HYCM Demo Account – Opening Process, Charges, Features, Benefits & more
HYCM Demo Account or Virtual Trading Platform is a perfect tool to enter the world of trading. The whole process of trading can seem a little intimidating for beginners.
The HYCM Virtual Trading account is there to help you learn in a 100% risk-free environment. An impeccable mix of features and helplines are in place to help you learn on the job.
The best part is that a demo account gets all the features and functionalities as a real account.
This helps you get used to all the actual tricks and features. Hence, you would have a smoother transition to the actual trading world.
HYCM Demo Account
An HYCM demo account is the copy-paste version of the live account by HYCM brokers.
However, unlike live accounts, there is no real money at play here.
The entire purpose is to give you a platform to hone your skills and get ready for live trading.
All the financial instruments available for the live account are also available in the demo account.
It’s available on all the platforms made available by the HYCM (MetaTrader 4, MetaTrader 5). The interface is friendly and easy to navigate even by absolute beginners.
The demo account is a temporary luxury tho and expires after a certain amount of time. You also get a fixed amount of virtual currency to spend and train on.
However, there are a lot of resources for you to learn from and get better. Also, a single user can make as many demo accounts as he/she wishes.
On the whole, an HYCM demo account is a perfect stepping stone for you to start into the world of trading.
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HYCM Demo Account Features
The demo account comes equipped with all the functionalities of the actual trading account.
However, the features you get largely depend on your trading platform.
The most common ones are MetaTrader 4 and MetaTrader 5, and both come with their separate set of offerings. The features generally differ on asset classes, financial instruments, spreads, leverages, etc.
The HYCM demo account is completely free and bears no charges for the trader.
You need to register with HYCM as a trader to get a demo account. You can use those same credentials to get access to your demo account.
It offers you $50,000 in virtual currency for your trading needs.
You can invest this money as you like in a variety of assets. You can opt between EUR and USD as your base currency.
However, you can only access this luxury for 14 days. After 14 days, your demo account is upgraded to a live account.
If you choose not to upgrade to a live account, your demo account would expire.
HYCM Demo Account Charges
|Demo Account Details|
|Virtual Money||$ 5000|
An HYCM demo account is completely free to register to and operate.
Virtual trading through a demo account is completely free of cost. You get $50,000 to start with and a 14 day period to trade virtual money.
The money can be replenished at any time.
You can pick and choose your currency, your options being USD and EUR. Also, a single user can make multiple demo accounts.
The demo account traders also don’t have to pay the variety of charges that eat into the margins of a live trader. The entire process is charge-free and easy to navigate.
How to open a HYCM Demo Account?
Opening an HYCM demo account is pretty simple and can be completed with a few simple steps.
- Go to the HYCM website and locate a banner saying ‘Open an account. Click on it.
- You’d be asked to fill a form that asks for your personal details such as name, phone number, and email id. Click on next upon completion.
- Now, you must provide your residential details. This includes your country, address city, postal code, and date of birth. Click ‘next’ again.
- The next step is selecting your preferred trading portal, the type of account, the leverage, and the base currency.
- Next, you’ll have to answer a couple of questions and then you can set your password.
- After this, you’d be navigated to the client portal where you have an option to access your demo account by clicking on ‘My Demo Accounts’ and ‘Create Demo Account’.
- You’d be redirected to a new forum where you’d have to select your trading platform, account type, and base currency.
- After the submission, your demo account credentials would be emailed to you. Using those you can gain access to your demo account to learn and practice trading.
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Advantages of HYCM Virtual Trading Platform
HYCM virtual platform offers a number of advantages for both rookie and veteran traders.
- The platforms offered (MetaTrader 4 and MetaTrader 5) are some of the best when it comes to Forex and CFD trading.
- The platforms are user-friendly and easy to navigate, even for absolute beginners.
