TradeRoom allows for two types of the trading accounts to trade in Forex:
- a virtual (demo) account;
- a real trading account.
There are no account restrictions: opening and maintenance of any account are free regardless of their quantity. The period of the account use is not limited. Account opening in TradeRoom does not bind you as for the depositing time and volume. You decide on all this freely on your own.
A virtual (demo) account is used for a detailed study of the trading system and the trading process, profit-making simulation at a currency rates movement, trading strategies verification, training the online-trading skills. The virtual (demo) account is not trade-limited, neither it is limited in the funds on the account, nor in the currencies in use. There is no real money on the account.
To trade on-line with the real money a real trading account is used.
Trading on virtual accounts has two basic differences from that on real ones:
- It is traded with the real money on the real account, whereas the virtual account uses the virtual, unreal money.
- Trading on the virtual account is possible at your convenience, even when trading is closed. However, you should take into consideration that quotes are not updated during this period.
As for the rest, the virtual account does not differ from the real one: the trading conditions as well as facilities are the same for both accounts; the quotes delivered to the accounts of both types are from the same trading quotes server. So, you'd rather study the TradeRoom basic features on the virtual account.
To register a new virtual (demo) account it is necessary to click on "Virtual (demo) account" on the TradeRoom logon page.
If you click on "Real trading account" (see picture above) you will be redirected to open a real trading account.
Opening a trading account is a standard sequence of steps for entering contact data, so if you know already how an account with TradeRoom is opened, you can go directly to getting acquainted with the system.
Let's take a look at the virtual account registration for individuals. It consists of following steps.
- At first a brief form of the account owner is filled in. The required fields are of the red color. They are the last name, the first name, country of residence and e-mail.
- Choose the username (login) and the password which you will use to log in to TradeRoom. The password should be of six characters at least - that is the only condition. The password can be changed, but the username never. Also you should study the Virtual Trading Terms and Conditions. Please take a close look at it and then accept the conditions.
- The last step is made by TradeRoom. It generates a message confirming the registration of a new account.
1) Please keep in mind that TradeRoom automatically terminates the virtual accounts not logged in within a month. To re-open the terminated account just log in to the TradeRoom system. The account will be activated automatically, however, the operation history till the account termination will be lost, and the settings will be reset.
2) The difference between the real account opening and that of the virtual one described above is that more fields in the registration form are subject to compulsory filling in.
Should you forget your username or your password to access your virtual account, you can easily recover them since TradeRoom has the reminder procedure. The forgotten password to the virtual account can be easily recovered since no real money is involved on it, so you have nothing to lose.
You just click on the "Remind username or password" hyperlink on the TradeRoom logon page. Then you will be redirected to the page with two field groups. The first group (see the pic. below) is meant for cases when you need to recover the password only. The second one serves to recover both, the password and the username.
Fill in the fields depending on what data you need to recover. If the information you have entered coincides with that specified at the Forex account registration, the required data will be automatically sent to the e-mail address specified at the registration.
As for real accounts, we approach to the password recovery more strictly. For the sake of the possible abuse, the automatic password reminder is not available for the real accounts. To recover a lost password, you should contact Forexite's personnel via the TradeRoom contact form with the details of your account, and be ready to answer some additional questions and, if needed, to provide the Forexite company with the documents necessary to confirm your disposal of the real account.