How to Open an MT4 or MT5 Demo Account: UK Beginner's Guide
The best way to learn trading without risking money is a demo account: real charts, real prices, pretend money. Here's how to set up a free MetaTrader demo on your PC or phone, and how to use it properly.
- Download MetaTrader 5 from metatrader5.com, your broker's site, or the official app store.
- Open a demo account: on PC go to File → Open an Account, choose a server and pick the demo option. On a phone, the app offers a demo the first time you open it.
- Make it realistic: a £500–£1,000 balance and UK-style leverage, not £100,000.
- Practise the rules: a stop loss on every trade, 1% risk and a trading journal.
MT4 or MT5?
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are free charting and trading apps made by MetaQuotes. Brokers plug their prices into them, so you can practise on real markets: forex, gold, indices, and on many demo servers crypto too.
For a beginner, pick MT5. It's the newer platform, it has more timeframes and tools, and it's where brokers are heading. MetaQuotes stopped selling new MT4 licences to brokers in 2022, and some brokers have begun closing their MT4 services. What you learn carries over: charts, order types and stop losses work almost the same way on both.
Before you start: stay safe
- Download only from official sources: metatrader5.com (or metatrader4.com), your broker's website, the Apple App Store or Google Play. Fake MetaTrader apps and "cracked" versions are a known scam.
- A demo is always free. No card, no deposit and no "activation fee".
- If you use a broker's demo, check the firm on the FCA Register and use the web address listed there. Scammers clone real firms' names.
- Never share your password with an "account manager" or anyone who messages you offering to trade for you.
Option 1: open a demo on a PC or Mac (MT5)
- Install MT5 and open it.
- Click File → Open an Account.
- Choose a server. Pick your broker from the list, or type its name into the search box and click Scan. Click Next.
- Select "Open a demo account to trade virtual money without risk" and click Next.
- Fill in the form: your name, email and phone number, then the account type, deposit (the pretend balance) and leverage. Tick the terms box and click Next.
- Write down your login, password and server name, then click Finish. MT5 logs you in straight away. The details are also saved in the Mailbox tab of the Toolbox at the bottom of the screen.
Option 2: open a demo on your phone (MT5 app)
- Install MetaTrader 5 by MetaQuotes from the App Store or Google Play. Check the developer name before you tap Install.
- Open it. The first time, the app offers to open a demo account. You can also add one later from the accounts screen, using the + button.
- Search for your broker, or pick a demo server from the list.
- Choose the demo option, fill in the short form, set the deposit and leverage, and tap Register.
- Save your login and password, for example screenshot them and store them somewhere safe.
Option 3: get a demo from a broker's website
Most brokers that offer MetaTrader have a "Demo account" sign-up page. You fill in a short form and they email your login, password and server name. Then, in MT5, click File → Login to Trade Account, pick that server and enter the details.
MT4? The steps are almost identical: File → Open an Account, choose the server, select the demo option, fill in the form and save your details.
Set it up like real life
| Setting | Pick this | Why |
|---|---|---|
| Deposit | £500–£1,000 | What you'd really start with. A £100,000 demo teaches bad habits. |
| Currency | GBP, if offered | Your profits, losses and risk show in pounds. |
| Leverage | 1:30 or lower | UK retail caps are 30:1 on major forex pairs and 20:1 on gold and major indices. |
A note on crypto: many demo servers list crypto as CFDs, but UK retail customers can't trade crypto CFDs for real, because the FCA bans them. Use the demo to practise reading crypto charts, and see spot vs futures for what's actually open to you.
What to practise first
- A stop loss on every trade. Learn where to put it before you click Buy.
- Risk 1% per trade. On a £1,000 demo that's £10. Our guide to how much money you need to start shows how to size each trade.
- Log every trade in a trading journal: the reason, the entry, the stop and the result.
- Aim for at least 30 trades following your rules before you even think about real money. You're judging whether you follow the plan, not whether you got rich.
Demo vs real money: what's different
A demo is perfect for learning the buttons and building habits, but it isn't quite the same as real trading. With real money, orders can fill at slightly worse prices, called slippage, and the hardest part is your own emotions: sticking to a stop loss feels very different when the money is real. If you ever go live, start smaller than your demo and keep the same rules.
Not ready to install anything? Try the free trade simulator on this site first, then move to MT5 when you want real live charts.
Questions people ask
Is an MT4 or MT5 demo account free?
Yes. A demo account uses virtual money, so it costs nothing and you don't need to add a card. If anyone asks you to pay to unlock a demo, it isn't a real demo.
Should I use MT4 or MT5 as a beginner?
MT5. It's the newer platform and the one brokers are moving to. MetaQuotes stopped selling new MT4 licences to brokers in 2022, and some brokers are now winding MT4 down. Charts, orders and stop losses work almost the same way on both.
Can I open an MT5 demo without a broker?
Usually, yes. When you first open the MT5 app it offers to open a demo account, and you can pick a demo server from the list. Many beginners use a demo from an FCA-authorised broker instead, so the prices and costs match what they'd get for real.
How much should I put in a demo account?
Use the amount you might really start with, such as £500 or £1,000, not £100,000. Small, realistic balances teach you the 1% rule and sensible position sizes.
Do demo accounts expire?
Some do. Many brokers close demo accounts after a period of inactivity, so note your login, password and server name and keep using it regularly.
Read next
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Ten short lessons on charts, stop losses and risk, with a quiz after each one and a certificate at the end. Built for crypto, and it works on forex and gold too.
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Educational content only. Not financial advice. Trading crypto, forex and gold is high risk and you can lose all the money you put in.