IG Markets Demo Account Reviewed - Updated 2024 (2024)

IG Markets Demo Account

IG Markets is one of the leading CFD brokers globally, with 18,000+ trading instruments spanning all sectors while offering clients four online trading platforms. IG Markets also ‘writes’ CFDs based on client demand, acts as a liquidity provider for other brokers, and has established itself as a dominant retail Forex broker. The IG Markets demo account offers traders a useful tool to familiarize themselves with the abundance of features, functions, and trading tools before making their first IG Markets deposit. For additional and up-to-date information on IG Markets, please visit our IG Markets Broker Review.

Our in-depth IG Markets demo account review starts with a step-by-step opening guide. We also offer tips on using it, covering the differences to live accounts, and discussing the pros and cons to ensure traders get the most benefit from their IG Markets demo account experience.

How to Open an IG Markets Demo Account: Step-by-Step Procedure

Traders can open an IG Markets demo account in a few minutes via the online application form, which may vary slightly depending on the geographic location and operating subsidiary- IG Markets has twelve global subsidiaries. Follow our step-by-step guide below, and you will log into your IG Markets demo account as the final step.

Here is how you open your IG Markets demo account:

1. Go to the IG Markets website and click on the white “Create demo account” button to the left of the green “Create live account” button.

2. A new tab asks for basic information, like opening a live account. Traders must submit their name, desired username, password, primary contact phone number, e-mail address, and country of residency. They may opt-in to receive e-mails from IG Markets for trading ideas and other products & services, note; geographic restrictions may apply. Clicking on “Try our demo” completes the registration. IG Markets adds a default balance of $10,000, or a currency equivalent, to the IG Markets demo account, which applies to their proprietary web-based trading platform.

3. Traders may use the IG Markets dashboard to download the MT4 trading platform and register for a flexible demo account via the dedicated link MT4 demo account registration by following the on-screen prompts, as outlined below:

• Open the MT4 trading platform
• Click on “File” in the top left corner
• Select “Open and Account”
• Choose “IG DEMO” as the trading server
• Select “New demo account”
• Enter your contact details, select your account type, choose your demo account deposit amount, and leverage preference
• Check your e-mail for the IG Markets demo account log-in details

4. IG Markets has no restrictions on how many IG Markets demo accounts a client has, and they remain active if traders use them. IG Markets offers complete account management services and has a dedicated “Demo accounts” section.

Noteworthy:

• The $10,000 IG Markets demo account default balance applies to the proprietary web-based trading platform, but traders have the necessary flexibility in the MT4 demo accounts to change this
• Traders should select parameters for their IG Markets demo account like they plan for their live accounts

How to Use the IG Markets Demo Account

Beginners can use the IG Markets demo account to familiarize themselves with the IG Markets offering, including its proprietary web-based platform, ProRealTime, MT4, and L2 Dealer. Given the high-quality educational content available in the IG Academy, beginners should make use of the tutorials in conjunction with their IG Markets demo account. Therefore, they should opt for a demo account balance and leverage settings like their planned initial live portfolio to simulate demo trading with a more realistic experience.

Copy traders can assess signal providers via the embedded MT4 copy trading service. Copy traders can assess signal providers via the embedded MT4 copy trading service. Copiers can evaluate strategies for several months before committing actual capital to follow recommendations in live portfolios. The same applies to the in-house managed ‘Smart Portfolios’ that IG Markets offers.

Seasoned traders and signal providers can rely on the IG Markets demo account to test strategies, adjust parameters, compare performance, and fine-tune their trading approach. The former can refine their trading strategies and look at whom to allocate too, and the latter can provide better trading signals and attract more followers.

IG Markets also offers a competitive trading environment for algorithmic traders, including API trading. Algorithmic traders can use the IG Markets demo account to bug-fix and assess their solutions, whilst traders can evaluate EAs and other algorithmic programs before purchasing them.

