Global Prime provides a demo account that aims to duplicate as closely as possible the activity of ‘real' trading. This is so that you can get a feel for how various items and financial markets operate without risking any money, allowing you to explore and experiment safely.
In the demo, most of the live platform's features are available, however there are some key differences to be aware of (including but not limited to):
This is by no means a complete list, therefore we recommend that you read the information on our website as well as the Customer Agreement to ensure that you are aware of the features of a live trading account.
Traders will frequently opt for a trading simulator, such as a demo account, since it allows them to familiarize themselves with the platform, develop their strategy, and grow in confidence without putting any real money at risk.
Trading simulators aren't only for novices. Demo accounts are popular among experienced traders because they allow them to experiment with new strategies, tools, and concepts without risking real-world funds.
The term ‘paper trading' refers to demo accounts, which are used to practice trading in live financial instruments. With a Global Prime demo trading account, you’ll gain access to over 1,000s markets, including:
The answer is always yes, in our opinion. If you're learning to trade, you'll need a demo platform on which to practice your forex fundamentals. Traders who are new to the forex market may use a demo platform to try out innovative trading strategies without risking real money, while coders with programming skills will utilize a demo trading account to test automated trading algorithms, also known as 'expert advisors.'
A demo account is an excellent way to learn how to trade for free and without any financial risk. However, it can't take the place of your desire to acquire the traits that will make you a successful trader: perseverance, humility, and a cool head.
It helps you to appreciate the perils of leverage.
In general, new traders are intrigued by two things. The first is that, in comparison with other asset classes like stocks or commodities, the forex moves relatively little.
The demo account should make it clear that leverage is a double-edged sword: you may generate a lot of money quickly, but you can also lose everything in a single trade.
It allows you to understand how the platform works
The free demo account is essential to learn how to place orders, set up various sorts of technical analysis charts, and discover the many contract sizes, margin utilized based on leverage, and other elements.
It allows you to develop trading strategies
The most popular trading platform for retail traders is MetaTrader 4. The demo mode includes real-time quotes from all markets as well as a virtual portfolio to practice on. You can also analyze price action, chart data, support/resistance lines, currency pair relationships, how volatility varies depending on the market's hours and assets, and so on. You may also evaluate automated techniques and fine-tune your parameters with historical data.
Tip: Check your email for the verification PIN.
You will not acquire the healthy anxiety you'll need to be a success in trading.
Even if you made money with a demo account, you won't necessarily be a skilled trader. When losses mean nothing in a controlled setting, your emotions around them and even earnings have little impact on your decisions. You must have practical experience in the real world to grasp and control the psychological aspect of trading.
You can become complacent or develop bad habits.
Demo accounts might give the impression that you have a lot of expertise. Traders find it difficult to master risk effectively with a demo account. The problem with fake money is that it also encourages them to take more risks than they would with actual cash. This way of trading might lead to undesirable financial behaviors.
You may not realize how you will really act when you're trading with your own money.
Cut your losses quickly and let your profits run! This is true, but in most cases, it's difficult to put into action with a real account. It's not easy to discover ideal entry points when trading, but knowing when to get out is the most difficult part. When it comes to taking gains (which might lead to profits), it's a breeze, but when it comes time to take losses (which may lead to greater gains), things become more complicated.
A demo account will enable you to view the range of financial markets available to you with Global Prime and get used to how they behave. You’ll be able to select the markets you want to keep an eye on and set alerts so you can react instantly to any price volatility. The demo account will also help you navigate, read and analyse price charts, fill in the deal ticket and monitor open positions.
A demo trading account, trading simulator, or paper trading account is simply another name for the same thing.
Electronic Communications Networks or ‘ECNs’ are off-exchange execution venues which allow market participants to trade with a range of counterparties anonymously. They are the main trading venues for OTC markets such as Foreign Exchange and Metals.
This basically means ECNs provide the technology and venue for price makers aka ‘liquidity providers’ to distribute their liquidity. Price takers (traders) can see these prices and execute trades against them. The ECN is therefore responsible for prices/quotes and the execution of orders.
See our ECN page for a detailed overview of the Global Prime ECN offering.
Global Prime keeps it simple with one account type - The ECN Account. It features the following:
Global Prime offers a true ECN experience. We can prove this on everyone of your trades with automated trade receipts. These show the bank who filled your trade. Find more information here.
All client trades, and therefore market risk, is passed on to Global Primes liquidity providers. Our A-book model means that your trades are not internalised, rather they are filled by our liquidity providers. This means we do not profit from your trading losses.
How can we verify this? The transparency provided by our world's first ‘automated trade receipts’ enable clients to query vital trade information on every trade, directly from within the client portal. This feature enables you to see the full order book at the time of your trade as well as which liquidity provider filled your trade.
All strategies are welcome at Global Prime. We don’t have restrictions on trading and we don’t interfere with your trades. We do however stress the importance of risk management and will generally only ever contact a trader when their risk is too high.
Our new lowest fee model. Trade EURUSD from 0.4 pips round turn with no added commissions
Spreads + Commission
Traditional ECN fee model with spreads from 0.0 pips and $7/lot commission.
|Spread From||0.4 Pips||0.0 Pips|
|Commission||$0||$7 per round turn lot|
|Platforms||MT4, TraderEvolution, TradingView||MT4, TraderEvolution, TradingView|
|Server Location||New York||New York|
|Execution speeds from||1ms||1ms|
|Micro lot trading(0.01)|
|100+ Markets||100+ Markets FX, Indices, Commodities, Digital Currencies, Shares, Bonds||100+ Markets FX, Indices, Commodities, Digital Currencies, Shares, Bonds|
|One Click Trading|
|Trading Styles Allowed||All||All|
|Order Distance Restriction||None||None|
|Suitable For||All Traders||All Traders|
Deposit & Withdrawal
Trade directly from charts using your TraderEvolution account - easy!