How to Open New Demo Account in MetaTrader 4
Demo accounts are a great way to test different platforms and brokers’ trading conditions before deciding to open a Live account. They are also the best tool to help you test your trading knowledge and skills by trading in real time with the live prices.
To learn how to log into your Live MetaTrader 4 account, please read EightCap’s “Download, Install, and Login to the MetaTrader 4 Platform” guide.
By default, EightCap’s demo accounts are active for 30 days. However, they can be extended indefinitely with a written request to EightCap’s customer service. Additionally, clients can open as many Demo accounts as they need.
This article will help you to open your Demo account in MT4. If you are using MetaTrader 5, please read our MT5 article.
This MetaTrader 4 guide will help you to:
- Find the new account opening option;
- Find your broker;
- Choose account parameters;
- Generate your new Demo credentials;
- Switch accounts;
Step 1 – Open a new MetaTrader 4 account
Whether you have just downloaded MT4 for the first time, you want to open an additional Demo account, or you have lost your account login details, you can automatically open a new Demo account directly from the MetaTrader 4 platform.
To do that go to the “File” main menu and select “Open an Account”
or go to the “Navigator” window and select the same option from the context menu by right-clicking on “Accounts”.
Step 2 – Select MT4 account type and broker
A new window will open with a list of trading servers. Select the appropriate server from the options: “Eightcap-Real” for Live accounts or “Eightcap-Demo” for Demo accounts.
If EightCap’s servers don’t appear on the list, click “Add new broker” and search for “Eightcap” by clicking “Enter” or “Scan”. Click “Next” after you select the required server.
Step 3 – Configure your Demo account parameters
In the next window, make sure that “New demo account” is ticked before selecting “Next”.
Fill in your name, email and phone number in the next section. Don’t forget to choose your account parameters from the drop-down menus. You can select a deposit amount ranging from 3000 to 5000000 and leverage from 1:25 to 1:500. As an account type, you can select both Standard or Raw accounts in AUD, USD, EUR, and NZD. For the MetaTrader 5 Demo, you can also select GBP, which is available for all Live accounts. Note that currently Raw Demo accounts are not tradable but display the Raw prices and specifications.
Before clicking “Next” make sure you have ticked “I agree to subscribe to newsletters”.
Step 4 – Save your Demo account credentials
The credentials for your newly created Demo account will be automatically generated. Make sure you save them before continuing, only you have access to them.
After clicking “Finish” you will hear a notification sound from the platform letting you know that you are now logged into the new account.
Step 5 – Confirm you are logged in and start trading
In the “Mailbox” tab of the “Terminal” window, you will see new welcoming messages and your new Demo account will be visible in the “Navigator” window, along with your other accounts. You can easily switch between accounts from there by double-clicking on the account.
In the ‘’Trade” tab you can see the Demo account balance you chose.
You are set up to start working on your trading skills!