How To Open A Forex Demo Account? Forex Demo Trading In 3 Steps

We’ve all most likely encountered foreign exchange at some point in our lives. Be it holidaying in a different country or buying products online. Forex is the exchange of one currency for that of another, like exchanging US currency for EURO during a European holiday. In commerce, currencies hold different values and hence can be traded against each other for profit.

Why is the Forex market important?

The Forex market is the most liquid of any and is the largest at approximately USD 6.6 trillion . The marketplace is truly global and can be accessed 24 hours a day, Monday through to Friday. At CAPEX.com, the Forex marketplace is accessed through CFD trading with the added benefit of leverage too.

CFDs (Contract for Difference) is a way to trade currencies without actually buying any foreign currency. At CAPEX.com, traders can actually invest in the value of a currency pair and speculate whether it will go down or up. Traders can use leverage as a means to increase their position with more capital than they currently have.

You’ll have full access to the free demo Forex account and the best way to practice is by experimenting with taking a Forex position – be it long or short. It takes only 3 steps to Forex demo trading at CAPEX; Register an account, practice Forex trading, and learn all you can! Now, you already know how to register your account, it’s time to learn how to practice Forex trading on the free demo account at CAPEX.

• Choose a Forex market currency pairing from the 55+ Forex choices available on the CAPEX trading Forex demo account or CAPEX Forex demo app. You can choose a pairing by selecting a particular currency from the market trading window or by using the built-in search function to search for your specific currency choice. Remember that the first currency in a pairing listing, such as USD/GBP, will be the base currency.
•  You’ll have to choose whether to buy or sell a particular pairing. This is called going long or short and is essentially a bet that the value of a currency will rise or fall. For example, if you think the British Pound (GBP) will get stronger over the next month against the US dollar (USD), you would go short on the USD/GBP pairing.

How to practice buying or selling a position

• Choose how much you wish to buy or sell. This is referred to as the position size of the CFD you wish to trade. Literally imagine it as how much do you wish to stake on your assessment of the pairings future price movements. You can choose your leverage within this trade window and gain an understanding of how leverage affects your position. There are the same features available here as in the live trading platform, such as stop loss orders and limits.
• Confirm your order and monitor your performance. Watch how your position rises and/or falls. See how charts and indicators move within the market you have taken a position in. Don’t forget to experiment with more trades – there is no risk, so you can learn however you like!

The best part of having a risk-free trading platform to practice Forex trades on is that you can experiment and learn. Try common, tried and tested strategies or attempt unique and trending strategies instead. Either way you will learn and can take those experiences with you when starting out in the CAPEX live Forex trading account.

We have identified a few of the best Forex strategies to practice on the CAPEX Forex demo trading platform.

Bladerunner strategy

A super trendy strategy, the bladerunner strategy involves using a 20-day moving average indicator to determine the best time to enter and exit a trade. The strategy gets its name from how a currency pair price cuts above resistance or below support.

Scalping

Attempt scalping. Scalping is a technique that involves holding positions for as little as a few minutes in an attempt to beat bid and offer spreads. You’ll get to experience low time-frame charts with this strategy and learn a rather advanced strategy.

Day trading

You’ll find sometimes a trade can go south overnight. That’s why day trading is so common. This strategy means you’ll enter and exit a position before the day’s end. This strategy is perfect for beginners as you’ll get to watch the life of a trade in real-time, from start to close.

Weekly trading

Market volatility certainly provides traders with significant opportunities for day trading but that doesn’t mean you shouldn’t practice longer trades too. OK, so taking a 5-year position isn’t a great way to practice but a week-long trade certainly is. Use weekly candlestick charts to attempt this highly flexible and stable strategy.

Factors influencing Forex Trading

Important political developments

Tax changes

Consumer & producer preferences – CPI or PPI reports

Interest Rate Decisions - Bank of England MPC Announcements, Fed Interest rate Decisions, etc.

Other market-related FX news

Visit our Special Articles page for the latest market news on cryptos, stocks, indices, and more!

There are few things in this world easier than opening a free Forex demo account at CAPEX. Opening an account takes a few moments and you’ll be able to practice Forex trading straight away. Now for those who like to come prepared, we have prepared a simple guide to opening a free demo account for Forex trading at CAPEX.

1. To get started, head to capex.com and simply click register. This will take you to the registration window that’ll request some basic information from you.
2. Fill in your email, phone number, and a promotional code if you have managed to locate one. Don’t forget to choose your base currency – there are more than 10 on offer including major currencies like USD, GBP, EURO and AUD. Create a strong password and confirm that you are over the age of 18. Click Create Account to complete this simple process.
3. Done! Your account has been created and you will immediately be brought to the CAPEX web trading platform.

The very first message you’ll ever receive in the web trader will be a request to switch to the free Forex demo account. Agree to switch and you will instantly access the free demo account. You’ll be free to use up to $50,000 of virtual credit to make Forex practice trades.

Trading with CAPEX.com

The great thing about CFD trading online is that you can do it anywhere there is a secure internet connection. Inevitably, this means that mobile trading has proven particularly popular as traders can conveniently open and close positions from their mobile or tablet as and when it suits them.

Discover the functionality to ...

Trade more than 2,100 CFDs

Manage your investment horizon

Set take-profit or stop-loss limits

Open short and long positions

No fees for opening and closing positions

Trade with and without leverage (StoX)

Start Trading Now

To use the full services offered by CAPEX and to access the live trading platform at a later day for real Forex trades, you’ll need to verify both your account and your identity. Don’t worry – this is a relatively easy process and shouldn’t take too much of your time. Verifying your account will take a few seconds – simply click the link provided in an email sent by CAPEX when you created your account. That’s it. But to verify your account you’ll need to complete a full Know Your Customer (KYC) procedure.

1. Log in to your CAPEX account and you’ll be prompted to verify your identity in order to access the full features. Select proceed to begin.
2. You’ll begin by providing some of your basic personal information details. It’s just basic stuff including your full name, residential address, citizenship, country of residence & birth, and date of birth. Next, you will be asked to answer a couple of questions that relate to taxation in the United States. Naturally, if you are not a U.S citizen or resident for tax purposes you’ll be answering no for both.
3. Know Your Customer (KYC) procedures are designed to protect users from potentially dangerous gambling practices and to root out money-laundering crimes.  This is completed by knowing a client’s source of income and how they are able to afford to invest in Forex trading. So the next stage of the verification will see you in putting some basic information relating to banking and your income source.
4. The last stage requires users to upload some proof of identity. Again, this is standard for KYC policies and it just means taking a photo of documents, such as your passport and a bank statement, and uploading it to CAPEX.

Register

Register an account on CAPEX.com and start trading.

Verify

Send over your documents and verify your account.

Deposit

Login into your CAPEX.com account and deposit money.

Trade

Start trading with CFD’s and over 2100 other instruments.

Register Account