Like all good online CFD (Contract for Difference) trading platforms, Plus500 offers a demo account for you to test your CFD trading strategies and skills before you take the plunge and start trading with real money. Demo accounts are a hugely useful feature that can really give you an insight into whether CFD trading is right for you. The Plus500 Demo account has some features which set it apart from other trading platforms and brokers in the field which you can take advantage of as a new trader or speculator.
Opening a Plus500 Demo Account
Opening a Demo Account with Plus500 is a simple matter of selecting ‘Demo Mode’ during the registration process at the ‘Select Account Mode’. It’s a simple step that won’t cause you any problems. If you want you can switch back and forth from demo account to a real account with Plus500. If during your demo trading the amount of imaginary funds gets below the set threshold in your currency (for example below 200 Euros) it will automatically be topped up so you can continue testing your trading.
Benefits of using a Demo Account
Plus500 state that both Demo and Real accounts trade in real market conditions. This gives you a great view of whether or not you may be able to become a successful trader. One fantastic feature of this demo account is that it stays open as long as you like. This is not the case with all platforms. You’ll use Plus500 WebTrader with the demo account so you’ll have the chance to familiarise and see if you like one of their main trading systems (for more info on different trading systems, check out this post). If and when you become an up and running CFD trader, the demo account, which can remain open, will prove a great opportunity to test out your theories without risking real money.
Are there Downsides?
As you will both consciously and subconsciously know that you are not trading with real money, it’s easy to throw caution to the wind with a demo account and become overconfident with a Plus500 Demo account. There is plusses and minuses to this – you may find you gain or lose demo money quickly, when a more cautious approach with your own funds would have yielded a different result. As such you need time to hone your skills, a demo account is a fantastic opportunity to test out your knowledge, and with no time limit on Plus500’s demo offer, it’s an opportunity that can be taken advantage of over a long period.
There’s no simpler way to test out if you like it than just opening a demo account. It’s effectively risk free as no costs are involved as long as you use the imaginary funds that are available in the Plus500 Demo Account. For more information on Plus500’s other features for aspiring traders, check out this article: Plus500 features. To open a Plus 500 demo account, click here.