MT5 Usage Guide [Must Read for Beginners] Flow of Opening a FX Account (HFM)

2020-09-13 2020-09-13

Contents

1 Introduction.
2 Steps to log in to your FX account
3 procedure
4 FAQs about HFM Demo Accounts

Introduction.

It is important for beginner Forex traders to have a solid understanding of market trends and trading strategies before investing real money. A "demo account" is useful in such cases. A demo account is a very useful tool that allows you to practice trading without spending any money while mimicking the actual market environment.

Steps to log in to your FX account

Using the example of HFM (formerly HotForex), a brokerage firm we recommend for beginners, which was mentioned in the previous article on comparing brokerage firm s, we will first introduce the steps to log in to a demo account.

There are three broad things to do.

Brokerage Account Registration
Create Demo Account
Log in to demo account from MT5

To log in to your demo account from MT5, you must first open a demo account.

Demo accounts are created within your brokerage account, so please proceed with the creation of that account.

procedure

Step 1: Register for a brokerage account

To prepare for opening a demo account with HFM, create an HFM account (myHF).

myHF is a personal area for HFM users to manage their accounts. Through this account, users can access a wide variety of functions, including setting up demo accounts, managing real accounts, and depositing and withdrawing funds.

View and change each account type (demo or real), currency, and leverage settings
Adding funds to a trading account or withdrawing profits
Flexible fund allocation based on trading strategies and fund management
Change passwords for each trading account

This account is used to manage a variety of things, such as　This account is used for various purposes other than creating a demo account.

(1) Open a demo trading account| Access HFM and select New Customer.

(2) Create an HFM account.

(3) When registration is completed, the screen will switch to the next screen.

HFM account registration completion notification

(4) Verify that an email has been sent to the registered email address and authenticate the email.

Step 2: Create a demo account

(5) After switching to myHF, enter your profile.

(6) Select a trading account. This time, select the demo account in the upper right corner. Selecting this one automatically means that you have selected a Premium Demo account.

(7) When this screen appears, the demo account has been created.

Demo account opening completion notification

8) Confirm that you have received the following email to your registered email address. Keep the account number and trader password in this email as they are required to log in to your account from MT5.

Step 3: Access your demo account from MT5

⑨Select My Trading Account Demo to display the demo account you have opened, then press the Trade button and select the platform.

(10) Select desktop as the platform.

(11) Open the file indicated by the download symbol in the upper right corner of the screen and set up MT5.

⑫When this screen appears, the setup is complete. Click the "Finish" button to close the dialog box.

⑬An HFM icon will be created on the desktop, double-click it to open the MT5 platform.

Select the name of the company to open an ⑭ account.

(15) Open an account.

Your account number and trader password can be found in the email you just received confirming the completion of your demo account creation.

*When entering a password, the password used is the trader password, not the investor password.

The *Investor Password is the authentication information used to share your account trade history with third parties on a read-only basis. Please be careful not to use this password, as you will not be able to trade if you are the one doing the demo trade.

(15) When the chart screen appears on MT5, the account opening is complete.

FAQs about HFM Demo Accounts

What account types are available for HFM demo accounts?

For MT5, cent account (demo) and premium account (demo) are available.

Which of the HFM demo account types do you recommend?

Premium accounts are the most recommended for beginners, as they are compatible with MT5 and allow for balance and leverage adjustments.

Where can I find a list of the demo accounts I have opened?

Log in to myHF.
Open the side menu Trading Accounts → Account Browse.
Selecting the "Demo" tab will display a list of currently available demo accounts.
*If the prescribed period is exceeded, the demo account will be moved to the "archived account" and become inaccessible.
If you need a demo account again, please open a new demo account.

Can I adjust the balance on my HFM demo account?

You can set up your own settings from the "Actions" menu of the relevant demo account.

To add a balance to your demo account, select "Add funds" and enter the amount you wish to add.
If you wish to reduce the balance in your demo account, select "Withdraw funds" and enter the amount to be reduced.

Is the leverage on the HFM demo account adjustable?

You can specify the leverage yourself. You can specify this when you create your demo account, or you can "Change Leverage" from the Actions menu of your account after opening.