What is Demo Account in Olymp Trade
First-time users signing up to OlympTrade will soon discover that the platform offers more than one account option. There are also two main trading systems in place; MT4 and the company's proprietary platform.
A demo account is a practice environment that helps new traders get familiar with the trading technologies offered by Olymp Trade. You can create a demo account on OlympTrader’s web interface as well as an MT4 demo account.
The accounts provide a real feel of the actual experience of trading with actual cash. Traders access real-time charts that depict market movements and real spreads.
There's a chance to make profits, but they cannot be withdrawn. There is no need to sign up with a credit card or add a payment method to file before accessing the demo environment. Unlike some providers that limit their demo account to 30 days, OlympTrade has not placed any such limits.
Comparison with a live account
In their official blog post, OlympTrade notes that they have placed a limit of one week on trades placed through their proprietary trading interface. They recommend that traders who want to practice long-term strategies either use the real money account or the mt4 demo account.
For real money practice trades, you should consider using a small budget to avoid incurring substantial losses if the strategy is not successful.
Another difference between the demo and live account is that you can't exhaust the balance for the demo account. If the balance falls to zero, traders can easily replenish their account balance to $10,000 in virtual currency in just two steps.
How to open a demo account?
Using the Olymp Trade platform, you can open a demo account that will be as similar as possible to the real one, where the same trading conditions, tools, and quotation lists are applied. There you can also find analytical information necessary for trading and making the right decisions.
After registration is completed, the demo version of the broker becomes available. 10,000 virtual currency units are received instantly, which can be spent testing the terminal and getting used to the system.
How to use it
Don't set out to create a demo account and use it for a couple of days before transitioning to a real money account. It's essential to implement various strategies that will make your time in the practice environment highly productive.
Also, keep in mind that it's possible to switch to a real money account only to break a profit streak simply because there will be more emotions involved and a higher chance of mistakes happening.
Here are the best-recommended tips to get the best value from the OlympTrade demo account:
Create a study plan — Stay committed to practicing on the demo account by creating a study plan. A good plan may entail spending at least two hours a day on the demo account for the next 30 days.
Gain a firm understanding of the basics of trading — OlympTrade provides a robust educational center with plenty of tutorials. Gain a strong grasp of different types of technical indicators along with charting tools.
Develop a risk management system from the start — Don’t open trades with $1000 just because you have $10,000 in virtual currency. Set a reasonable trade size such as $10 and aim to grow with that. Similarly, consider learning about risk management strategies such as setting stop losses.
Treat virtual currency as real money — That means there should be some emotions attached to losing virtual currency. This will help in managing emotions when dealing with actual cash.
What to do if the demo account for Olymp trade has ended
By choosing Olymp Trade , you can apply different strategies. If the money runs out — 10 thousand conventional currency, do not rush to switch to real funds. There is a great risk of losing your investment.
If you liked working with the broker's options, but the conditional currency is running out, you can top it up and continue training.
Please note that virtual balance replenishment is only available if the virtual account has less than 5000 conventional currency. Virtual money is credited instantly.
This broker is a good opportunity to trade options, get experience, skills and practice in this field.