At a Glance: XTB Pros and Cons
- Offers access to over 1500 global CFD markets
- Allows you to try out the powerful MTF platform
- 24/7 customer support
- Offers a 4-week, risk-free demo account
- Higher stocks fees than some competitors
Essential Questions About The XRB Demo Account
What Exactly is a Demo Account?
Trading is a complicated business – if you’ve ever seen a standard trading platform, then you’ll understand how it can seem somewhat complex to the uninitiated. So how does a novice trader learn the ropes? Simple. They use a demo account. The XTB demo account allows you to open and close trades exactly as you would on the open market, without risking any capital.
Effectively, new account holders can try out the various tools and software using an allocation of virtual funds. The XTB practice account gives you £100,000 in virtual funds, so you can really get a feel for the trading platforms and start building an idea of how the markets work. This is an essential first step for any would-be trader as it provides a safe environment in which to get familiar with the technical particulars of making trades.
The XTB demo account is offered to all new customers and is easy to set up. All you have to do is enter a few details, verify your email and ID and you can be up and running in moments. Once your account is up and running, you’ll see the trading screen exactly as you would with a real account. In fact, if you’re already familiar with how things work but just want to try a few things out, you can easily toggle between your real and virtual accounts via the same platform.
So in a nutshell, a demo account is an indispensable educational resource that can benefit all levels of trader.
Where do I Download the Demo Account Software?
To gain access to your XTB demo trading account, you’ll first need to register via the website. This is a relatively straightforward process. Initially, all you need do is enter a few details to get the ball rolling. However, be advised that you will need to verify your email address and potentially show a copy of your ID to verify the account and complete the registration.
The XTB practice account actually lets you choose between two different trading platforms: either XTB’s own proprietary xStation 5 or the industry-standard MT4. The great thing about opening an XTB test account is that you can spend some time with both platforms before deciding which one best fits your trading goals.
Another definite plus point is that the xStation 5 platform can be launched via web terminal in your browser – there’s no need to download any special software to your desktop. MT4, on the other hand, requires you to download the software, which is easily done via the XTB site.
If you are looking to trade on the move, you may however wish to try out one of XTBs mobile trading platforms. For this, you will need to download either the MT4 or xStation 5 software to your mobile device and follow the instructions upon installation.
Why Use a Demo Account?
Whether you are new to the financial markets or an experienced trader, there are plenty of reasons to try out the demo account option when signing up to a new platform.
For novice traders, the XTB practice account allows you to get to grips with the various trading tools at your disposal. It’s all well and good reading how-to guides and researching different trading terms, but ultimately experience is the best education – and if you are unsure of what you are doing it’s generally better to get that initial experience without risking real funds!
By opening an XTB demo account, you can open dummy trades, learn about the different stop orders you can use and generally get a feel for watching price charts and market movement. This experience can prove invaluable before you start committing to real-life trades.
Alternatively, if you are a more experienced trader then you may wish to use your XTB practice account to try out new strategies. Using dummy funds offers the best way to test potential approaches to the market without taking on unnecessary risk. You can then decide whether or not to implement them on your live account, or whether they need more refinement before becoming part of your arsenal.
What Can You Trade on the XTB Free Broker Account?
The XTB practice trading account is one of the most complete we’ve seen – it operates almost identically to its live trading counterpart and features most of the same tools and metrics. When you open your practice account, XTB gives you a four-week window and £100,000 in dummy funds to start making your trades.
You will be able to access more or less any asset listed on the XTB exchanges, including over 1500 global CFD markets. In essence, it is only the virtual funds that comprise the ‘demo’ element of the XTB practice account.
We found that the XTB account offered slightly fewer markets than the Swissquote practice account, but was more diverse than a forex-based broker, such as the Forex.com demo account.
The trading screen is exactly the same as the live version and you can actually toggle between live and virtual funds via the console. You can also try out all the same tools for trading as with the live account, such as stop-loss orders and limits. All in all, the XTB demo account offers you a complete experience of the markets – without having to risk funds on those early trades.
Our Experience With The XTB Demo Account
To bring you a fair, imperial and most importantly accurate review of the XTB demo account, our team of experts wanted to get some hands-on experience and try out the platform for ourselves.
Getting started with XTB
Opening the account was a relatively straightforward affair. Much like any other trading platform, you have to enter a few details, choose a password and confirm your email address. You will also be required to validate your identity with a picture of your passport or driving licence – this is standard across the industry and is a requirement set by the FCA that all reputable brokers must adhere to. All in all, the whole process can be completed in a matter of minutes and then you’re up and running.
Getting to grips with the XTB trading platforms
One great feature of the XTB practice account is that you don’t actually need to download any additional software – simply launch the proprietary trading platform from your browser window. The only time you need to actually download anything is if you are planning to use the MT4 platform or the mobile version of the site. This is all fairly straightforward and can be done via your device’s app store.
All in all, we found the setup process to be extremely straightforward. There are a few customisation options for both the xStation 5 and MT4 trading platforms, so you can easily arrange things in a way that best suits your trading habits. Once your account is fully verified you’ll have complete access to the markets.
