demo trading before entering into real markets, especially the highly risky markets like forex and crypto. Make use of our best forex brokers to have a hassle-free trading experience. Also, our broker comparison tool is the best to have a comprehensive analysis within multiple brokers.
FAQs
1. What are Eightcap tips to start a forex trading with a demo account?
The aim of a demo account is to practice discipline and strategy in a risk-free forex market environment. Follow our tips for an effective practice.
- Treat the demo account as your real account with a genuine plan to invest.
- Use stop-loss strategies.
- Maintain a quick-log report to track your mistakes. The log should include information about why you entered the trade, the result, and the key lesson.
2. How to set up & use an eightcap demo trading account?
Go to “Client Portal à Trading Accounts àLive/Demo drop-down à Demo” to set up an Eightcap demo trading account.
3. What is the minimum deposit for an Eightcap demo account?
The Eightcap demo account does not require any minimum deposit. A demo account is generally free and intended for practice with virtual money, so you would not need to fund it with real money.
4. How long does the Eightcap demo account last?
The Eightcap MT4 demo account lasts for 30 days and the MT5 demo account lasts for 35 days and gets expired after that.
5. Does Eightcap demo account have real-time pricing?
Yes, the Eightcap demo account uses real-time pricing as their live accounts. Both demo and live accounts of Eightcap share the exact same trading conditions including the price feed.
6. How many markets can you trade in Eightcap demo?
Eightcap allows you to trade the following markets via your demo account:
- Forex
- Indices
- Commodities
- Crypto CFDs
- Share CFDs
7. Can beginners use Eightcap demo for free?
Yes, Eightcap demo account access is free for all users, including beginners.
8. Can you trade crypto CFDs in Eightcap demo?
Yes, you can trade about 100+ crypto CFDs with Eightcap demo account.
9. Can you reset balance in Eightcap demo account?
Yes, you can request that a demo account balance be reset, and you can also update it through the client portal.
10. Can Eightcap demo really prepare you for live trading?
Yes, the Eightcap demo account technically prepares you very well, as both demo and live accounts have the same trading conditions. However, the key difference between the two accounts is that demo trades are often executed instantly without experiencing real-world slippage, which is very crucial for making profits.
