If you’re a beginner in Forex trading, demo accounts are must-haves to help you learn the ropes and risks associated with trading. Having a MT5 demo account is especially helpful, as the platform offers numerous features to get you started on your trading journey.
In this guide, we’ll guide you through opening your MT5 demo account for crypto so you can start your trading journey today!
Key highlights:
- MT5 is a platform that allows you to trade stocks, CFDs, Forex and Futures
- Opening your demo account consists of going to the MetaTrader5 website, selecting “WebTerminal” and choosing to register a demo account
- It’s better to download the software version to avoid potential browser malfunctions
What is MetaTrader 5?
MetaTrader 5 (MT5) is a platform that allows you to trade stocks, CFDs, Forex and Futures. The platform allows users to use algorithmic trading applications to automate trades, including trading robots and EAs (Expert Advisors). Many of the best Forex brokers integrate MT5 seamlessly, which is a testament to the popularity and strength of this platform.
It offers many features, such as predicting market direction, support for the advanced Market Depth feature, accurate fundamental and technical analysis, and automated trading. MetaTrader 5 offers users one of the best Forex demo trading accounts, making it great for beginners, as they can learn trading risk-free.
Opening an MT5 demo account
In this section of our guide, we’ll walk you through making a demo account for MT5, which you can use for both the web and the desktop versions of MT5. The first part of our guide will go over the account creation, while the second part will also show you how to download and install the MT5 software.
1. Go to the MT5 website
Firstly, navigate to the MT5 website and select the “WebTerminal” option, as indicated in the image below. We’ll return to this site when we install the MT5 software.
2. Choose the demo version
Once you click on the “WebTerminal” button you will be redirected to a dialog box, where you have the option to either login to an existing account or to open a demo account. Select the “Open Demo Account” option, outlined in the screenshot below.
3. Register your demo account
You’ll be required to fill in some basic information such as your name, email address and phone number. Here, you can also set up options such as the amount of deposited play money, leverage, and currency (we left the default options in the screenshot). You’ll also need to agree to the terms and conditions to proceed. Finally, click “Open Demo Account” to finalize the registration of your account.
Afterward, you will be given your login credentials and your investor password. By clicking “Get Started With Your Account” you will be taken to the trading terminal, where you can start trading.
4. Start practicing
Now that you’re in your MT5 demo account, feel free to explore and learn.
Installing the MT5 software
Now that you’ve opened a demo account, consider downloading the MT5 software. It offers a faster experience than the browser version and can help you avoid potential browser issues if you decide to trade with real money.
1. Download the software
As with the first step of the previous part of the guide, go to the MT5 website. This time, however, we’ll select “Download MetaTrader 5 for Windows”. If you happen to be using other platforms, there are download links for macOS, Linux, iOS, and Android as well.
2. Installation
Once you’ve downloaded the file, launch the installer named “mt5setup.exe”. You will be greeted by a the installer window presenting you with the End User License Agreement. If you agree with the terms and conditions, click “Next”.
The installer will now begin installing the Meta Trader 5 software on you computer, which may take a few minutes, depending on the speed of your machine. Once it’s done, click the “Finish” button.
Clicking the “Finish” button will take you straight into the platform, which you’ll notice looks quite more advanced than the web version. This is another benefit to using the software version, as it offers you more features.
3. Logging in
Once you’ve installed and launched the MT5 software, you’ll need to login into your demo account. To do so, click “File” in the top left corner and select “Login to Trade Account” from the list of available options.
You will be greeted with a login window, prompting you to put in your login details, which you got when registering your demo account. Once you’ve filled out the information, click “OK”. Now the software will connect you to the demo server.
And that’s it! Now you can practice trading with your demo account in the MT5 software.
The bottom line
The MetaTrader 5 demo account will allow you to practice trading with no risk to your balance. This will give you the skills necessary to execute well-thought-out trades once you migrate to a real account with actual funds. Until then, have fun exploring the features of the MT5 platform!
But perhaps you’ll learn that MT5 might not be the best fit for you. Not to worry, we’ve compiled a list of the best algorithmic trading platforms to help you find the one that is just right. If all else fails, you can always fall back on our list of the best crypto to buy.
Source: https://coincodex.com/article/51645/how-to-open-free-mt5-account-for-crypto/