An IG Demo Account can be a really good way to learn how to use the IG trading platform and learn how to use some of the tools that the site has available before you begin trading with real money. If you are on the fence about whether or not this is a good place for you to trade, it is also an easy way to find out for yourself before you put any money at risk.
So, is IG the right broker for you? Read on to find out.
What the IG Demo Account Gives You
An IG Demo trading account lets you try out all of the features that the site has to offer. This includes contracts for difference (CFDs), Forex trading, and binary options trading. Through their platform, you have access to currency pairs, stocks, indices, and commodities. These can be traded in a number of different ways, and if you are unsure where to begin, the choices can be overwhelming. We recommend focusing on something that you are already familiar with. If you are still not sure where to start out, we recommend taking a quick tour of their website. In this instance, you will also want to spend quite a bit of extra time at their demo account before you move on to a real money account.
This is a large broker, and has many different types of trades and tools for you to make. They have an online platform that is free of a need to download, along with a number of different apps that you can use to trade with.
Learning how to use the risk management tools that IG provides will be of great help to you, especially if you want to give yourself the best chance possible of creating a profit and minimizing losses. For example, learning how to use the stop-loss measures that you have while you are demo trading will encourage you to use them in your real accounts, and provide you with a safeguard when your trades don’t go the way that you want them to. If you have traded Euro style binary options before, but have never traded CFDs, this is a skill that you have probably never developed. Spending some time learning how to use these in a risk free environment is far better than losing money while doing so.
Through this broker, you can also fully customize the interface to make it more attractive and easier to use. This is a huge plus as most brokers do not allow you to do this. Even if this saves you just a few minutes here and there, it will be prove to be helpful and even potentially create a few extra profitable situations for you by speeding up the amount of scrolling and page changing that you will need to do.
Who Can Use IG?
IG is located in the UK, and they are regulated by the Financial Conduct Authority. Their binary options trading section is regulated by the UK Gambling Commission as this is considered to be a wager rather than a financial transaction in the UK. If your country recognizes these authoritative bodies, then it is legal for you to trade here. If you are unsure of which regulatory bodies are considered to be legal authorities in your country, refer to your local laws. In the United States, these are not considered to be authoritative, and U.S. based traders cannot use IG to trade at. If you cannot legally use this broker where you live, demo trading here will not give you the same benefits that you would see if you were to test out a broker that you can use. We do not recommend using a broker that is not authorized for business in your country.
Drawbacks of the IG Demo Account
What a demo account here does not give you is the experience of trading in real time with real money. You will learn how to use all of the tools that the site offers in real time, but using the fake money that you are supplied with is a very different experience than risking your own money here. It is a psychological impact that takes some getting used to, and a demo account can never fully prepare you for it. This is why we recommend starting out with very small amounts when you begin trading, regardless of how large your trading account might be.
Other than this, the IG demo does not fully replicate things like slippage, overnight position penalties, and you will not have positions closed on you automatically if you are overextended on leverage. These are issues that will come into play with a real money account, but again, you can’t prepare for them fully until you are using a real money account.
It’s also worth keeping in mind that the charts and analysis packages are all provided for free in a demo account. There may be a fee associated with these tools in a cash account.
IG Demo Conclusion
Trading of any sort is a high risk task. It’s possible to make money, but most people do not. We want you to be as profitable as you can, and if you want to trade at IG, the best way to get started down this path is by trading with a demo account.
IG has a lot to offer their traders, and honestly, most people will never utilize most of what they have available for you. Realistically, by exploring what is available through a demo account, you will better determine what kinds of trades and tools you will need when real money is on the line. Not only will this save you energy down the road, but it will save you the cost of unsuccessful trades, too.
If IG is a broker that you are interested in trying out, use their demo account first. This broker has potential, but the only way you will be able to tell if that is something that will be beneficial to you is through first hand experience.
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Between 74-89 % of retail investor accounts lose money when trading CFDs