Avatrade Demo Account Review: Pros and Cons

AvaTrade Demo Account Features

The AvaTrade demo account has a host of features to help you learn and understand the finer nuances of trading. Here are the most important features of the said account:

• You can try to deal in every financial instrument offered by a live account, such as indexes, major, minor, currency, stocks, commodities, and ETFs, along with that you can use real-time prices, technical indicators, and so on.
• In the demo account, you’re allowed to select between different virtual trading platforms, such as Ava Social, Avatrade Go, Mobile trading, Automated Training, MetaTrader 4 and 5, Mac Trading, and Web Trading.
• You will get $100,000 in virtual funds to try out your trading strategies and get an idea of how the platform works.
• You can choose to place orders of various kinds through your demo account, similar to an actual market, such as Market orders, Limit Orders, Entry Stops, Entry Limits, Trailing Stops, and Stop Loss.
• Though the standard practice is to let you have the demo account for twenty-one days, you can get an extension on that.
• You can create another new demo account as and when you need it for any reason.
• There is a real-time price feed available on the demo accounts
• You can upgrade from a demo account to a real one with just a couple of clicks.
• Demo accounts come with the live chat facility

Pros and cons of using a demo account

The Avatrade demo comes with the following advantages and disadvantages:

Pros

• Hands-on learning – When you open a demo account, you do not need to read and learn from the online tutorials. You get an actual hands-on experience of how to trade and more. You can also learn, for example about how to trade using leverage on AvaTrade.
• Testing new tricks – If you are venturing into a previously unfamiliar territory in terms of trading, a demo account is a great place to learn and try new things.
• Testing factor – Before trying out trading strategies in the actual market, you can test them out under the demo account.
• Get an idea about the broker – You can test out all the features of Avatrade through a demo account and understand whether it is suitable for your trading needs.
• Operational risks – Get a sense of how to analyze your trades, which is valuable knowledge for a beginner.

Cons

There are no specific cons of an Avatrade demo account. The only con is that you cannot earn any bonus through this account. However, even that is fine because the purpose of a demo account is to help you learn trading rather than earn money. You can open a real account afterward to earn rewards and profits.

How to Open an AvaTrade Demo Account

The process to open an Avatrade demo account is easy and a lot similar to opening a real account on the app. Here are the steps you need to follow for that:

1. Download and install the Avatrade Go app and open the application
2. On the registration page, you will find the option for ‘Demo Account.’ Click on that to open your demo account.
3. Next, you will get a pop-up that asks for your basic details like full name, phone number, and email ID. You will also get the option to sign up using your Google or Facebook account.
4. After this, you will get an email on your registered ID that will have all the login details and the password that you will need for your future login.
5. The dashboard for your demo account will open up before you.

Conclusion

So, if you are still skeptical about whether to go for Avatrade or not, open a demo account today. You can open a real account in three weeks after you get a better sense of the things.