- Platforms offer a number of extra features and specialized tools. All of them are aimed at educating traders into making the right decision. These include:
- MetaTrader Analytics
- The MetaTrader Market
- Algorithm Trading
- Financial News and Alerts
- A wide variety of financial instruments to pick and choose from, including Forex, Stocks, Commodities, CFDs, etc.
- The availability of mobile apps to stay on top of your trading game even on the go. Available both on Android and iOS.
- A very low and reasonable minimum balance amount is required for trading. The smallest order amount is also very low.
- And finally, traders get introduced and familiar with all the trading orders and processes.
HYCM Demo Account – Conclusion
HYCM demo account really proves to be one of the best in the market. It functions as a great practice swing for someone preparing for trading.
The platforms offered are intuitive and easy to use.
The demo account provides ample time and virtual currency to learn to trade properly.
There are helping hand tools to educate you on the world of finance.
On top of that, there are no charges involved in any part of the process.
To conclude, the ease of access, variety of choices, and scope of learning are what make demo account a pretty great fit for rookie traders.
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HYCM Virtual Trading Account – FAQs
Here is the list of FAQs related to the HYCM Virtual Trading account:
Does HYCM provide demo accounts?
Yes HYCM provides demo account for practice and education purposes. You can trade financial instruments available through a demo account.
The virtual trading requires no charges and can be done from your HYCM credentials only. The demo account allows you to practice trading without any real money at stake.
How to set up a HYCM demo account?
The process is simple. Simply go to the website and set up an account. For this, you’d have to provide your details.
After submission, you can set up a demo account by choosing your preference of currency and trading platform.
After this, you’d be able to trade in an HYCM demo account.
Is HYCM virtual trading platform free?
Yes, virtual trading on HYCM is completely free.
It involves no set-up fee and no deposits of any sort. And since the trading involves virtual money only, the rest of the process is also charge-free.
Hence, it is a really cheap and convenient way to get a real-world trading experience.
What are the fees of a HYCM demo account?
As mentioned above, there is no charge applied to this demo account. Once you have registered yourself, you are eligible for a demo account.
There are no charges for opening a demo account. The actual trading on the demo account also involves absolutely no charges.
Hence, there are no charges on HYCM demo account.
Is AMC levied on the HYCM virtual trading account?
No, there is no AMC levied on the HYCM virtual trading account. First of all, the entire HYCM demo account is free and involves no charges.
There are no opening, maintenance, and order fees. And also, the demo account is only active for a period of 14 days, so they can’t charge an AMC.
Is the HYCM demo account the best?
HYCM demo accounts check a lot of boxes for beginner traders.
They’re free and levy no costs. They’re user-friendly and intuitive.
And they give you a wide variety of assets to trade from.
So in all, HYCM demo accounts are one of the best, if not the best, demo accounts in the market.
What documents are required for a HYCM demo account?
Ans. There are no documentation requirements for HYCM demo accounts.
All you need to do is register yourself on HYCM.
The registration process requires you to declare details about yourself, like name, email, address, etc.
Then after the verification of the email, you can open a demo account for yourself.
There are no documents involved in any part of the process.
Is PAN required for opening a HYCM account?
For the demo account, there is no documentation required.
You just need to register yourself on HYCM.
As for a live account, it demands ID proof as well as address proof.
The PAN card can be used as either of them. So the PAN card can be used in the HYCM account opening process.
Does HYCM charge a demo account opening fee?
No, HYCM demo account is completely free to open, access, and operate.
There are no deposition demands by the broker.
You won’t have to pay order processing fees and other coverages which are applicable in live trading.
So you don’t have to pay any money to open your HYCM demo account.
How much virtual money do you get in a HYCM demo account?
You start off with $50,000 in your HYCM demo account.
You can get this in any currency that you like (USD/EUR). The virtual money can be replenished at any time.
Any money lost in virtual trading is irrelevant since there are no charges involved. So virtually you get unlimited virtual money.
Open Demo Account Now! – Zero Commission on Trades
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