QUOTEX demo account review, main features
To open a QUOTEX demo account: visit their website, click “Open Demo Account”, fill in your details and start trading with $10,000 virtual funds.
The world of Forex trading can be challenging, particularly for novice traders. However, with the availability of demo accounts, traders can practice and hone their trading skills before investing real money. In this article, the experts at TU present a review of QUOTEX demo account, one of the popular trading platforms. They provide a step-by-step guide on how to open a demo account, highlight its main features, and explain how it can benefit traders, especially those who are new to forex trading. By reading this article, traders can gain a better understanding of QUOTEX demo account and how it can help them improve their trading strategies.
QUOTEX demo account review
QUOTEX provides a free demo account for users unfamiliar with their platform, offering a realistic representation of real market conditions. In the QUOTEX demo account, clients can engage in live trading simulations using virtual money instead of real funds, setting it apart from a live account.
A key feature of the QUOTEX demo account is the preloaded 10,000 USD, which allows users to experiment with the trading platform and various strategies. Essentially, the demo account serves as a practice environment for new traders, enabling them to explore a wide range of asset classes and services without risking their own money.
How does the QUOTEX demo account differ from a live account?
The primary distinction between a QUOTEX demo account and a live account lies in the use of virtual money for practice, eliminating the risk of losing real funds. Users can test various trading approaches and learn risk management without financial loss. On the other hand, live accounts use real money, which can result in losses due to poor decisions.
Advantages of using a QUOTEX demo account
The QUOTEX demo account offers numerous benefits, including the opportunity to refine trading skills before entering real markets. It also allows users to gain valuable experience by trying out new strategies and practicing risk management without monetary investments. Furthermore, this simulated trading environment helps traders optimize their investments while building market confidence.
How to open QUOTEX demo account
To open a QUOTEX demo account, follow these steps:
Visit QUOTEX.com and click on the “Open Demo Account” button.
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Enter your email address, password, and choose your account currency. Confirm that you are 18 years or older, and click the registration button.
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Verify your email by confirming your registration on the QUOTEX.com trading platform.
Once you have verified your account, head back to QUOTEX.com and click on “Login” at the top right corner of the website. Then, input your username and password.
Image: How to open QUOTEX demo account
Accept QUOTEX's terms of use. You will then be redirected to the live account trading page. There, click on the menu tab at the top left of the page.
Image: How to open QUOTEX demo account
Then, click on the “Demo” tab (scholar hat icon.)
Image: How to open QUOTEX demo account
This will redirect you to the demo trading page. You can now begin demo trading with virtual funds.
Image: How to open QUOTEX demo account
How to switch to a real account
Once you have practiced enough on your QUOTEX demo account and feel confident in your trading skills, you may want to switch to a real account to start trading with real money. Here's how you can do it:
Log in to your QUOTEX account.
Click on the menu icon located on the left-hand side of the page. It is represented by three horizontal bars.
From the menu, select “Trade’'.
Follow the prompts to complete the process of opening a real account, which includes verifying your identity, submitting required documentation, and making a deposit.
Once your account is approved and funded, you can start trading with real money on QUOTEX.
Is QUOTEX demo good for beginners?
If you're new to trading, you might be wondering if QUOTEX demo account is a good option for you. Here are some points to consider:
Safe environment to practice: QUOTEX's demo trading platform provides a safe environment for beginners to practice their strategies and get a feel for the markets without risking real money.
Real-time data and prices: The demo account provides real-time data and prices, which means that users can test their strategies under actual market conditions.
Test different strategies: With QUOTEX demo account, beginners can test different strategies and learn what works best for them without putting their money at risk.
Learn risk and money management: The demo account allows users to practice risk and money management techniques, which are essential skills for successful trading.
Learn to read charts: The demo account also provides an opportunity for beginners to learn how to read charts and understand patterns in the movements of assets.
Try out different trading strategies: QUOTEX demo account allows users to try out different trading strategies without risking their capital.
Gain experience under pressure: The demo account allows beginners to gain experience in making quick and informed decisions under pressure, which is an important skill for successful trading.
Some limitations to keep in mind: The demo account quotes and pricing may not exactly match live market conditions. There can be differences in execution fills and spreads compared to a real money account. Traders should be aware the demo environment is not a complete substitute for actual live trading.
Overall, the QUOTEX demo account gives beginning traders a robust simulation to build skills and formulate strategies. But traders should be cognizant that the demo conditions may not be identical to a real money trading account.
Expert Opinion
While demo trading doesn't replicate the emotional pressures of risking real money, it is a useful preliminary step for becoming acquainted with QUOTEX's platform features and understanding how different assets and indicators behave. The demo also allows traders to experiment with varying position sizes, expiry times, and risk management techniques to determine an ideal trading style.
Overall, the QUOTEX demo account presents a low-pressure introduction to the forex markets. It gives traders the ability to learn by doing, identify strengths or weaknesses in their methodology, and progress at their own pace before committing real capital. For anyone curious about trading but nervous about taking the plunge, demo platform provides a risk-free solution for gaining firsthand market experience.
FAQs
Is QUOTEX a good broker?
QUOTEX is a legitimate trading platform that offers a range of trading assets and features. However, individual trading experiences may vary, and it is important to research and evaluate the platform before trading.
Is QUOTEX legal in the USA?
No, QUOTEX is not legal in the USA. The platform does not accept traders from the USA due to regulatory restrictions.
Who is the owner of QUOTEX?
QUOTEX is owned by Awesomo Ltd, a company based in Seychelles.
Can I withdraw from QUOTEX without verification?
No, QUOTEX requires verification before allowing withdrawals to be processed. Users are required to complete the platform's KYC (Know Your Customer) verification process before withdrawing funds from their account.
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).