A practice account is a demo account that forex brokers provide to traders. You can actually practice on this account without using actual money. To open a forex account you need to perform some steps and you'll have your account set up in no time.
How to open a practice (demo) account?
To open a practice account all you have to do is, go to the website of your broker.
Step 1: You will see a demo account option, click on that.
Step 2: On the next page, they will ask you for all the personal details, fill up the details and click on the register button.
Step 3: On the next page, They will ask for the trading platform and other details. Choose a trading platform which you use. Keep the account type to standard.
You can choose the base currency as per you.
In the leverage section, make sure you keep the same leverage that you are going to use in the real account. I use the leverage of 1:100, so we are keeping the leverage to 1:100.
Now, keep the initial deposit the same as you would use in the real account and click on proceed.
After you are done with it, you will receive user ID and password on your registered email address.
After you are done with opening a demo account, go to the MetaTrader 4 platform. You can use any of the two versions, smartphone or laptop.
Now open MetaTrader platform
1. Go to File and choose to login to a trade account
2. Enter your login ID and password and select your server (You will get the server name in the email in which you received the id password)
3. Click on ok and you will be logged in to your account
How to open a practice account using the MT4/MT5 web browser?
Step 1: Open the mt4/mt5 web browser.
Step 2: Go to file, and select open a demo account option.
Step 3: Choose a server, you can choose MT4 or MT5.
Fill up your details, choose the forex hedged USD account type. In the leverage section, make sure you keep the same leverage that you are going to use in the real account.
I use the leverage of 1:100, so we are keeping the leverage to 1:100.
Now, keep the initial deposit the same as you would use in the real account and click on next.
Step 4: You will get your user ID and password.
Click on complete you will automatically login to your account and your account will be ready to trade.