IG Markets Demo Account Features

The IG Markets demo account attempts to simulate live trading conditions as close as possible in a risk-free environment with virtual money. While traders have access to a wide range of assets, trading platforms, research, and educational tools, the IG Markets demo account cannot replicate exposure to trading psychology or replicate live execution issues like slippage, as no actual trading occurs because it is a simulated market, which beginner traders must consider.

IG Markets never pressures traders into making live deposits and understands the needs of demo account users to gain valuable experience. It offers fully customizable MT4 options, and unlimited access free of any time restrictions, unlike brokers who restrict usage to between 21 and 30 days. Therefore, the IG Markets demo account provides a vital tool for beginners, seasoned traders, copy traders and more demanding clients wanting to trade via API and evaluate their automated strategies within a simulated environment.

IG Markets Demo Account Overview at a Glance

Differences between Live and Demo Accounts with IG Markets

The primary difference between live accounts and the IG Markets demo account is the lack of exposure to an important aspect of trading, psychology. While its significance may appear minimal, it separates profitable traders from up to 90% of unprofitable ones. IG Markets notes 77% of its retail traders lose money, which is near the industry average. The IG Markets demo account simulates other trading aspects that are useful to beginners aside from just making and losing money.

Beginners must consider the limitations of the IG Markets demo account, especially those using it for educational purposes. The lack of exposure to trading psychology and how it influences trading decisions often results in profitable demo trading followed by immediate losses in live portfolios. Beginners should incorporate the lessons from the IG Academy and use demo account settings like a planned live portfolio. They should understand that they have never faced live trading conditions, as no simulation can offer a truly realistic experience of all the necessary aspects of successful real-world trading.

Pros and Cons of the IG Markets Demo Account

The pros of the IG Markets demo account are:

• Simple registration
• Availability of trading platforms and accounts
• Flexible IG Markets demo account options for MT4 traders
• Algorithmic trading enabled
• No time restrictions
• Unlimited demo accounts
• User-friendly IG dashboard for demo account management
• Availability of trading instruments

The cons of the IG Markets demo account are:

• High $10,000 IG Markets demo account nominal balance in non-MT4 accounts
• Lack of exposure to trading psychology
• False sense of security and accomplishment
• May promotes reckless trading, unrealistic expectations, and a poor risk mentality

How to Best Use Your IG Markets Demo Account

The IG Markets demo account offers many benefits if properly used. Our following tips will allow you to get the most from your demo trading experience.

Tips on using the IG Markets demo account:

• Use demo account settings like your planned live deposits
• Trade lot sizes suitable to your portfolio balance and experiment with using leverage
• Execute risk management identical to live accounts, use order entries and exits
• Use your demo account daily and try treating it as a live account as much as possible
• Consider the demo account limitations, like the absence of trading psychology
• Familiarize yourself with the functionality of the trading platforms and order entry functions and reduce the possibility of a ‘fat finger’ trade, making unnecessary mistakes
• Test EAs for several months to ensure exposure to various trading conditions, as many EAs work for short periods before accumulating losses
• Compare metrics of signal providers for a few months before allocating capital
• Test and tweak strategies, gather trade data and compare performances

IG Markets Demo Account Bottom Line

IG Markets understand the need for access to demo trading, as evidenced by its unlimited IG Markets demo account offering. The MT4 option offers the necessary flexibility and customization most will be used to. It is ideal for traders to familiarize themselves with the trading platforms, evaluate the in-house trading ideas, evaluate the trading conditions, monitor signal providers and their performance, test EAs, or tweak existing strategies.

Beginners should consider the limitations and shortfalls of demo trading while considering our above tips to ensure they get the maximum benefits of their IG Markets demo account. Given the high-quality educational content and in-house research at IG Markets, beginners can incorporate them into their education and shorten the learning curve. The IG Markets demo account is a valuable and necessary tool if used for its intended purposes.