Terminal allows to work with two types of accounts: demo accounts and live accounts. Demo accounts enable working under training conditions, without real money on them, but they allow to work out and test trading strategy very well. They possess all the same functionality as the live ones. The distinction consists in that demo accounts can be opened without any investments, though one cannot count on any profit from them.
The first stage of account opening is selection of a server to connect to. A list of servers is displayed in the window: server name, company name and ping time. The most preferable server is the one with the smallest ping value. The "Scan" button can be used for checking the connection speed. As soon as the server is selected, the "Next" button should be pressed.
Also in this window you can add a new server to connect to. To do it, press the " add new server" button or the "Insert" key. A server can be specified in different ways:
•Write its address and port separated with a colon. For example, 192.168.0.100:443;
•Write its domain name and port separated with a colon. For example, access.metrader5.com:443;
•Write an accurate name of a brokerage company.
As soon as you specify a server, press "Enter". To delete a server, select it and press the "Delete" key.
At this stage a user can specify details of an existing trade account or start creating a new one.
This window contains three options:
•Existing trade account — if this option is chosen, it is necessary to fill out the "Login" and "Password" fields with the corresponding account details. A server selected at the previous step is displayed below these fields. You will be authorized at the specified server using the specified account as soon as you press the "Done" button.
•New demo account — if you choose this option and press the "Next" button, you will go to the creation of a new demo account.
•New real account — if you choose this option you will pass to specifying personal details for sending a request to open a real account.
The next stage of opening an account is specifying personal details:
The following fields should be filled out here:
•Name — user's full name; must consist of minimum eight symbols;
•Country — country of residence. The country can be selected either from the pop-up list or specified manually;
•State — area (region, territory, state, etc.) of residence. This field can be left empty;
•City — city of residence; must consist of minimum three symbols;
•Zip code — zip code. It is not obligatory to specify this information;
•Address — exact mailing address (street name, house and apartment numbers); eight symbols minimum;
•Phone — contact telephone number in the international format. For example, +74951234567;
•Email — email address, e.g. "email@example.com";
•Account Type — account type to be selected from the popup list;
•Currency — this field cannot be changed; it contains the deposit currency that depend on the selected account type;
•Leverage — ratio between borrowed and owned funds for trading; to be selected from the popup list;
•Deposit — amount of the initial deposit in terms of basic currency; to be selected from the popup list;
The last step of this stage is the confirmation of your agreement to receive newsletters at the indicated email address - it is necessary to flag "I agree to subscribe to your newsletters". After that the "Next" button becomes active. Click on it to go to the next stage of account opening.
The last stage of account opening is its registration at the specified server. After the registration, the information about the opened account will be shown in the window:
The upper part of the window contains brief information about the account; lower part shows its details:
•Login — number of the opened account;
•Investor — investor password. It allows to use this account, view its status, and analyze price dynamics without the possibility to trade.
To complete registration click "Done". After that automatic connection to a trade server will be established using this account. Besides, the account will appear in the "Accounts" section of the "Navigator" window. If "Cancel" is clicked, connection to the server will not be established and the account will not be added to the "Navigator" window; though the account will be opened anyway. Further you will be able to authorize using its details.
Live accounts, unlike demo accounts, cannot be opened directly from the terminal. They can only be opened by brokerage companies under certain terms and conditions. However, from the client terminal, you can send a request for opening a real account to the server of a brokerage company.
To do it, choose "New real account" at the stage of selecting the account type. After that you will need to specify your personal details like when opening a demo account.
However, it will result in opening a preliminary account at the server of the brokerage company. This account is created with a zero balance; and trading on it is prohibited.
Soon after opening the preliminary account, a representative of the brokerage company should contact you to finish the procedure of opening the real account. After that the preliminary account will be converted to the real one, where you will be able to perform trade operations.
An informational letter is also sent via the internal mailing system when a preliminary account is opened.
MetaTrader 5 — a complex trading platform for providing brokerage services on the retail Forex market.
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