Demo accounts are practice accounts that simulate the live trading environment allowing traders to experience forex and CFD trading without any risks. The same trading platform is used for both demo and live trading, but the difference is that virtual money is used in demo trading while deposited funds is used in real trading. Just like in a real account, price quotes are streamed on the platforms in real time; traders can analyze the markets and open trade positions.
Demo accounts are very important in forex trading. Most forex brokers offer demo accounts to all their traders and even to website visitors. New traders are often advised to start with demo accounts so that they can learn how trading works and how to use the trading platforms.
Does Hugosway offer a Demo account?
Yes, Hugosway offers demo accounts on all its MT4 platforms. Also, you can have multiple demo accounts running at the same time without risks or restrictions. Beginner traders often create multiple demo accounts with varying leverages and account balances. By opening the same trades on the different demo accounts, newbies can gradually understand the impact of trading capital and leverage on a trading account.
Why should I trade with a Hugosway demo account?
Below are some of the reasons why you should try the Hugosway Demo account:
- If you are a beginner trader, learning how to use the MT4 platform with a demo account is your best bet because it gives you a hands-on approach to training.
- If you have developed a new trading strategy, it is best to test and hone it in a risk-free trading environment which is afforded by the Hugosway demo account.
- Most traders who bought or rented an Expert Advisor (EA) first try it out on a demo account to see how it will perform. If it performs well, they adjust its settings to obtain optimum performance before deploying it to a live trading environment.
How to Open Hugosway Demo Account in Less than 5 Minutes/ Easy Steps
There are 3 methods of opening a Hugosway demo account. They are as follows:
Method 1: Opening a demo account from the Hugosway website.
Visit the Hugosway website. Scroll down to the bottom of the page. Click ‘Demo sign up’ under “Quick links” in the footer menu. The demo account opening form will be displayed.
Set up account details
Enter your name, email, choose leverage and virtual balance which ranges from $1,000 to $1 million. Click ‘submit’. A success message will display and you will be informed that login details have been sent to your email.
Choose the right MT4 version for your device.
The email will contain the new demo account details such as server name, demo account number, trader password, and investor password. It will also contain links to download the MT4 platforms on iOS, android, and windows desktop. If you click on the link to the MT4 web trader terminal, it will load the MT4 web version on your browser and prompt you to log in.
Explore and start trading
After making a choice of platform version, login with the provided details and start demo trading.
Method 2: Opening a new MT4 account from the MT4 trading platform
This method is for clients that have already downloaded and installed a Hugosway MT4 platform on their computers. It is also suitable for traders that already have a live account but wishes to add a new demo account for practice purposes.
From the menu bar, click File> open an account. The trading service dialogue box will be displayed.
Select the right trading server and Brokerage firm.
From the list, select HugosWay-Demo 3 and click ‘Next’.
Configure Demo Account Parameters
Choose the option ‘New demo account’ and click ‘Next’.
On the next screen, you are prompted to input your personal details. Input your name, email, and phone number. Then, select a deposit amount which is from 3,000 to 500,000. Choose an account leverage from1:1 to 1:500. Check to subscribe to newsletters and click ‘next’.
Save your Credentials
The new demo account is created; your account details and login details are displayed. Click ‘Finish’ to finalize the entire process.
Log in and Start Trading
You will be automatically logged into the new account. You can confirm your new account details by clicking on the ‘mailbox’ to read your new mails. Double-click on ‘New account registration’ to view the mail that contains the login details of your new demo account.
You can switch between your MT4 account from the Navigator window; Just click on View> Navigator. When the window opens, click on ‘Accounts’> HugosWay-Demo3 and double-click on the appropriate demo account and input your login details.
Method 3: Opening a demo account from the Hugosway client area.
This method is only for existing clients that already have a Hugosway live account but wish to add a demo account to their list of accounts. Below are the steps:
Login to your Hugosway client area
- Visit the Hugosway website and click ‘login’ from the menu bar
- Enter your email and password. If you have activated two-factor authentication (2FA), generate the 6-digit code from your authenticator app and input the code. If the code is correct, you will be logged into the dashboard of the clients’ area.
- From the dashboard, click ‘My accounts’ on the left-hand menu. A list of all your accounts displays on this page.
- Under ‘Account Type’, select “Hugo’s way MT4 demo”
- Choose account leverage 50-500 and balance 100-100,000 and click ‘Create account’.
- The account is automatically created. You will receive an email with the new demo account details as well MT4 platform access links.
Hugosway Demo Account Reviewed: (Personal Opinion)
Below are some of the features of Hugosway demo accounts that are exciting:
- Some brokers program their demo accounts to expire after a week or a month but Hugosway’s demo account does not expire.
- With many brokers, demo accounts are automatically funded with about $10,000 maximum in virtual trading currency. But, with Hugosway, you will have to choose the amount of virtual currency you need for trading practice. The maximum virtual amount range is $500,000-$1 million depending on the method used. This amount is indeed a huge trading capital.
- Trades are executed in milliseconds without requotes. There is no restriction on trading strategies. You are free to install and use your EA, you can hedge your position, Scalping and other trading styles are allowed.
Some Drawbacks that I Found
Hugosway has not done much to help beginner traders. There are no platform tools to support traders. Some brokers partner with financial research firms like Claws & Horns, Trading Central, etc to provide premium analytics and trading ideas. Others provide tools like Autochartist, etc but Hugosway provides none to assist its traders.
Investors are also left in the lurch by Hugosway. There are no managed accounts or social trading platforms that would have benefitted investors who do not want to trade by themselves but want to grow their investments.
What is the Difference between Hugosway Demo and Live Accounts?
Both accounts operate on the same MT4 platform and have the same features. In fact, the fastest way to know a trading account type is from the Title bar which writes the account ID, trading server, and account type.
Below are the major differences:
- A demo account works with virtual capital while a real account requires real money deposited by the trader.
- Demo and live accounts have different servers which are usually named according to the account type.
- Most ECN brokers like Hugosway do not route demo account orders to the liquidity pool for market execution. It is executed in the demo trading server by the broker.
- Unlike real accounts, Hugosway demo accounts become inactive if unused after 14 days.
- Demo trading does not require KYC verifications.
Frequently Asked Questions
Can I trade Real Time forex on a Demo Account?
No! You cannot place real forex trades from a demo account. This is because all orders placed from a demo account go to the Broker’s demo server which simulates trade executions for practice purposes. Only orders placed from real accounts funded with real money are transmitted to the broker’s live trading servers.
Is Hugosway Demo Account Completely Free?
Yes, Hugosway demo accounts are totally risk free. Real money is not required as opening deposits and there are no trading fees. Profits earned from a demo account cannot be withdrawn.
Is there any validity for the Hugosway Demo Account?
Yes, Hugosway demo accounts become inactive if you do not log in to the platform for 14 consecutive days. But, if you continue to use your account regularly, it will remain active as it does not come with expiry dates.
Final Verdict/Key Takeaway
Demo accounts are excellent for training, platform familiarization, and strategy testing. It only takes a few minutes to create a fully functional Hugosway demo account. You can specify the account leverage and virtual trading capital when creating the account.
The Hugosway demo account can be created from the website, clients’ personal area, and directly on the MT4 platform. It is completely free, does not expire but becomes inactive if abandoned for 14 consecutive days.