Choosing a platform: xStation 5 vs MT4
In functional terms, the two platforms are very similar on a basic level. Whilst MT4 has a few more tools and is arguably the more sophisticated platform, both are extremely intuitive to use.
xStation 5 is arguably the better option for novices – once you’ve selected an asset to view, you’ll see its charting information in the central pane and to the right-hand side you’ll see options to buy or sell. Once you click one of these, you’ll be prompted to enter the value of the trade you want to open, the level of margin required as well as add any stop loss or take profit orders.
Anyone familiar with the world of trading will probably already know of MT4 as it is pretty much the industry standard trading platform. It has quite a few more charting options than does xStation 5, but ultimately opening and closing a trade works in exactly the same way – you choose an asset, click to buy or sell then enter the particulars of your trade – that’s it!
We found it easy to get up and running with XTB and the addition of the XTB demo account meant that we had the chance to try out the various settings and display layouts without having to worry about funds being at risk.
If you’d like to know more about our experiences with this provider as a whole, then feel free to check out our in-depth review of XTB.
Beyond Demo Accounts: Useful Information About XTB
XTB trading has a great reputation in the industry and can rightly be considered one of the learning platforms out there. When it comes to fees, XTB is certainly competitive and is known for its low forex trading costs – priced at £3 per lot per trade, plus the spread cost.
CFD trading fees are charged at the same rate, which is something that many XTB reviews have noted as a downside as the fee appears to be higher than some competitors charge for other assets.
Users should also be aware that XTB will charge you an inactivity fee on your live account. This equates to £10 per month after 12 months of inactivity – assuming no deposit was made within 90 days.
Upgrading your account
If you’re interested in trying ou the XTB practice account, you’ll find it operates in exactly the same way as a full account. In fact, you can actually operate both simultaneously and easily toggle between real and virtual funds via the trading console.
This means that if you find you are comfortable using the XTB demo account, you won’t need to take any additional steps to upgrade – you can simply start using live funds. Users should note, however, that the demo account is only permitted for four weeks from signing up, after which it will be closed and all virtual funds relinquished.
Of course, you may also wish to close down your XTB account, which is also an option at any time.
Get Started With XTB
If you’re in the market for a new platform and considering trying XTB, then the demo account offers you the perfect opportunity. It is offered as standard to all new sign-ups, so all you need to do is head over to the XTB website and open an account.
You’ll have to fill out a few details to actually register – and this will include providing a photo of your driving licence or passport – but verification is usually done automatically and only takes a few moments.
Once you are up and running, you’ll receive £100,000 in virtual funds so you can start trading immediately – with zero risk. Once you’ve used all of the funds, or after the four week trial period ends, you can either deposit your account and start using XTB for real, or simply opt to close down your account.
We found that XTB offers one of the most complete trading experiences on the market – giving you quick access to CFDs, Forex, Stocks and more. Whether you’re completely new to trading, or a seasoned pro, XTB’s dual-platform offering means it is suitable for all levels of trader.
The XTB practice account gives you the option to try out all of the platform’s features, without committing any real funds. You’ll be able to test out both the MT4 platform and the proprietary xStation 5, as well as get a feel for how the markets move during a generous 4 week trial period.
Demo accounts are a great way to get acquainted with a new platform and are non-committal – so you can try out several leading providers at once. Have you checked out the FP markets demo account, or the Plus500 test account, for example? Finding a reliable broker is a key step in being a successful trader, so it’s definitely worth investing the time in making your choice.
XTB Demo Account FAQ
XTB is one of the leading brokerage services on the market. One of the features that makes it highly accessible for different levels of trader is its dual-trading platform set-up. If you’re new to the markets, then you might be wondering how to get to grips with what can be a complex trading environment. Fortunately, XTB is one of many platforms that offers a demo account – meaning you can try out the platform without risking any funds.
🤔 Can I get an XTB practice account?
Most brokers offer different types of trading accounts. These include standard trading accounts, business accounts and demo accounts. If you’re interested in finding out more about XTB, then feel free to check out our review. Here you will find details on what the platform has to offer as well as the best way to start building your trading experience.
🤓 How does the XTB practice account work?
Demo trading accounts often work in different ways. Some offer a limited environment in which you can learn the basics of trading, whilst others offer a fully functional account that simply comes with virtual funds. If you’d like to know more about how the XTB practice account works, feel free to check out our review. Our experts take an in-depth look at the platform and go into plenty of detail as to how the account works and how you can open one yourself.
💵 Do I have to pay for an XTB account?
As with any broker account, XTB has its own fee structure. What you pay will depend on how you use your accounts – different fees are charged for different markets and there can be other costs associated with brokerage services, such as inactivity fees or overnight fees. All of these are detailed in our XTB review.
📈 What assets can you trade with a virtual account?
In many cases, the assets available for demo account users are exactly the same as those that can be traded for real. However, this differs from broker to broker as many have a dedicated virtual environment, whilst others will offer their full trading services. A good broker review will generally tell you all you need to know about a given platform – including how any available practice account may work.