Alvexo Demo Trading Accounts
Forex and Currency Traders at Alvexo always start off with the free demo account, so that they can get used too this unique trading platform. This is a very important step at the beginning of your investing journey. You need to properly understand the way that their software works, so that you will not be stuck when you are ready to invest or make a trade.
It is a good thing that Alvexo offers all their new customers a free practice trading account. You will be able to see order types, margin requirements, stop loss and take profit settings.
Do I Need To Use a Practice Account?
A Demo Trading Account is the perfect way to test out your trading ideas and the broker themselves. If you are building an automated trading algorithm, you would of course test it on a demo account before going live.
There are a few differences in a demo account, as opposed to a real account.
- The money is virtual, or paper money. This way, if you lose the $10K, you can start again.
- Psychologically investors are not as cautious when using a demo account. This causes them to place riskier trades, and sometimes gain huge profits, which are fake.
- All trades will execute on a demo account, but in a real account there are sometimes liquidity issues which will prevent an execution.
- Market prices on demo accounts are not always accurate. Spreads are shown tighter, than in real live market conditions.
- Some brokers don’t show all available underlying assets in the demo account.
How to Open a Alvexo Demo Account?
In order to open a demo account at Alvexo, you will need a valid phone number and an email address.
Once you are there; Enter your Full Name, Email Address and Phone Number.
And that is all you will need to do to get your account opened. You will be able to play with their unique web-based trading platform, or their MetaTrader 4 (MT4) software.
Compare Forex Brokers
Forex brokers are international companies, handling clients from all over the world. Some have restrictions on accepting clients from sanctioned countries like Sudan and North Korea. Brokers from Belize can not accept investors from countries like the United States. When researching a broker, it is very important that you find one which is licensed by your local government’s monetary authority.
A locally licensed broker is better because of a few reasons.
- They are licensed in your country, and your money is secure.
- Spreads on Forex pairs with your local currency are tighter. For example; United Kingdom brokers have tighter spreads on GBP/EUR than an Australia or South Africa broker.
- Latency, which is the amount of time it takes to confirm an order, happens faster. Although the internet is very fast, there exists latency issues when connecting from Canada to Australia.
Alvexo Broker Reviews
Alvexo is a popular Forex broker in the United Kingdom and in Europe. They are giving day traders and investors, the ability to invest online and learn about trading.
They offer a wide range of products to trade CFD’s. You will find Forex Currency Pairs, Commodities (Oil, Natural Gas), Precious Metals (Gold, Silver, Platinum etc.) and Market Indexes (S&P 500, Nikkei, Nasdaq).
Alvexo is licensed and regulated in Cyprus by CySEC and also registered with the FCA in the United Kingdom.